Your Financial Life in 8 Decades

Objective:

Analyze the typical human lifespan by dividing it into eight decades and explore how hard work, planning, and preparation during the first three decades can influence the remaining five. This activity encourages long-term thinking, goal setting, and the importance of financial and personal responsibility early in life.

Instructions:

Breaking Life into Eight Decades:

Divide life into eight 10-year segments and briefly describe the focus of each:

1. 0–10 years: Childhood Focus: Growth, learning, and exploration.

2. 10–20 years: Adolescence Focus: Education, building foundational skills, and discovering passions.

3. 20–30 years: Early Adulthood Focus: Higher education or vocational training, starting a career, and developing independence.

4. 30–40 years: Establishing Career and Family Focus: Advancing in a career, raising children, and building financial stability.

5. 40–50 years: Midlife Stability Focus: Reaching career milestones, mentoring others, and preparing for retirement.

6. 50–60 years: Preparing for Retirement Focus: Maximizing savings and investments, exploring hobbies, and focusing on health.

7. 60–70 years: Early Retirement Focus: Enjoying financial freedom, traveling, and spending time with family.

8. 70–80 years: Later Years Focus: Reflecting on life achievements, sharing wisdom, and maintaining health.

Analysis and Reflection:

1. Deep Dive into the First Three Decades:

   • Analyze how working hard, setting goals, and building habits during the first 30 years can positively affect the rest of life.

   • Examples to consider:

     • Education: Pursuing a degree or learning a trade can provide long-term career opportunities.

     • Financial Habits: Early saving and investing can lead to compounding growth.

     • Relationships: Building a strong network can create opportunities for personal and professional growth.

2. Planning for Decades 4–8:

   • Envision your future if you worked hard during the first three decades.

   • Describe how financial freedom, good health, and strong relationships might define your later years.

   • Reflect on personal goals for leisure, travel, family, and leaving a legacy.

Create Your Life Roadmap:

• Design a personal “Life Roadmap” with goals for each decade. Include:

  • Education Goal: (e.g., Graduate college by 22, earn certifications by 25).

  • Career Goal: (e.g., Start a business by 30, become a director by 40).

  • Financial Goal: (e.g., Save $100,000 by 35, pay off mortgage by 50).

  • Personal Growth Goal: (e.g., Learn a language, write a book, travel).

Discussion Questions:

1. Why is it easier to make sacrifices and work hard in the first three decades compared to later in life?

2. What risks might people face if they don’t plan and work hard early in life?

3. How can setbacks in early life be overcome to still achieve a fulfilling life?

Grading Rubric:

• Understanding of Life Stages (20%): Clear and accurate division of eight decades.

• Depth of Analysis (30%): Thoughtful discussion on early hard work and its long-term impacts.

• Creativity (20%): Unique and personal ideas in the Life Roadmap.

• Practical Application (20%): Realistic and actionable goals for each decade.

• Clarity and Organization (10%): Well-structured, clear, and concise writing.

• Research a Biography: Select a successful individual who worked hard early in life. Analyze how their early efforts influenced their later years and share with the class.

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