At a point in our lives, we have had this discussion of being rich before a certain age. Most people foresee their financial freedom at the age of 35. In the long run, that isn’t the case for everyone. If you have not achieved your financial milestone and are a millennial, you are not alone!
There are no specifics when it comes to money achievements. Although, at the age of 35, there are places you should be with your finances. You should have no student loan debt, no credit card debt, have twice your salary in savings, and be financially smart too.
To tell you what, it’s not too late to start from somewhere.
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Have a budget
To help you keep track of your earnings and expenditures, you should consider making a budget. This will assist you in making wise financial decisions like renting instead of buying a house if you change jobs or location a lot.
Do not just make a budget; try to stay within your budget. Although, unforeseen events could make you go beyond your stipulated budget. That is why you should make provisions for emergency funds by saving!
Cultivate a saving habit
What do you do when you have a surplus of funds? Spend it all? If you do spend it all, what happens on a rainy day? I don’t think that is a wise choice if you want something to fall back on. Financial planning is key to achieving financial freedom.
You have to put away some of your earnings, at least what can see you through up to 6 months if something happens to your job; life is unpredictable.
With the advent of the pandemic in the last couple of years, many people have become jobless. If they have a comfortable sum in savings, getting back on their feet would be easier.
Increase your net worth by investing
It is good to save money, but that doesn’t make it grow. Instead, you are only stashing it away. Look into suitable investments that will generate more wealth for you. Having more than one source of income could set you up for a better life.
Plan towards your retirement
To have a comfortable life after retirement, you should be deliberate about it. You should save, budget, and invest towards that time.
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Invest in Insurance
Life insurance would do you some good if you have children or are planning to have them. Most people give more attention to life insurance but forget about disability insurance. Now that you are young and agile is the right time to think of what would happen when you are old and frail.
Take care of your Debts
At 35, you shouldn’t have so much debt on a credit card. Even if it’s a loan, money owed is never your money.
We all have different jobs and situations in our lives, but the bottom line is to start somewhere and be consistent. You may not be where you want to be now, but you sure are getting somewhere.