Life stages of financial management
April 2, 2017
April is Financial Literacy Month. Consumers are asked to reflect on their financial standing, both currently and into the future. In doing so, the consumer must examine the financial life cycle. This financial life cycle for an individual can be broken into four categories.
The first cycle would be when the individual is 18 to 34 years of age. As individuals enter the work force, purchase a home, start a family and most likely upgrade vehicles, they cannot lose sight of managing those expenses to live within reasonable means. Setting financial goals to include retirement savings, paying of...