Be Financially Smart Through Each Stage in the Cycle
As people grow and age, their lives change dramatically, and they move through the different stages of the financial life cycle. Just like the family life cycle, the financial life cycle has three main phases. Understanding the stages of the financial life cycle and how to prepare for them is an essential part of being smart with your money.
The financial cycle will differ slightly for most people. For example, some people may choose to have children later in life, whereas others may want to retire earlier than 65. It is essential that you understand your own financial and life goals, and that the goals are in alignment. The sooner you begin, the more time your money has to grow.