As a money coach and speaker the main question I get asked is "What should I be doing with my money?". The answer is different depending on where you are in life and which age box you check on those rude forms that always ask.
Goals by Age 30
Goal 1: Stop relying on mom & dad. You should be living on your own and paying your own bills. You should be supporting yourself. #adulting
Goal 2: Focus on debt and savings. This is a balancing act based on how much debt you have accumulated so far. Don't sacrifice savings for debt repayment--something you always hear me speak on. Take my debt workshop.
Goal 3: Have a well funded emergency fund and savings account. These are two different accounts and should be planned and funded as such. Budget plays a big part in this. Yes! YOU should have a budget.
Goal 4: Start saving for vacations and pay in cash. Check out the blog I wrote for #travelbash. If you want to use a credit card to get points, save up the money in your savings account and then as you make your savvy credit card purchases, transfer the money immediately from your savings to cover that charge.
Goals by 40
Goal 1: Consider or review your life insurance. Does it match up with your current lifestyle? Who is depending on your paycheck? Does it cover long term care costs?
Goal 2: Keep Saving. Make sure you are adding to your emergency fund. The last thing you want to do is dip into your retirement savings to pay for a broken air conditioner.
Goal 3: Lifestyle Planning. Are you saving enough money for your long term goals? Do you know how long you want to work for? What do you want your future lifestyle to look like?
Goals by 50
Goal 1: Take a look at your housing costs. Does it make sense to pay off your mortgage in this decade?
Goal 2: Check in on your insurance, yes, again. Pay close attention to this.
Goal 3: Estate Planning. If you don't already have your legal documents in place, get this done. These include a will, financial POA, medical POA and more; depending on your family situation.
Goal 4: Keep building your savings and reducing your debt to create the lifestyle you want.
Let these goals help you set a path on where you want to be. Then schedule a free discovery session with me to chat about next steps.