The Financial Life Cycle (Junior Cert Business Studies): Flashcards
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Practise the cards
15 cards from this deck
Financial life cycle definition
Financial life cycle definition
How financial needs, wants & income change through life stages
Number of financial life cycle stages
Number of financial life cycle stages
Five
Reliance stage age range
Reliance stage age range
Birth to early twenties
Reliance stage main characteristic
Reliance stage main characteristic
Depend heavily on parents/guardians for financial needs
When independent stage begins
When independent stage begins
When someone leaves full-time education & starts earning
New financial obligation in independent stage
New financial obligation in independent stage
Start paying income tax
Developing stage typical age
Developing stage typical age
Around thirties
When income & expenses reach highest levels
When income & expenses reach highest levels
Developing stage (around thirties)
Pre-retirement stage age range
Pre-retirement stage age range
Forties and fifties
Retirement stage typical age
Retirement stage typical age
Sixties and beyond
State pension eligibility age in Ireland
State pension eligibility age in Ireland
Typically from age 66
Retirement stage income sources (3 main types)
Retirement stage income sources (3 main types)
State pension, private pension, investments
Regular income definition
Regular income definition
Money received consistently each month
Irregular income definition
Irregular income definition
Money received occasionally or unpredictably
Benefit of understanding financial life cycle
Benefit of understanding financial life cycle
Helps make better financial decisions