Reference no: EM133343952

Each mind map should have at least four products that could be offered (make sure to explain their use for this demographic) and list four questions you could ask to check for needs for each one.

Dependent Life Stage: From birth up until your first part-time job, you are not likely to be earning money from an employer, but you may be receiving money through gifts, an allowance, and/or odd jobs. During the Dependent Life Stage, many different financial instruments are available to help you accumulate wealth and achieve your goals.

Independent Life Stage: At 16, you can get a job, drive an automobile, and take responsibility for some of your expenses. Sixteen is a good age to start managing your personal finances.

Early Family Life Stage: In the Early Family Life Stage, you will build on your previous accounts from the Dependent and Independent Life Stages. Additionally, you may add a 401(k)-retirement plan and consider mortgages. You may be financially secure enough to consider making other investments.

Empty Nest Life Stage: As the kids leave the house for college or start life independently, you reach the Empty Nest Life Stage. In this stage, you generally reach the top of your earnings capacity and have fewer payments than ever before. You may have paid the house off, and you may no longer have any car payments because you can pay cash for your automobiles.

Retirement Life Stage: The Retirement Life Stage is when you reach financial independence. You no longer need to work for money, and you are free to retire from your primary occupation.