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Life Cycle – Dan Greyn

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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  1. Life Cycle – Dan Greyn

  2. 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

  3. 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”.

  4. 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

  5. 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

  6. 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

  7. Financial Needs & Successes Needs Successes Putting lots away into 401k when economy was good. Having a good retirement plan • Build back up savings account

  8. 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

  9. 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

  10. 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

  11. Pre-Retirement 55-64 • Plans are preparing for retirement • Hopes to have will finalized

  12. Retirement 65-Older • His plans for retirement are to own a nice motor-home and stay at RV Parks.

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