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Life Cycle – Dan Greyn. High School 13-17. Didn’t have a real job. Mowed lawns over the summer and got paid little. Bought a 1985 Isuzu Pickup Truck. Young Adult 18-24. Had a job during college. Lived paycheck by paycheck.

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Life Cycle – Dan Greyn


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Presentation Transcript
high school 13 17
High School 13-17
  • Didn’t have a real job.
  • Mowed lawns over the summer and got paid little.
  • Bought a 1985 Isuzu Pickup Truck
young adult 18 24
Young Adult 18-24
  • Had a job during college.
  • Lived paycheck by paycheck.
  • Didn’t have a lot of money because he was paying his truck off and rent for his apartment.
  • His job paid him about $300 and $100 went to his truck payment, $100 went to his apartment rent. Left him $100 for “spending money”.
adult with kids 25 34
Adult with Kids 25-34
  • Got married and both had jobs.
  • Spent money on insurance, house loans.
  • Started to have more money; began to save.
  • Began to earn more money; spent it
working parent 35 44
Working Parent 35-44

Life Cycle

Greatest Financial Impact

Dad- got promotion at work

Mom- had own business; was successful

They began to buy lots of stuff

Dad put lots away for 401k

This allowed them to do more and were able to save more

  • Providing for children
  • Paying off loans
  • Saving for retirement; college for kids
values goals
Values & Goals

Values

Goals

They’ve had consistent long term goals

Short term goals have changed depending on current situations

  • Provide more for kids
  • Allow them more opportunities
  • Spent more money instead of saving it
financial needs successes
Financial Needs & Successes

Needs

Successes

Putting lots away into 401k when economy was good.

Having a good retirement plan

  • Build back up savings account
financial lessons
Financial Lessons

Lessons Learned

Lessons Taught

Think before spending

If you don’t need it, don’t buy it

If you don’t have money, don’t buy it

  • Don’t buy on impulse
financial needs compared to others
Financial Needs Compared to Others

Similar

Different

He accumulated faster than should have probably

Bought a boat, camper, and a truck all in the same year.

  • Start by just getting by; paycheck to paycheck
  • Later on start to accumulate more and more
  • Going through the Life Cycle
midlife 45 54
Midlife 45-54
  • Current age in life cycle
  • Continues saving for retirement; college
  • Spends more money at times instead of saving
  • Thinking about a will
pre retirement 55 64
Pre-Retirement 55-64
  • Plans are preparing for retirement
  • Hopes to have will finalized
retirement 65 older
Retirement 65-Older
  • His plans for retirement are to own a nice motor-home and stay at RV Parks.