Enterprise: Strand 1


The JC Business Times Planning for Financial Fitness


Neil Sommers, a TY student, decides he wants to study Business and eventually become an accountant. He has a keen interest in technology and hopes to work for Google and finally start his own business.


Questions


1. What might Neil’s needs and wants be as a TY student, an employee for Google and as an owner of his own business?


2. What income might Neil have now as a student, later in life as an employee and finally as a business owner?


3. How might Neil plan for his future? Before We Begin …


The needs of a teenager are very different from the needs of a 50-year-old. Similarly, their sources of income change. At different points of life, we have different sources of income (finance) and different needs/wants (see Units 1 and 2). This is called the personal financial life cycle. We will look at how the needs/wants and the sources of income are different in each stage. This is also an opportunity to revise Strand 1 when creating your personal financial life cycle.


1 Financial Planning


Financial life cycle: Planning for different points of life because we have changing income sources and needs/wants.


Have you thought about your future? Where do you see yourself in 5, 10, 20, 30, years? It is a good idea to draw your life plan. You will revisit, rewrite, edit, and even delete aspects as you journey through life.


Know It!


1. Dependent stage 2. Independent stage 3. Development stage 4. Pre-retirement stage 5. Retirement stage


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