Which of the following is NOT one of the four stages of life in financial decision-making?

In the context of financial decision-making, there are generally four recognized stages of life that individuals go through: accumulation, distribution, conservation, and retirement. Accumulation refers to the phase where individuals save and invest to build their wealth over time, often during their working years. Distribution involves the phase when individuals start to withdraw or utilize those accumulated assets, particularly during retirement.

Conservation focuses on the aspects of managing, protecting, and preserving wealth once it has been accumulated, ensuring that it lasts through the individual's retirement years.

The notion of investing is indeed an integral aspect of financial decision-making and occurs predominantly during the accumulation stage, but it is not classified as a standalone stage of life. Instead, investing is a broad activity that spans multiple stages, primarily focused on growing wealth.

Therefore, identifying investing as a stage of life is incorrect because it doesn’t represent a distinct phase; rather, it is a crucial activity that takes place during the accumulation stage of life.