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Chapter 11
Time For Business - 1st Year
Term | Definition |
---|---|
A personal financial lifecycle | shows the changing financial needs a person will have at each stage of their life |
An asset | is something of value that you own |
A will | is a legal document containing instructions for what should be done with personal money and property after death |
All stages | Dependence Stage, Independent Stage, Developing Stage, Pre-retirement Stage and Retirement Stage |
A pension | is a fund into which payment are made during a person's working life, and from which payments are later made to support them when they retire from work |