GET Ready for 2024! Week 3️⃣ : Plan for Life Stages

Happy Friday.

✅ Week #3 Action Item: Plan for Life Stages

👉  Our financial needs change as we go through the stages of life.

👉  Understanding how our financial needs change throughout our lives allows us to stay on track and meet our goals.

👉  Review the four main life stages and what to focus on at your life stage:

  • Starting Out: From the moment that you earn your first dollar, you are on your financial journey. For most of us, this takes place when we enter the workforce, whether that’s at age 18 or after graduating from college. Things to focus on include: goals, starting to save, insurance, rainy day fund, managing debt.
  • Accumulation: During your peak income years, you are building your career or starting your own business. Things to focus on include: managing and growing wealth, managing debt, protecting your income with disability insurance.
  • Financial Independence: When you retire (or semi-retire) from the workforce and are no longer dependent on earned income, you have reached financial independence. Things to focus on include: Optimizing your financial independence paycheck and moving from an accumulation to distribution mindset.
  • Golden Years: You’re in your 70s, 80s, or 90s and ready to reap the rewards you’ve built over your lifetime. Things to focus on include your legacy and estate planning.

⭐️Pro-tip:

👉  As you go through life, review continue to review all areas to make sure you stay on track to meet your goals.

💭 Habit of the week:

👉  Review how your current life stage impacts your financial life.

💡 Get Ready Money Guide Tip: Discussion prompts and ideas for those following The Get Ready Guide Kit (access from your dashboard):

👉  Are you adapting your money to your current life stage?

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🔙 GO BACK TO WEEK 2️⃣        ➡️ GO TO WEEK 4️⃣ ➡️

About Tony Steuer

I make the complex world of financial services easy to understand so that people feel empowered to take control of their financial lives. A recognized authority on financial preparedness - in case of that disaster you did not expect - I advocate for ethics, integrity and consumer protection within the financial industry.

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