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.Laying the Foundation Your FutureThe first stage of the financial life cycle begins with a person’s early working years. This is the time to learn about accumulating wealth and developing a personal financial philosophy for the future. For most Americans, this begins around age 25 when they start developing their careers and over the next 20 years, accumulate assets. During this phase of life, adults start to develop 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 will appear to narrow one’s financial gap . It is our belief that educating yourself before diving into complex decisions can help you avoid costly pitfalls.Building Now for Financial Independence TomorrowThe second stage of the financial life cycle 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 you will pay for unexpected health emergencies, or what your estate plan should look like.If you are in this stage, you should also be thinking about your different sources of future income, your need and desire to work longer, and how to think differently about risk-taking as you enter phase three.Living Your Dream With 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 in retirement, 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, you should be considering estate distribution and gifting strategies, Power of Attorney designation and ensuring that your affairs are put together as you wish.We invite you to SCHEDULE A CALL WITH US to learn how we can help you achieve financial independence.