Understanding Financial Life Cycle

Write down two wants and two needs for the following stages of life: Early childhood, Second and third level education, Career development, Rearing a family, Before retirement, After retirement

Define the following: Pension:……………………………………………………………………………………………………………………………………………………………………………………………………………..

Define the following: Financial life cycle:……………………………………………………………………………….

Define the following: Will:……………………………………………………………………………………………………………………………………………………………………………………………………………..

Define the following: Need:…………………………………………………………………………………………….

Define the following: Investment:……………………………………………………………………………………………………………………………………………………………………………………………………

Define the following: Legal Ledger:……………………………………………………………………………………..

Insert the missing headings for the financial life-cycle diagram Fill in the blanks 1) ……………………are the things required to sustain……………… e.g: oxygen, water, food, shelter.

• needs

• wants

Fill in the blanks 2) “wants” are things we would……………… but do not need, e.g: a larger car, new phone

• like

• dislike

Fill in the blanks 3) Our financial need is the……………..required to meet our needs and wants.

• money

• time