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Establishing a Savings Fund
Age: Young Adult 15-25
Savings Option
This does not require advance planning because this will start your planning for the future. By starting a savings fund you will be able to afford things like a vehicle, house, or higher education.\
I chose this to go first because in order to be financially secure in life you should have a savings fund so you can afford things like a higher education to start a career. -
Buying a Vehicle
Age: Young Adult 15-25
Savings and Investment Option
This requires additional planning because you want to know how much money you have to spend on a car and make it the correct one for you. This would require savings to either be able to lease a car or completely buy it. This is also an investment because if you buy the car, you will possibly be paying it off for many years. -
Receiving Higher Education
Age: Young Adult 15-25
Savings Option
This requires additional planning because you want to make sure the school you want to go to is the right choice for you both for the education you want to receive and how much money you have saved. This usually requires planning while in high school. -
Starting a Career
Age: Young Adult 15-25
Investment Option
This requires additional planning because you want to get the right education that will make the most out of your career opportunities. College will give the outsource to find jobs and start your career. This requires at least 4 years of planning because that is how long people are usually in college for to get a Bachelor's Degree. -
Building Net Worth
Age: Working Adult 26-45
Investment Option
This doesn't require additional planning because building net worth comes with working in your career. -
Getting Married
Age: Working Adult 26-45
Savings and Investment Option
This requires additional planning because you want to know that you will be financially stable with the person you marry and be able to support yourself and your spouse. This requires roughly 5-8 years of planning. -
Starting a Family
Age: Working Adult 26-45
Savings and Investment Option
This requires additional planning because you want to make sure that you can support your spouse and children financially. This would require around the same amount of time it would take you to plan for getting married -
Buying a Home
Age: Working Adult 26-45
Savings and Investment Option
This would require additional planning because you need to know if it is a home that you would be able to afford and also make it the right fit for your family. This would require about 10 years of planning. -
Going on Vacation
Age: Pre-retirement 46-65
Savings Option
This would require additional planning because you want to be able to know that you can afford the trip and it's the right trip you want to take. This would require either 1 month or up to 1 year of planning -
Retiring
Age: Retirement 65+
Savings Option
This would require additional planning because you want to know that you will be able to have enough to retire in the first place. This would require about 20 or so years to plan for because you need the time to acquire the money.
