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.

for many centuries there were important factors which the economies of the muslim empires developed increasingly. they applied economic procedures in production, investment, finance, taxation and property. they used to tax certain goods (for example: harvest), they charged interest on money lent, they signed contracts with merchants; they relied on a common currency, and they used checks as well as promissory notes. with the money collected by means of taxation, the government provided the needy with an income. in addition, trading networks covered huge distances, so far regions started to have contact and exchange goods. this trade network covered areas of asia, africa and europe.