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Definition
| Factors about the way a person lives and works that affects he/she final income needs and expensive |
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Term
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Definition
| A set of consecutive ages that tend to have similar income, needs and expenses |
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Definition
| People who rely on another person for primary financial support. ex children, spouse, other family members |
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| The state of the economy, whether favorable or unfavorable. As measured by economic indicators. including interest and unemployment rates |
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Term
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Definition
| The highest grade in school or degree completed |
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Definition
| A persons work circumstances whether employed, unemployed, fulltime, or part-time, self, or other employed |
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Definition
| A person’s health factors, whether sick or well, able or disabled, injured or not. |
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Definition
| Whether married, or single, divorced, or separated |
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Term
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Definition
| Typical stages of wealth a person accumulates during the life cycle |
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Term
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Definition
| The sum total of assets belonging to one person- including money, property, and personal possessions |
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Definition
| The stage during which most people form a family, begin to work and earn money |
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Definition
| The stage that includes the peak earning years, giving money to oneself |
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Term
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Definition
| The stage of retirement and wealth consumption, money given to chosen ones |
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Term
| Individual and Family Life Cycles |
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Definition
| Typical stages of life for individuals and families |
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Definition
| A family of young adults who marry, newlyweds |
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Term
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Definition
| A child-bearing family, has one or more young children |
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Term
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Definition
| A developing family, with children growing into middle childhood and early teens |
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Term
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Definition
| A family with middle age parents and children leaving home for college, etc. |
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Term
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Definition
| A pre-retirement family, no children at home |
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Term
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Definition
| A family or elderly adults, usually retired |
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Term
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Definition
| Families that do not follow the “typical” life cycle stages |
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