Life Stages ♦ Starting Out ♦ Growing Demands ♦ Wealth Accumulation ♦Towards Financial Independence ♦Changing Priorities ♦Retirement Starting Out This is the stage that you have your first job, income and bank accounts. It's also the time of first debts, obligations rent and credit cards. Growing Demands This stage sees greater career demands, a first home mortgage, partnerships and marriages, as well as dependents and young children. You may reduce down to one income and be thinking about education savings.Wealth Accumulation This stage is where your career is usually settled and you are looking for some light at the end of the tunnel. With possible reduced debt it's time to think about further wealth creation options. Perhaps you may be in a better position to salary sacrifice so you can upgrade your home or take a holiday.Towards Financial independence This stage is where you could be at the peak of career earnings and discretionary income as your savings increase and your debts are paid off. Health and lifestyle issues emerge as children begin to leave the nest, or as aged parents need care. Changing Priorities This stage sees active retirement preparation, a downsized home and part-time work. Health considerations are paramount, savings and investments critical, budgets are revisited, increased financial education is vital. Retirement This stage is financial independence. Retirement allows pursuit of hobbies, new interests and travel. This is the time to keep healthy and active. Monitor investments, adjust income, and attend to estate planning. Check age pension entitlements. |
