Our life is full of changes, and each change will always bring a new set of circumstances. Your financial needs too, is in constant change. A sound financial plan requires us to recognize the changes in our financial life and tweak our focus to address the change.
Most people pass through 4 primary stages in their financial life journey. From one stage to another, their income level, spending patterns, family situation and financial concern may change. While it is not exactly the same, but it is quite predictable and tends to follow a pattern.
4 Primary stages of Financial life:
- Starting Stage – Entering the workforce, start earning own income, financially independent, 20’s
- Building Stage – Get married, starting a Family, Building a Career, 30’s
- Established Stage – Peak earning years, Children growing up and parents aging, 40’s – 50’s
- Retirement Stage – Enjoying retirement life, work on things you passionate about.
While you progress and deal with your constant change financial life, a licensed financial adviser will be helpful, providing you with unbiased advice and second opinion, helping you navigate your financial journey with more confidence.