You may support the belief that all are created equal, but few will claim we are all born into circumstances of equal opportunity. The way in which we start life can vary greatly, and many aspects of our lives are influenced by the social, geographic, and economic circumstances into which each of us is born. That is a reality that we all have to face in terms of our personal financial affairs. Identify both the advantages and disadvantages you feel you started with. Over time, though, and at different stages of life, our priorities and concerns will vary.
Different things are more important at different times.
The priorities, concerns, and goals of someone who is 15 will likely be quite different from those of someone who is 65. Therefore, when setting goals, you have to consider the changes that will tend to occur throughout your life cycle. Although each of us will experience our own particular life cycle, there tend to be similarities in terms of what our primary concerns and preoccupations are at various stages in our life. Concerns will vary with respect to education, training, saving, investment, life insurance, retirement, travel, and so on. Taking control and planning your financial affairs means that you have to consider the various stages of your own life cycle.