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20 Financial Milestones

 
So I was reading an article on GenYWealth and thought it was pretty interesting. It’s the financial milestones you should (allegedly) reach during your 20s.

# 1 – Finance a dream vacation…in cash

Done, several times. I’m a lil surprised that the first item on a financial milestone list is about vacation! Shouldn’t it be about getting out of debt or saving or something bigger dealish?

# 2 – Pay off your student loans

Don’t have any student loans, but will soon 🙁

# 3 – Automate paying your credit card bill in full

Well I pay it in full but it’s not automated. I rather enjoy making the payment “manually” online. I feel like I’ve accomplished something instead of it just disappearing from my account without my clicking OK. 🙂

# 4 – Get rid of all bad debt

I’m allergic to debt. Never accumulated any till now. I’m about to get into it bigtime for grad school though and I’m kinda pissed about that. I asked my mom for $35k she told me the checks in the mail…somehow I don’t believe her.

# 5 – Build an adequate emergency fund

Done a few years ago.

# 6 – Make your first, and last, investment mistake

I don’t think I’ve made one yet…Let’s pray we never do.
# 7 – Develop a statement of cash flows
Yup, got it.

# 8 and 9 Max out a Roth and Contribute to your 401(k)

I’ve been contributing to 401k/403b for a while but just opened an IRA recently. Neither has been maxed.

# 10 – Get a degree or certification that increases your earning power

I have my undergrad but it didn’t increase my earning power. I won’t have my life coaching certification or my masters degree until after I’m 30 so this one is a no.
# 11 – Take a career risk
Well, I did! It was fun and liberating but not as lucrative as I’d hoped.
# 12 – Negotiate something
I’m sure I have, but since I can’t think of anything I will give this one a no.
# 13 – Earn your first side grand
I did this in 2008! It’s what led me to work for myself for 2010….we see how that turned out ::screwface::

# 14 – Start a sub-savings account for an upcoming financial goal

We did this!! Baby fund and House fund are in full effect!
# 15 – Set a target retirement date
I’ve done this, but am not sure if it will go down as planned. I’d like to be semi-retired at 50.

# 16 – Monitor your credit
Totally!! I have a kickass credit score and I plan on keeping it that way.

# 17 – Say no to a financial salesman
Oh I’m good at that!
# 18 – Give just enough to make it hurt
No thanks. I worked at a nonprofit and I know the bullshittery that goes on with the incoming funds. I also know the bullshittery that goes on with making things look good for the ratings places like Charity Navigator. Be careful with your donations folks!
I prefer to give my time.
2 Milestones for the Over Achiever
# 19 – Invest $1 for every $1 you spend
Ummm…. no thanks.

# 20 – Start a 529 College Savings Plan

Well, my goal was to begin this as soon as my first child is born. I didn’t know that you could start one without your child’s social security number to attach it to. I’m going to look into this for 2011.

How do you fare with this list? Did you accomplish these things in your 20s or after? How many of the 20 have you done so far?

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nik

Thursday 13th of January 2011

Oh and one more thing! I read this post just as I was about to purchase some shoes from Solestruck(one of my fave sites). Reading about the things I have yet to do help me to talk myself down off the proverbial retail therapy ledge! Thanks!

Nik

Thursday 13th of January 2011

I've been following your blogs (I <3 your natural hair care blog as well) for some time but this is the first time I've decided to post.

Thank you so much for the info. I'm in my early 30's and some have a few of these things still yet to accomplish. It always makes me sad to hear about paying off student loans. If you weren't fortunate enough to get lots of scholarships and grants for college what else is one to do? Now that I'm in grad school that debt will just be compounded. I just hope my new career path will allow me the cash flow I need to pay that down! :)

Love the blog!

Stephanie in Suburbia

Wednesday 12th of January 2011

Not great, oh well. Take it from someone in her 30s, follow this advice.

Though I am with you on the whole giving thing. My husband and I give baby supplies at church and food donations. I don't give up my money when I am not sure where it's going. I know the diapers are going to a baby.

Dani @ OK, Dani

Wednesday 12th of January 2011

Inna - welcome to the blog! I hope you likey. I checked out yours too!!

Nini - I did some reading up on the 529 and we're going to start it soon! I may email you some questions anyway so watch out!

Mama Drees - glad you're in progress!

MsBabyPlan - i use demand studios. also break studios. - good luck!

Chardonnay - YAY!! glad the post was inspiring!

Emily - i know right?! that's a big one! I don't think I'll ever get there lol

Ms. Emily Ann

Tuesday 11th of January 2011

This is such great info! Thanks for sharing!! I have a few checked off, thank goodness, but investing a $1 for every one spent? Phew... I only wish!!

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