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2.01Personal Finance

Lifestyles and Stages of Life

TermDefinition
Lifestyle Conditions Factors about the way a person lives and works that affect his/her financial income, needs, and expenses
age A set of consecutive ages that tend to have similar income, needs, and expenses
dependents People who rely on another person for primary financial support---e.g., children, spouse, other family members
economic outlook the state of the economy. whether favorable or unfavorable, as measured by economic Indicators, including interest and unemployment rates
education level The highest grade in school or degree completed
employment status A person's work circumstances, whether employed or unemployed, full-time or part-time, self-or other-employed
health condition A person's health factors, whether sick or well, able or disabled, injured or not
marital status Whether married or single, divorced, separated, etc.
Financial Life Cycle Typical stages of wealth a person accumulates during the life cycle
wealth The sum of total assets belonging to one Person---including money, property, and personal possesions
basic wealth potection The stage during which most people form a family, begin to work and earn money
wealth accumulation The stage that includes the peak earning years, giving money to oneself
wealth distribtution The stage of retirement and wealth consumption. money given to chosen ones
Individual and Family Life Cycles Typical stages of life for individuals and families
beginning family A family of young adults who marry, newlyweds
expanding familiy A child-bearing family; has one or more children
parenting family A developing family, with children growing into middle childhood and early teens
launching family A family with middle-age parents and children leaving home for college, etc.
mid-years family a pre-retirement family, no children at home
aging family A family of elderly adults, usually retired
variations Families that do not follow the "typical" life cycles stages
Created by: bernalge