Financial Life cycle ... Or Money Matrix आर्थिक जीवन चक्र

          
          The Financial Planning Life Cycle is an aid which aims to demonstrate and explain the different stages of Financial Planning. Whilst not every individual or family has identical financial planning requirements, they will share certain commonalities. For example the need to protect yourself and your family against risk, accumulate wealth, manage your wealth effectively, distribute your wealth and eventually, to provide for an orderly transition of your assets.                
           During our lifetime, we come across changes which affect our financial situation and needs. A rise in income level, spending patterns, concern for the family and retirement plans are some of the changes which impact our lifestyle. If not planned ahead, these can have ever lasting implications. Although each person set specific financial goals throughout one’s lifecycle, the primary objective is always to plan ahead for each stage of life so that when changes do occur you are ready for it.
You have certain objectives throughout your life which you give preference as time comes, financial planning is about considering those objectives well in advance and prepare before the time arrives. for example.
Objective 1 might be to protect yourself and your family against risk.
  1. Emergency cash fund -Ensure that you have an adequate level of cash at hand.        
  2. Wealth Protection - Acquire an adequate mix of insurance that will protect you, your family and/ or business
Objective 2 might be priority for financial security for yourself and your family.
  1. General Savings - Saving Today for a Better Tomorrow
  2. School fee planning - Give your Children a Headstart in Life
  3. Retirement Planning - Secure the Future you Deserve
  4. Purchasing property - International Property Invesment 

The following are the different stages of life cycle

High School
 Ages 13–17
Young Adult
 Ages 18–24
Adult with or without Children
Ages 25–34
Working Parent or Adult
Ages 35–44
Midlife 
Ages 45–54
Pre-Retirement
 Ages 55–64
Retired
Ages 65 and older

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