Individual Strategies Everyone's financial needs are dynamic, they change throughout their lifetimes. The Lifecycle approach attempts to capture the typical financial life cycle pattern observed in most people lives. Life occasionally confronts us with unexpected events which should properly be considered outliers or "black swans." Regardless of the infrequency of severe unexpected events, they must be prepared for in the financial life cycle.First Priority: The first financial priority is to protect yourself against unexpected events. This is accomplished in two ways. Firstly, by acquiring insurance (e.g., health, disability income, life, property and casualty, etc.) with appropriate levels of coverage. Secondly, by building up an adequate cash reserve (generally three to six months of fixed expenses).Second Priority: Attaining financial wellness for oneself and one's family members. This includes education funding, acquiring one's home, cars, and "big ticket" items. The goal is to blend the need to attain reasonable financial wellness with available resources.Third Priority: Attaining a desired standard of living, a lifestyle one is happy with. This priority is exclusive of the preceding priority. The third priority may include a vacation home, being a member of a golf club, a luxury car, collectibles and artwork, etc.Fourth Priority: Attaining financial independence so that one's retirement is comfortable. The ability to live in retirement the lifestyle that was enjoyed prior to retirement.Fifth Priority: The thoughtful preparing of lifetime gifting and the testementary distribution of one's estate.