Financial Milestones for You to Achieve your Goals

At age 30, any adult should know the basics of how money is made, how it is earned, and spent correctly. So many things (not to say everything!) In our lives depend on financial milestones.

If this is bad or good, it is a personal matter of each individual, so imposing the opinion here does not make sense. But one thing is for sure: that money is an integral part of our lives, so knowing how to earn it will never be a problem. But to know how to make money, you also have to know the fundamentals of money. For example, definitions of financial terms such as taxes, banking, or passive income should not be unknown to you. It would be satisfying if you have a job that you like and is stable, and that also generates a positive income. But you should not forget that suddenly everything can change at any time, so having a security plan (emergency bone) will always be useful.

In this article, 9 financial goals have been chosen that must be considered before reaching the age of 30. By achieving these financial goals, you can be confident in your financial future. Here are the 9 financial goals you must achieve before you turn 30.

1. The financial independence of their parents.

Parents always want to help their children, regardless of age, but you must remember that you are already an adult (after a certain age, after adolescence) and that you can fend for yourself. Unless an unexpected situation occurs or you have excessive debt, you must return to the paternal nest, so you must be sure of leaving this type of situation before turning 30.

2. Be debt-free.

Live according to your means, and if you can’t afford to buy something, don’t try to borrow money for it. Because debts destroy not only financial stability but also relationships. There are no worthy justifications for being in debt until age 30. For example, your debts for university studies or the requested consumer loan must already be paid, etc. And if not, make sure that they are minimal and surmountable. Of all the financial milestones on this list, repayment of debts is the most important thing.

3. Get rid of outstanding loans (to avoid increasing them).

Because your checking account can sometimes run out, and you try to manage to survive from month-to-month, you must already have a solid bank account at age 30 to prevent unforeseen circumstances. If the loan increase is a common thing for you, this has to be overcome by yourself up to 30 years.

And once again the desire to have the most things can throw us into the hole of financial indebtedness. Loan debt can have a negative impact not only on your credit history but also on your financial well-being.

4. Establish an impeccable credit history.

Don’t let the mistakes of youth cross your plans for the future. Because some late payments in your youth or exceeding the loan limit on your card can affect your credit history. Good credit history will help you make some sizeable purchases, such as a home, and it will also teach you how to pay your bills on time.

5. Save for retirement.

If you think that you will never grow old, well, unfortunately, you are wrong. It is unlikely that you have thought about your distant future, but please do so, so that old age does not surprise you suddenly. As a general rule, the minimum amount of money you should save should be the amount of one year of permanent work.

6. Create an investment portfolio.

It is that there is nothing simpler than mutual funds or more advanced and accessible than stocks because at age 30 you have to invest your money not only in your main savings account. This happens to be amongst the most vital financial stages because it is the basis of long-term stable wealth. By age 30, you should already have your investment portfolio in place. Bank investments are also good, but a diversified portfolio can generate at least a small but stable income.

7. Establish a money reserve (or emergency) fund.

Try to have, just in case, and at least, a reserve of money equivalent to 3-6 monthly wages.

8. Be well insured.

As in most countries, insurance is not as developed, as in some developed countries, insure yourself (your family, your lives, even the loss of working capacity), your real estate and in particular your objects valuable, that will not be for others.

9. Use the maximum benefits (or exemptions or facilities) from both the employer and the State.

If you have the possibility of receiving some benefits, be sure to use them. Otherwise, this amounts to a waste of money.

Last Words: That control of expenses is your habit

Because the only way to manage your money is to control your expenses. Until you turn 30, you should get into the habit of controlling your expenses and being sure that you earn more than you spend.