How do we plan for our financial goals when faced with the six different stages of life?

Growth Stage

This stage is roughly the period from the time we are born to the time we work. At this stage we don't have any financial means and are mainly dependent on our parents.

But that doesn't mean we don't have financial planning. As loan the best time to grow and learn, learning about finance is a goal we should strive to accomplish. At the same time, as parents can also properly teach their children basic financial practices, which is also to lay the foundation and prepare for the later financial management.

Single Stage

This stage is roughly from the time we start working to the time we get married and take on family responsibilities.

The biggest characteristic of this period is that one person can feed the whole family. As a result, this stage is also the most likely time for moonlighters to appear.

People in this stage may not have a high salary and the burden is not particularly heavy, but there are many uncertainties in life at the same time. Therefore, what we need to do at this stage is to start saving money for the future as early as possible, because this is the golden period for us to save money.

In addition to actively saving money, another place where we have an important item of financial management is learning to invest in ourselves. The biggest purpose of this investment is to make us more competitive at work, and this competitiveness will bring more lucrative returns than investing money.

Family Formation Stage

This stage is the time between entering into marriage and raising children.

At this stage the family has a lot of responsibilities and the expenses are huge. Therefore, what we need to do at this stage is to do a good job of debt control, do not fall into the trap of indebtedness. Especially in the purchase of a house and car these big things, to control the debt within the scope of their own ability.

Secondly, at this stage, because of the heavy responsibility of the family, so in the personal and children's protection, is also one of the key planning for our financial management.

Growing Family Stage

This is the period when your children are growing up and receiving education.

In this stage, usually the career has been basically stable, the family's major objects have also been configured, the whole period of time is generally in a stable stage.

During this period of stability, what we need to do is to actively make sound investments and start planning for our own pension while actively preparing for our children's education.

The family's growth period, but also for the elderly in the golden age of pension.

Family maturity period

This stage is about a time after the children have grown up and entered the workforce.

The most significant feature of this stage is that we are likely to be at the highest level of income and at a relatively low level of expenditure. Therefore, this is an excellent stage to increase the accumulation of family wealth.

Accumulating family wealth means that we have to ploan continue to actively engage in various financial investments and planning, but in doing so, we have to take into account the risks involved and allocate our assets as much as possible to minimise the risks.

Old Age Retirement

This is the last stage of life, this stage in terms of money is probably characterised by a sharp decrease in our income, but because of health reasons may be spending instead of a sharp increase.

Some people say that this is the period of eating old money. Indeed, our consumption expenditure at this stage is then basically derived from our previous savings. This shows that it is very necessary to start a pension reserve plan early.