But for the most part it is a choice of what you value and what you want to be. Then I have a car payment, mortgage payment (because where I live, rent is roughly the same or more per month than a mortgage), gas, electric, cell phone, internet, gas for car, water, trash, food, health insurance, car insurance, etc. Nothing about this article is disrespectful — as you should be able to conclude by over a dozen positive comments. Plus, once you get into the habit of putting this money aside, you won't even miss it. Money After Graduation Inc is a financial literacy website dedicated to help you pay off debt, save money, increase your income, and invest in the stock market. By 30 you should be in the habit of tracking purchases and making sure you’re spending less than you earn. Regardless of your age, there are essentially three primary financial goals at the core of all other financial goals: saving for retirement, saving for that inevitable rainy day and, of course, paying off any debt you're carrying.How we reach those goals, however, and which we focus on most at different times in … Not doing too bad here! First is that this is a collection of great goals for financial security. . It’s what I think everyone should do by 30. With time and dedication to the checklist your path to financial freedom will be shorter and less dramatic than you expected. Agree with Jessica (me = not a troll because it’s my first time ever on here). There’s a lot of fun in it. If you do, I’m confident that by age 60, you can retire comfortably. I know what its like to have nothing…I was the definition of disadvantaged at one point. I find this list to be very motivating and not offensive at all. Money After Graduation, MAG, and coin logo are service marks of Money After Graduation Inc. Other marks contained on this website are the property of their respective owners. For the millionth time, I don’t care if you can’t finish this list by age 30. I got out of grad school in Dec 2012 and now have $30K in student loans. Although we often think of goal setting as something we do at the start of every year, the truth is that it is extremely important to work on your business goals all year long. I still don’t see it as totally critical, but I kind of love the data for my own nerdy purposed. Preemptive apologies for my English if it isn’t native enough (I’m originally from China but went to a one-year law program in the US). You say most people don’t live in an area with $600K homes, which may be true where you live, but it’s the norm (even low priced) for Canada’s major cities: Toronto, Vancouver, Calgary where an overheated real estate market is the norm for millions of people. This is much cheaper than you would pay in the USA, but if you’re 26 and say $65,000 to $80,000 in debt from your medical education, then that’s not so bad. I do give to charity, but there is no financial advantage to it unless you donate a ton of money. Once the debt is gone you’ll have more money to tackle savings & investments. I am 31, almost 32, and I have virtually the exact opposite situation that this list recommends. Most 22 year olds, or even 25 year olds don’t have these as priorities. I have a pretty clear goal of where The Banker and I want to be in a handful of years when we hit the big 30! Thats the impression i got from your response. If you can’t complete the full list until age 31 or 35, it still counts. I have some ideas for what I want, but I’m fairly aggressive with my finances and not sure many people will agree. As someone else helpfully pointed out, when you start to reach some of them, it will snowball into other areas. Work toward that – and if you meet it you can clearly reach the financial goals outlined. As for disability, since that can be so varied and be temporary or permanent, I’m not sure how you want me to address it. The 15 financial goals to achieve by 40 is just one plan that you can use to guarantee financial freedom. If you’re in that situation, it’s ok! Yeah, $20,000 in loans (or “over $20k,” which likely means somewhere between $20k-$22k) is nowhere near a lot. To become a doctor takes 4 years of undergrad, plus 4 years of medical school, and then residency. If it applies to you, sure, but the “you” in the title seems to (again, seems) address the general audience. At the end of this year I turn 30. If you’re part of a couple, a healthy way of sharing money with your partner. Many cannot due to circumstance and/or life choices. But it’s also getting old and won’t help yourself in the short or long term. I’ve had times when I was down and out and felt like nothing could go right, and it was friends and family that saw me through, never would have made it on my own. It’s also an opinion that I think most people would agree with. So long as oil stays low, so will the home prices in Calgary. When you manage your debt well and pay it off, doors can open for the other steps in your life, like owning a home or purchasing a new car. I am retired and wish I had seen a list like this in my 20’s. #24, for sure, often overlooked. I know how you guys love lists, so I made this for you! What type of financial milestone is that? I moved here last September for my MBA. No? I also think your point is incorrect when you say that you didn’t have money to lose in the downturn so you were unaffected. Thank you for reading, I am so happy to hear these stories! On a more personal note, you may get married and start a family. I’m pretty sure she’s a troll. Investing involves risk, including the possible loss of principal. Depending where you live, house prices may be astronomically high and saving up 20% for a down-payment is not realistic (particularly if you’re heeding the other rules to save $25,000+ for retire and establish an emergency fund). By 30, not only should you know what industry you work in, you should have logged a few years of professional experience in your field. 1. Totally lost time. Most people can, but if you can’t then the only person it affects is YOU. That is common advice. At the end of the day, these, and not coddling words, will make you richer, stronger and more free. Or maybe you want to start a large family. Bridget…good blog. Lastly, I don’t think I sounded a tenth as aggressive as you here lol, talking about freaking out: “I MADE THIS LIST UP. I would add “make sure that the percentage of your income from employment is steadily decreasing” to this list. I put $26k for a down payment on our house and currently have over $26k in cash/investments. Being able to give to charity is a milestone because if your able to do so on a monthly basis its likely because your financially sound. Every financial decision you make will impact your financial future, so it’s important to know what your long-term goals are. 16. Most of the things make sense (common sense), but some things just do not… lol Debt free? I’ve got a similar “Ten Steps to Financial Freedom” that I’m following. I spent a few years paying them back rather than paying off my mortgage but I know I had an opportunity others didn’t have. The first step thing that you need to do is find a steady income job where you can work easily for years without any worries. It’s stupid to put your money in a home if you haven’t established significant savings elsewhere. Same goes with other high-interest debts , such as personal loans and high-interest student loans. The Mexican said he had enough to support his family’s immediate needs. You have to enjoy your money as you take care of it! This hardly sounds “meticulously planned” or limiting in any way. For most people school costs an arm and a leg. Well, that’s great when you’re healthy and only need antibiotics, cough syrup, and birth control/condoms. In your disorganized youth, you probably forgot to pay a bill or missed a deadline, but by 30 you should be well into the habit of meeting all your deadlines. $25,000 is a good amount to aim for if you need to set a target. Probably is just a cultural fact. Medical school is about $10,000 per year for a total of $40,000, bringing your total school costs to $64,000. I graduated from my BSc. For career direction, I’ve been struggling. Lol. If you have more than $10,000 per year to pay off it might take longer. I earned a small income from this website and other freelance writing projects. Bridget, keep doing you (and make another list! Disagreements about finances are a leading cause of divorce, so getting over this early ensures a healthy wallet and a happy relationship. I wish people would stop the self pity, take that awful feeling of not meeting these goals yet, and channel it into motivation to improve! I applied at roughly 200 places. I turned 30 at the end of last year. I’m 28 and halfway through my MBA (which I am paying for). But I really should make an honest effort to educate myself more about them. Plenty of students go on to graduate or professional school like I did. That being said, it’s nice to see it all laid out. As a 26 year old who’s been in the work force for 4 years now I made it my top priority to buy a home as soon as I could. It wasn’t required for me to go online for an MBA while going on TDY and training all the time but I thought it was an interesting venue so decided to pursue it. You contribute again once you reenter the workforce. This article seemed arrogant but it had many good points as far as “getting your head in the right space to achieve financial health”. I am 28 and will be 30 in November of 2015. I became financially indpendent of my parents when I was 17. It’s cool to be financially savvy, but don’t let it take over your life. However small, having a second (or third, or fourth) revenue stream is important. These 10 goals will help you make lasting changes and take control of your finances in the New Year, and beyond. But hey, I got free health insurance from the school…right? I am 24, and will be debt free (graduated from my undergrad with $47 000 in debt) by the end of 2016 (the BHAG is before my birthday in August). Accessed Nov. 27, 2020. #18, I struggle with this since your career might change a few times. I feel pangs of jealousy for the friends with better lives; must to work on that STAT. Be an example, not an arrogant ass). Getting closer to 30 sucks, but at least you can get your money right. One financial goal might be to pay down the balance before you turn 30 years old. Check out Pay Your F#$%ing Debt. Maybe you want to retire by 50. That means I save around 15k a year which is 25% of my gross income (I’m not married, no kids, live with roommates for context – and I did an undergrad which i finished at age 21 and had been working 2 years prior to that part time in advertising which is my field). Maybe make adjustments by lowering the target or extending the deadline. Your blog is usually full of valuable and helpful information (which is why I read it almost every day) so I’m surprised you are responding so childishly to my comments. 8: I’m covered health wise but I NEED to get rental insurance for my next place. While saving at least 20% for a down payment on a home has a lot of benefits, it's not always the right choice. 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