How does the stage in an individual's life cycle influence his or her personal financial planning?

Let's say you are a young child who has just been given their five-dollar allowance. The chances are you are not going to invest that five dollars, but rather go spend it on a candy bar at your local gas station. Now say you are an adolescent who just earned their first paycheck. Whoo! You might spend a few dollars on makeup and splurge on other things, but you may also decide to set some money aside. Depending upon the stage in an individual's life cycle, his or her personal financial planning is going to be influenced. As you grow older, you are taught the importance of financial responsibility. In the case of the young child, you did not have a care in the world, but as an adult, you have bills to pay and taxes to file.

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