Financial Planning - a process of identifying ones lifes goals, translating these identified goals into financial goals and managing ones finances in ways that will help one to achieve those goals
Elements of financial planning include: Investing - allocating assets based on ones risk taking appetite, Risk management, Retirement planning, Tax and estate planning, and Financing ones needs
The Economic Life Cycle - Life Stages and Priorities - Learner, Earner, Partner (getting married), Parent, Provider, Empty Nester, Twilight years (retirement years)
Provider (say age 35 to 55): this is the age when children have grown into teenagers, and includes their crucial high school years and college.
Empty Nester (age 55 to 65):This is the period when children have married and sometimes have migrated to other places for work, leaving the parents.
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