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Period: to
Teen (13-18)
-
Make initial college payments
Take out student loans -
Pay deposit -
Fill out FAFSA -
Apply for scholarships -
Period: to
Young Adult (19-25)
-
Buy a car
Use the 20/4/10 Rule - make sure I have enough money for the monthly loan and down payment - decide loan term - buy used car for less -
Find internship or part time job
Look for opportunities related to my college major -
Rent a Apartment
Take out renter's insurance - pay down payments - security deposit - first and last month's rent - buy furniture and appliances -
Pay off student loans
Pay back the majority of what I owe -
Period: to
Adult (25-40)
-
Wedding
Pay for location, food, and decorations (families will potentially help) - pay for honeymoon -
Buy a house
Pay down payment (20%) - take out mortgage - moving fees - homeowners insurance - inspection fees -
Buy a new car
Same process as first car, but with more price leeway due to a better paying job -
Period: to
Middle Aged (40-55)
-
Pay for children's college fees
Take out student loans -
Pay deposit -
Fill out FAFSA -
Apply for scholarships -
Period: to
Pre-Retirement
-
Prepare for retirement
Meet with financial advisor -
Look for retirement location -
Period: to
Retirement
-
Update health insurance
-
Retirement vacation
Pick destination, find lodging, pay for activities