1. Life Cycle of Financial Planning
Take Charge of Your Finances

2. Question of the Day True or False:
“Everyone follows the same financial plan.”

3. Pair/Share
Talk with a partner next to you about the previous statement.
Listen to their thoughts and be prepared to share what they had to say.

4. Statement: FALSE!
People don’t have the same life experiences, major life events, or financial plans.
Everyone’s plan will vary.
Financial Planning is a tool that will help you achieve financial success based on the development and implementation of your own financial goals.

5. Various Lifestyle Conditions
Marital Status
Single
Married
Divorced
Widowed

6. Lifestyle Conditions Employment Status Employed Unemployed
Facing Unemployment

7. Lifestyle Conditions Age High School Young Adult
Adult with or without Children
Working Parent or Adult
Midlife
Pre-Retirement
Retired

8. Lifestyle Conditions Number of Dependents Children Spouse Parents
Other family members

9. Lifestyle Conditions Economic Outlook Interest Rates Credit Score
Debt Level
Employment Level
Salary Rates

10. Lifestyle Conditions Education Education level of family members
Tuition needs for children

11. Lifestyle Conditions Health Status Unpredictable Issues Dental Work
Doctor Visits
Mishaps
Etc.

12. Lifestyle Conditions For example:
A 19 year-old single mother’s financial plan is much different than a 19 year-old student without a child.
All people have a different plan.

14. Stage 1 – Basic Wealth Protection
The beginning of the curve is where a person “quits giving money to others” and is the family formation stage for many people.
Begin to earn money, continue education, start a job or career.
Focus on gaining wealth and earnings.

16. Stage 2 – Wealth Accumulation
The second stage is where a person is “giving the money to self.”
Household has reached peak earnings, is accumulating wealth, and approaching retirement.

18. Stage 3 – Wealth Distribution
The third stage involves “giving the money to your chosen ones.”
Also known as retirement, where consumption of wealth occurs and involves estate planning.

20. Pyramid Discussion How important is building a solid foundation?
What does building this foundation allow a person to do?
Do early decisions affect future options?
Now: Let’s talk about budgets…

21. Activity Time
You will be working in small groups to brainstorm various activities and events that require financial planning that occur during the given age group.
Each group will have a separate age group to work with.

22. Break into groups!
With your group, write down your ideas for the various events and activities that occur for your specific age group.

23. Discussion Let’s see what you came up with! 13-17 18-24 25-34 35-44
45-54
55-64
65+

24. Discussion
What financial plan goals listed on the board could apply to you?
What about any that apply to other students in general?
What are some of your personal values and goals which will affect your financial plans?
Why is it important to start financial plans now?
Resources to help you get there:
Wages, summer jobs, investments, savings, hobbies, skills, extra-curricular activities, gifts, scholarships.

25. “Everyone has the same financial plan”
Why is this statement incorrect?