“Freedom and wealth is an outcome of “Time”; the most precious asset that we all possess. Time however is a variable to each individual as our actions from our choices determine the longevity and returns from this asset. To maximize the return on this asset is determined by the energy that we put forth in developing our financial education, relationships and health.”
In your twenties your future is too far away to think about and what is important is the “here and now”.
Your financial habits are not great, as you will have probably maxed out your credit card, delayed any savings and focused mainly on pleasure spending.
Your twenties are the time to have fun and its ok to make financial mistakes. However, the bad financial habits that you have accumulated in your twenties need to be gone before you head into your thirties.
Being in your thirties is different, you become more responsible and yes a little more serious about life.
Living in a cold damp house where it was party central every weekend doesn’t seem so appealing. The comforts of a warm centrally located apartment with your partner or a flatmate is the place you really want to be. You start to drink wine and your parties go from 100’s to dinner parties of 6! No police get called to your dinner parties!
You will find that children, family, marriage, buying houses are the main topics of discussion amongst your friends.
Shopping. Bills. More bills. Your health. Appointments. Money. Credit cards. Rent. Mortgages. Tax returns. Work. Some of these things were present in your twenties, and if you really wanted to ignore them you could but now you can’t.
If you make the right financial choices in your twenties, many of the thirty something life events become not so stressful and far more pleasurable. The reason why,is because you have a good financial base!
However, if you don’t make the right financial choices in your twenties, your life will be one of financial struggle – not only in your thirties but for ever.
“Money is only a tool. It will take you where you wish, but it will not replace you as the driver” Ayn Rand
By pursing these 10 Financial Goals before you reach 30, you will have set the foundation for you to enjoy financial security and independence for the rest of your life.
1. Know Your Personal Financial Profile
“When it comes to money and so many other things in life, understanding your weaknesses and strengths can help you with your future plans.” Tagene Brown-McBean
I know that this doesn’t look like a financial goal however it is the key to your success in achieving your financial goals. You need to know what your values and beliefs are around money.
What is your risk profile? Does spending money give you pleasure? Have you got good saving habits? When you see something you really want, do you justify to yourself how much you deserve it even though you cant afford it. Do you like credit cards? Are you ever able to pay your credit cards off in full every month?
Do you bury you head in the sand when it comes to dealing with money?
There are lots of financial personality profiles assessments on the internet and many of them are free. Here is a link to a great article on personalities and money. How Your Personality Affects Your Finances
Go and find out what your relationship is like with money. Then decide if you have the commitment, desire and motivation to pursue these financial goals before you turn thirty.
2. Write Down Your Financial Goals.
“By failing to prepare you are planning to fail” Benjamin Franklin
Once you have an understanding of your financial personality, you can then start to plan your financial future.
Write down your financial goals – short, medium and long term goals.
The timeframes you set for these goals need to be aligned to your financial personality.
Use the KISS and SMART metrics to write your goals. (Keep It Simple Smart) and (Specific, Measurable, Action, Realistic, and Time Bound).
This financial goal needs you to be disciplined and focused. If you struggle with these personality traits – thats ok. Find someone who can help you or go on the internet and look for templates that you can use to guide you to writing your goals.
Find out how to write your financial goals that are aligned to you and your current priorities in life.
If you don’t take the time to put a financial plan in place by the time you reach your thirties, you increase your chances of failing to achieve those financial outcomes that will enable you to live your dream life.
3. Stop Impulse Spending
“Remember, buying something is not the problem
Give up your bad habits around spending. The sooner you give up the habit of impulse spending, the better off you will be financially.
Try to understand why this behaviour is important to you as it does not serve you well. This behaviour does not support wealth creation. If you continue to spend impulsively your financial future going into your thirties and beyond, will be a struggle.
Don’t stop enjoying your life and spending money all together. You should be spending money on things that make you feel good. Just be realistic about your spending habits. If your spending is reckless and impulsive, then do something about it.
4. Get an App To Track Your Expenses
“There are plenty of ways to get ahead. The first is so basic I’m almost embarrassed to say it: spend less than you earn” Paul Clitheroe
If you are in your twenties and you have a negative perception or no motivation to budget or track your expenses you need to change right now.
Holding on to these beliefs will hold you back from having any financial security in your thirties and later in life. Keeping a track of of your expenses is one of the key financial habits that will enable you to have financial wealth and independence in your life.
There are some amazing budgeting apps that you can download. Go search for these apps as they enable you to budget and monitor your expenses with ease and no stress.
When you reach thirty it is essential that you are able to live within your means otherwise you will find yourself drowning in debt.
Remember your thirties will bring more expense and cost to your life. Good budgeting habits will ensure you are prepared to manage these extra costs and live within your means.
5. Learn About Investing
“Formal education will make you a living; self-education will make you a fortune”. Jim Rohn
To create long term wealth you need to become educated about investment.
The best time to start getting the basics sorted around investment and start building your wealth is now – as you head into your thirties.
With sound investment planning in your twenties you should have an investment portfolio up and running by the time you are thirty.
Investing in your future now, before you turn thirty, ensures that you will reap the financial rewards of security and independence for the rest of your life.Advertising
6. Learn How To Manage Your Debt
“Debt is like any other trap, easy enough to get into, but hard enough to get out of.” Henry Wheeler Shaw
Don’t borrow money to buy depreciating assets is a key rule to managing debt.
Debt can work in your favour, but only when you use it for things that tend to rise in value over a reasonable period of time.
Using borrowed money to invest in a house, a business or an investment (which includes your education) is the sensible use of debt. However you still have to pay the debt of and if you don have a plan to manage your debt, then interest will compound and your debt will triple.
Borrowing to buy a new phone, pair of shoes, TV, or car is not a smart use of debt.
Get rid of your BAD DEBT – credit cards, higher purchase or car payments. Avoid credit card debt like the plague.
There is a very simple rule to follow when you spending, if you have to borrow money for it, then you simply can’t afford it – that includes using credit cards.
7. Get Insurance And Start Saving For Emergencies
“The habit of savings is itself and education; it fosters every virtue, teaches self denial, cultivates the sense of order, trains to forethought and so broadens the mind” T.T Mauger
In your twenties the concept of an “personal emergency” is never thought about because it just doesn’t happen in your twenties. If an emergency occurs usually your parents will sort it out.
However that it all changes in your thirties and things like Life Insurance, Income Protection Insurance and Mortgage Payments start to appear in your lives.
You need to protect your future. Setting up a fund and getting insurance for you to call on in an emergency is a great financial goal to have underway as you enter into your thirties.
8.Stop Relying On Your Parents For Money
“You cannot help people permanently by doing for them, what they could and should do for themselves.” Abraham Lincoln
If you are still relying on your parents to financially support you when you are thirty, you should be worried.
I get that you may have a student loan and in your twenties your parents were your ATM machine however this is a bad habit to maintain as you go into your thirties.Advertising
It is pretty much guaranteed that if you have bad debt and still rely on a monthly allowance from your parents then your chances of having financial independence and creating wealth in your life will not happen.
That is your reality.
9. Start A Retirement Account
There is no way you would have missed all the hype that has been promoted about how important it is to start saving for your retirement in your twenties.
The book Get A Financial Life by Beth Kobliner focuses on helping people in their twenties and thirties get their personal finances sorted. In her book Beth Kobliner outlines an example to show how the power of time on your investments works.
“Suppose you set aside $1,000 a year from age 25 to age 64 in a retirement account that earns 5% a year (historically, stocks return about 8%, but we’ll be conservative). That’s $39,000 total you invest. By the time you turn 65, you’ll have $126,840. If you don’t get started with saving until you’re 35, you’ll only have $69,760. Starting just ten years earlier would have doubled your total. Yes, doubled.”
When you are investing in your future with the goal to achieving financial freedom, then time is your biggest ally. Start saving and investing now before you reach thirty.
10. Develop A Financial Abundant Mindset
“When we do what we love to do; when we are generous and seek to help others; when we live within our means and save money; when we always seek a more specialized knowledge…we then have an abundant mindset, and are bound to realize financial abundance”.
How you handle your relationship with money in your twenties will influence how you live the rest of your life.
Starting to develop a mindset that supports financial abundance, will help you to prosper in the future both financially and personally.
A person who has a financially abundant mindset is one who has developed knowledge and skills to acquire financial wealth however balances that with philanthropy and generous giving.
Pursing these 10 financial goals before you reach thirty will guarantee you financial security and independence for the rest of your life.
You have the power and the choice as you head into your thirties to create the life you desire.
I hope you choose well.Advertising
‘Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery” Charles Dickens
Last Updated on August 15, 2018
30 Fun Things You Can Do This Summer Without Spending Much
Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.
Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.
1. Visit a strawberry festival
Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!
2. Have a picnic
Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.
3. Camp in your back yard
The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.
4. Take long walks
Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.
5. Break a world record
Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!
6. Go on a bike ride
The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.
7. Join a gym class
The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.
8. Find a new hobby
The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.
9. Join a sports team
Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.
10. Make a slip ‘n slide
Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!
11. Make a treasure hunt for your kids
Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.
12. Visit a free festival
Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.
13. Visit the zoo
Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.
14. Take a road trip
Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!
15. Play ultimate frisbee in the park
Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?
16. Make your own ice cream
Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.
17. Invite your neighbors over for a BBQ
When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.
18. Get a summer job
For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.
19. Attend a charity event
Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.
20. Visit a national park
National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.
21. Visit your local comedy club
Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.
22. Make your own hammock
Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.
23. Read in your new hammock
Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.
24. Watch a movie outside
Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.
25. Take a hike
Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?
26. Learn how to fly a kite
As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.
27. Work out at the park
American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.
28. Take your dog to the beach
One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.
29. Make a summer smoothie
Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.
30. Attend a free yoga session at the beach
No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!