Milestones define a certain goal you wish to achieve when you reach a certain point of time in your life. They set the predefined goals of action a person will undertake. Financial milestones give the inner potential to be financially stable until a certain age point. There are financial milestones that you need to achieve before hitting the age bracket of the 30s.
The target is to reach your goal to be financially successful. Some milestones are achieved during the normal course of life, while for some, you need to work hard.
10 Financial Milestones you Need to Hit Before the 30’s :
1. Landing yourself the first job
The foremost target you should hit by 30 is obtaining a good job. A good job is a well paid one, provides you with lifetime benefits, and even supports you for your retirement plans. Finding such a good option is necessary.
2. Clear out your student loan debts
As you have landed a high paying job, you may clear all the loans you took for your higher education.
3. No more unnecessary expenditure
You got a good job. Your debts are paid off. Now, this is the time to save money for you and your family.
4. Save for your dream home
Having a personal house is a need. However, it all depends on what amount you save for your dream. You can even go for down payments and make your dream come true.
5. Get a car
Though getting a car is considered as being luxurious, it’s never wrong to live luxuriously. When you earn, you save, and when you save, you fulfill your needs, irrespective of what they are.
6. Secure an insurance plan
This is a basic investment you can make. Life insurance provides you a better way to solve the things if something happens to you. In your absence, there are several needs for your family. Life insurance will provide such financial support to your family.
7. Have savings in a high yield savings account
You must also have a good amount in your bank account, which will help with daily needs and personal expenditures.
8. Save for your emergency needs
Though you save money for your expenditures, that amount might not just enough for emergency needs. Therefore, to keep yourself safe, you must have emergency funds with you.
9. Have a good credit score
Having a good credit score plays an important role in your financial journey. It helps to get a loan easily in case you need one. Fewer arguments and quick loan approval are sometimes all you need.
10. Save for your retirement needs
You must have at least a year’s salary with you in case of retirement. This will ensure your old age will pass smoothly.
Conclusion
It is better to plan your 30’s to 60’s adequately. This helps to ensure living better as you age, and also the life of your family after you.
