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Business 1st Year > Stages Of Life > Flashcards

Stages Of Life Flashcards

1
Q

Describe the dependence stage?

A

You are dependent on your guardian

0-18 yrs

You live at home and your expenses are paid for by your guardian

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2
Q

What are your needs during the dependence stage?

A

Food
Water
Education

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3
Q

What are your needs during the dependence stage?

A

Phone
Holiday
Extra curricular activities

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4
Q

What is your source of income during the dependence stage?

A

Guardian
Child benefit
Possibly part time job

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5
Q

Describe the independent stage

A

You are either in college, working or looking for a job. You may love outside your family home

Age 19-30 yrs

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6
Q

What are your needs during the independent stage?

A

Clothes
Electricity
Rent

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7
Q

What are your wants during the independent stage?

A

Tv
Car
Petrol

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8
Q

What is your source of income during the independent stage?

A

Wage/salary
Scholarships
Jobseeker’s Allowance
Loan

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9
Q

Describe the growth stage

A

You might be working. You are settled into life and may be married with kids

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10
Q

What are your needs during the growth stage?

A

Clothes
Food
Water

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11
Q

What are your wants during the growth stage?

A

House
Furniture
Wedding

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12
Q

What is your source of income during the growth stage?

A

Wage/salary
Jobseeker’s Allowance
Loans
Mortgage
Renting out room in your house

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13
Q

Describe the maturity stage

A

Your children have grown up and moved on giving you greater freedom. You continue to work, save And build greater wealth

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14
Q

What are your needs during the maturity stage?

A

Food
Water
Clothes

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15
Q

What are your wants in the maturity stage?

A

Holiday home
Give financial aid to kids

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16
Q

What is your source of income during the maturity stage?

A

Wage/salary
Jobseeker’s Allowance
Income from savings and investments

17
Q

Describe the retirement stage

A

You have retired from work

18
Q

What are your needs during the retirement stage

A

Food
Water
Healthcare

19
Q

What are your needs during the retirement stage?

A

Holidays
Events
Help fam financially

20
Q

What is your source of income during the retirement stage?

A

Pension
Savings
Investments

Business 1st Year (7 decks)

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