5 Smart Financial Goals for Every Decade #money #wealth #financialgoals #beverlyhills #beverlyhills #bevhillsmag

5 Smart Financial Goals for Every Decade

It’s never too late (or too early) to start making smart financial decisions. Whether you’re thriving in your thirties, facing hurdles in your fifties or trailing through your twenties; there are ample opportunities for you to get on top of money matters and set yourself on a solid path for the decades to come. (Image Credit: RawPixel/ Unsplash)

While it would be wonderful to simply wave a magic wand, sign up to a service or chuck everything you own onto a winning stock, good financial choices aren’t made in a moment. In fact, the best financial decisions are usually the culmination of years of proper money management and wealth planning. Sticking to your goals, assessing your progress regularly, tweaking your course occasionally and staying on the ball with your money are essential tasks, but will ultimately reap dividends.

So where should you start?

If you’re not a “money person”, you may feel pretty intimidated by the idea of tackling your finances head on. Yes, it’s scary. But the sooner you start, the faster your learn and the greater the benefits you’ll accrue over time. Picking a place to start can feel particularly daunting, if you’re not fiscally minded. But worry not! Wonga has created a helpful guide to selecting financial goals for each decade of your adult life. We’ve taken a page out of their book and brought you the best bits…

In your twenties… 

  • Become financially independent; that means no more subsidies for your family! Your first jobs will probably mean smaller paychecks, so you’ll need to get used to living within your means and budgeting carefully. Taking care of your own finances also means handling your own bills, so you’ll need to learn to get savvy about finding good deals and ensuring your pay your rent on time!
  • Get your pension rolling; with so many other things to think about, you could be forgiven for putting sorting out your pension on the back-burner, but the sooner you start contributing to your retirement, the more comfortable it will be.
  • Repay your debts; from student loans to careers and car loans, your twenties can involve quite a bit of borrowing. Make it your mission to be as free from debt as possible by the time you hit your thirties.

In your thirties…

  • Nurture your wealth; if you’ve managed to get rid of most of your debt in your twenties, your thirties is a good time to start thinking about growing what you have. Set up a meeting with a financial planner and start finding ways to make your money work for you.
  • Save in for the big things; many of us are in very different places in life in our thirties. From homeownership and parenthood, to career changes and international adventure. Whatever your position, saving is crucial in your thirties. Accrue a decent deposit for a home, save for your child’s university education – whatever it’s for, just be saving savvy.

In your forties…

  • Arrange wills and life insurance; if you’ve become a parent or long term partner in recent years, ensuring the people you care for are provided for in the event of your death is a really important step – especially if these individuals are dependant on you in any way.

In your fifties…

  • Pay off your mortgage; if you’re a homeowner in your fifties, working towards owning your property outright should be a key goal in your fifties. This achievement will unlock a wealth of opportunities, whether you then want to consider downsizing, or releasing some of that capital for other purposes. You might, for instance, want to consider diversifying your investment portfolio to spread risk and potentially increase reward.

In your sixties…

  • Explore your retirement options; a good rule of thumb is that you should have at least eight times your annual salary saved before you retire. If you want to continue working for financial or personal reasons,though, there’s no reason to quit now! You might, however, want to start keeping your ear to the ground for opportunities to walk away with a little extra in your pocket (taking an early retirement package, for instance).
Jacqueline Maddison

Jacqueline Maddison

Jacqueline Maddison is the Founder and Editor-in-Chief of Beverly Hills Magazine. She believes in shining light on the best of the best in life. She welcomes you into the world of the rich and famous with the ultimate luxury lifestyle.

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