The number 30 is a big miles stone. While some look forward to it, some don’t. By the age 30, it is expected that one should tone down and focus on more serious aspect of life. Hitting the big 30 can bring about a lot of pressure.
If you are above 30 and are yet to achieve any of these goals, don’t feel sorry for yourself, rather make these your financial goals for the last quarter of the year and strive to achieve at least 80% of them.
Well, here is my list of 10 money goals one should have conquered by age 30. Achieving these goals will assist you to be financially prepared for the bigger challenges you will face in the next decade of your life.
- Be completely financially independent – No more collecting money from daddy, mummy, uncle, aunty, pastor and siblings. Become the giver not the receiver.
- Have a clear and steady source of income – By the time you are hitting 30, you should have defined what your chosen career/business is and it should be yielding a steady income. It can be in paid employment or business but it has to be clearly defined.
- Stop competing with your friends: Everyone is running their race so stop comparing yourself with others and stop trying to outdo one another. Yes by 30, some of your friends may have hit it big, while some are still struggling. Rather focus on being a better you and securing your future financially.
- Stop impulse buying – While this is acceptable when one is younger, but as we get older and mature, we need to drop this bad money habit. If you didn’t plan for it, then don’t buy it. Chances are, it is just a want and not a need.
- Have a savings account – Even if you don’t have a project you are saving towards, it is very important that one should have formed the habit of saving. Once your salary/income comes, make it a habit to pay yourself first by setting aside an amount to save. (i.e. after paying your tithe).
- Have a pension /retirement account – For people in paid employment, ensure your employer is remitting your pension funds to your choice of PFA, and for self employed people, ensure you set up a personal retirement account. There are so many insurance companies that can assist with it.
- Have at least one form of investment – Whether it’s something as simple as a mutual fund, or more advanced investments in the capital market or money market. This is an important achievement.
- Have a health insurance – If you are in paid employment, chances are that you are already registered with your organization’s choice of HMO. If you are self employed, scout around and register with a HMO of your choice.
- Have a side hustle or at least a passive source of income – No matter how small it is, have a side hustle that will give you additional income or something as simple as a fixed deposit /mutual funds investments that pays you interest, or dividend payments from stocks you own.
- Be a regular contributor to charity – By the age of 30, you should be a giver. This is different from your tithe and offerings. Form the habit to give to charity and to the less privileged or for a cause you believe in.
In my next article, I will be sharing money goals to have conquered by 35years.
Did I miss any? Feel free to add.