16 Financial Milestones Everyone should reach by 30

16 Financial Milestones Everyone should Reach by 30

In the age of 30, all will face drastic challenges and changes in your life. Like job, career consistency, marriage and family etc. One side, in this period it is difficult to set milestones and another side, if we set a milestone correctly in this stage, you will lead a comfortable life.

So, here are the main 16 ideas to guide you for achieving goals.

#1 Generate a Stable Income

For your necessities and the process of saving, it is requisite to have a stable income. The source of income is your choice as it can be a regular job or a business or a stock market or rental and the option is yours. Try to focus on the job related to your skillset and knowledge so that you won’t hate your job even all hates you.

#2 Be Financially Independent

We have to be financially independent by the time of age 30 and should have the ability to support yourself financially. So that by the time, you can get the confidence to both run a family and supports your parents financially. More the parents got older, the more we have to be financially independent. The most crucial asset in one’s life is to be not dependent on others for the money.

#3 Clear All Your Debts

The debt of your credit card will become a hindrance to attain your goals and try to move out of it by carrying simple tricks. Likely, try to buy the things in the cash rather than switching to the credit card payments. When we follow to manage the credit card debt, then it is a milestone to achieve the upcoming dreams in your life. Before the investment plan, it is better if we clear all our debts.

#4 Build a Good Credit Score

All of us have to get adequate knowledge about what credit score meant. Having a good credit score actually, make us create a pathway for solving future financial problems. Whenever we need money from the lenders, the CIBIL(Credit Information Bureau India Limited) score of helps us a lot. Start to build a decent credit history with a good credit score.

#5 Build an Emergency Fund

Those who already saved an emergency fund might help you much in these corona times. Likewise, saving at least 3 to 6 months of salary as an emergency fund because no one will know what might happen in future. In a crucial time, the fund plays a vital role than expecting other hands at that time. And it will decrease your burden about problems in future and help to achieve your dream!

#6 Plan for Your Retirement

Once we know we are financially independent, start planning for your retirement. To satisfy your basic needs in the retirement period, this little amount of saving from now will give a big hand for the handy things. Start saving at least one-third of your salary to enrich your CPF(Contributory Provident Fund). If you hadn’t started yet, then it is the right time to plan and begin.

#7 Having a Monthly Budget

The responsiveness when you are financially stable is continuity in the monthly budget. When you are reducing the unnecessary expenses, and make a list of the necessary things in the monthly pack, then day by day, will become a habit. Then that you may have the conscious mind to not let in wasting the money.

#8 Save Money to Buy a Home

Most of us require more space to ensure a prosperous living standard with what we dreamt of. And for that, the beginning dream might be buying a new home and the vital thing to achieve that is to get ready for that. We can get the maximum tenure for home borrowing for 30 years, and if you are 30 now then it’s the right time to avail home loan as you can enjoy with low EMI(Equated Monthly Installment). And it all depends on your family situations and career development.

#9 Create a Passive Income Source

In addition to the regular job, try to make a passive income by doing freelancing or part-time job, little business etc. Especially, in this pandemic corona period, for most of us, passive income helps a lot than regular income. So for managing our financial emergencies and way to next income, set up another job to live a prosperous life.

#10 Start an Investment Portfolio

Invest in the right place because your money will start making money to help you whenever you are in need. There are many investments available like mutual funds, fixed deposits, recurring deposits etc. Even you having at least 500 bucks, you are eligible to start an investment. Investment grows your money than saving. Think wise where we can get a high chance of money growth.

#11 Get the Right Insurance

The right insurance should be there to support you in difficult times so that you may not scramble for the finances. Have to get an update in the knowledge about the stock market as they may get up and down and release new updates about the new funds. Know about the Term Insurance, Critical Illness, MediShield Life with an Integrated Shield Plan and Accident Plan Pay.

#12 Understand How Taxes Work

You must know how your taxes work by the time when you are 30. Though it is a vast category, once if you came to know the basic pay of tax payments, it will help to save a lot of money. Even we can claim the reduction of amount in what we paid for income tax so that the little percentage of amount will get refund to you. Pay the taxes correctly what we need to.

#13 Know Your Net Worth

By the time of 30, your net worth has to be in positively growing capacity. Plan accordingly to do the biggest asset with your net worth so it will create a milestone to grab the high reach in your life. Keep your financial status good and do the upcoming deeds you planned for your future. Also, set a goal to achieve all the perspectives.

#14 Set Goals for the Next 30 Years

Setting goals for the three decades is not a quite easy deed but can be planned according to after attaining the other accomplishment. It can be done by making a plan by what you have to achieve, by what age you will retire, by what level your financial level has to be. Spend the fair idea and set a goal for the next 30 years.

Hope we overwhelmed you with the perfect pattern to manage your life. Set these goals and implement in your real life and figure out the best stability in yourself. Share this ideas to the needed and comment how we helped you.

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