Personal Financial AdviceAt Prism Financial Concepts, we recognize and understand the impact of life phases on planning activities. Use the following life phase to help identify planning activities and objectives that fit your current life stage, or to improve the questions you ask of us.Early Working & Accumulation YearsThe first stage of the financial life cycle begins with a person’s early working years. For most Americans, this begins around age 25. Around this time, adults typically start developing their careers and over the next 20 years, accumulate assets. During this phase of life, young people also start to realize financial and life goals including the purchase of a home, having children or starting to budget, save and ultimately, invest.This phase is also a time when many opportunities to narrow one’s financial gap will appear. It is our belief that educating yourself before diving into complex decisions can help you avoid costly pitfalls.Later Working Years & Preparing for Financial IndependenceThe second stage of the financial life cycle is preparing for financial independence and typically occurs during one’s later working years (between ages 45 and 65). It is important during this phase for individuals to have a firm grasp on how much savings they will need to live the lifestyle they seek once they stop working. This is also an ideal time to think about how unexpected health emergencies will be paid for, or what your estate plan should look like.Individuals should also be thinking about their different sources of future income, their need and desire to work longer, and how to think differently about risk taking as you enter phase three. Retirement & Estate / Legacy PlanningWith proper budgeting, saving and investing during the first two phases, the third phase of the financial life cycle can be very comfortable. Instead of continuing to accumulate, financial goals now become about not spending more than you have coming in and what to do with assets once they are gone. During this stage, individuals should be considering estate distribution and gifting strategies, Power of Attorney designation and ensuring that their affairs are put together as they wish.We invite you to SCHEDULE A CALL WITH US to learn how we can help you achieve financial independence.