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What is Personal Financial Life Cycle
Shows the changing financial needs a person will have at each stage of their life.
What is Financial Planning
An ongoing process and will need to be reviewed and revised from time to time.
What is an asset?
Something of value that you own
What is a will?
legal document containing instructions for what should be done with personal money and property after death
What is someone's estate?
An estate is made up of everything you own. At the moment, it might be your bicycle, your books and your laptop or tablet.
What is a pension?
A fund into which payments are made during a person’s working life, and from which payments are later made to support them when they retire from work.
What factors impact on your financial planning?
Age, Employment status, Number of dependents and Health status
Does every financial decision have negative consequences?
No
What is the dependence stage?
Dependent on your parents or guardians for your financial needs
What do you consider in the independence stage?
Repaying student loans, beginning regular savings, buying/renting a home, household budgeting
What do you consider in the developing stage?
Increasing income, paying mortgage/rent, life assurance, health insurance needs, pension
What do you think about in the pre-retirement stage?
Savings, updating retirement plans, paying off a mortgage, life assurance, considering estate plans
What do you think about in the retirement stage?
Pension entitlements, adjusting insurance for increased risk, children’s education (third-level)
What are taxes charged on?
Tax is charged on income or business profits or added to the cost of goods and services.
Who collects taxes in Ireland?
The Office of the Revenue Commissioners.
What is tax liability?
The amount of tax you are required to pay. It is based on your income, wealth and spending habits.
