{"id":3700,"date":"2023-10-03T07:21:07","date_gmt":"2023-10-03T07:21:07","guid":{"rendered":"https:\/\/1finance.co.in\/magazine\/?post_type=blog&p=3700"},"modified":"2025-08-02T12:43:19","modified_gmt":"2025-08-02T07:13:19","slug":"how-we-factor-your-life-stage-into-your-financial-plan","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/how-we-factor-your-life-stage-into-your-financial-plan\/","title":{"rendered":"How We Factor Your Life Stage into Your Financial Plan"},"content":{"rendered":"

We think of financial planning as a holistic exercise that should be attuned to who you are, and where you\u2019re at in life. What that means is that we\u2019re concerned with a lot of things about you, like your age, the industry you work in, how far you\u2019ve studied, what your job involves. All of this, to us, counts as insight into what you need your money to do for you at the stage of life you\u2019re in \u2014 and what you have to put in place so you\u2019re prepared for what\u2019s to come.\u00a0<\/span><\/p>\n

While your financial trajectory will take its own course based on a host of factors \u2014 especially the profession you choose to pursue \u2014 we\u2019ve tried to broadly classify life stages into four phases, in the order they typically unfold. The age groups we consider here are representative, and not a rule of thumb.<\/span><\/p>\n

Building Phase (26\u201335 years)<\/h2>\n

This is when you start working or studying further to set a strong foundation for your future \u2014 accumulating skills, figuring out what field to work in, taking on roles of responsibility, and getting a taste of financial independence and stability.<\/span><\/p>\n

Growth Phase (36\u201345 years)<\/h2>\n

You start consolidating your knowledge and establishing expertise in your field, while simultaneously exploring opportunities to broaden your skill set and experience \u2014 maybe, if you feel saturated, you even look into switching job profiles or building a business. Financially, this means you\u2019re also taking calculated risks for wealth creation, and possibly increasing your expenses as you upgrade your lifestyle, grow your family, or become financially responsible for your parents as well.<\/span><\/p>\n

Sustainability Phase (46\u201355 years)<\/h2>\n

By this point, your active income has likely peaked and you\u2019ve probably taken on a leadership role. You have a good financial foundation that you\u2019re expanding on, which allows you to give more time to big-picture ideas instead of execution. You want to sustain the growth you\u2019ve worked towards and continue learning, but you also decide when you\u2019d like to retire and make a more concrete plan for it.<\/span><\/p>\n

Pre-Retirement Phase (56\u201360 years)<\/h2>\n

In the last few years of your professional life, you start delegating responsibilities; review your retirement, insurance, and estate plans; prepare to transition to a more relaxed lifestyle; and set up a regular inflow of passive income.\u00a0<\/span><\/p>\n

The age at which you enter or exit a certain phase could vary, and the phase could look different for each person \u2014 that\u2019s alright. But whenever you arrive at a particular stage, you need to revisit your finances. It goes to show how financial priorities change over the course of life. Not everything needs to be accomplished all at once, but there\u2019s a right time to take each step.<\/span><\/p>\n

We\u2019ve found that most people only plan a couple of years ahead and don\u2019t anticipate their needs at various <\/span>financial life stages<\/span>. Looking at your finances through this lens helps us plan better, not just for asset management, but across every aspect of your finances. For instance, the building and growth phases are when you would typically witness the highest income growth in your life. At this time, it might make sense to make riskier investments for the long term or maybe take on a home loan, if you\u2019d like to. This might not be advisable later, during the sustainability or pre-retirement phases, when you might want to eliminate any potential threats or stress. Generally speaking, as you ascend the phases, the risk element in your portfolio should progressively reduce and the contribution of passive income to your total income should increase.<\/span><\/p>\n

Bearing your life stage in mind when planning your finances makes apparent what you need to do, or not do, at any given point. It could help you appreciate the <\/span>importance of financial planning<\/span> and put in action simple practices like, say, reassessing your family\u2019s insurance policies after the birth of a child or revising your budget when your parents become dependent on you. Our idea behind this classification is to help you prevent piling up risks and get you closer to financial well-being \u2014 the state where both your current and future needs are met.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We think of financial planning as a holistic exercise that should be attuned to who you are, and where you\u2019re at in life. What that means is that we\u2019re concerned with a lot of things about you, like your age, the industry you work in, how far you\u2019ve studied, what your job involves. All of […]<\/p>\n","protected":false},"featured_media":2810,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_updated_date":""},"blog-category":[292],"acf":[],"yoast_head":"\nHow We Factor Your Life Stage into Your Financial Plan<\/title>\n<meta name=\"description\" content=\"Explore insightful articles on finance, investments, and money management on our blog. 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