Wednesday, December 15, 2010

20 Financial Milestones

Get Rich Slowly links to 20 Financial Milestones You should reach in your Twenties. I'm doing pretty good (with a few months left in my twenties). Here's what I haven't accomplished:

# 2 – Pay off your student loans
Working on it!

# 6 – Make your first, and last, investment mistake
I don't think I've ever made an investment mistake and I'm not interested in doing so. I don't go for market timing or anything -- just set it up, look for investments that have low or no fees, and -- aside from rebalancing once a year -- leave it alone.

# 19 – Invest $1 for every $1 you spend
What an awesome idea!

# 20 – Start a 529 College Savings Plan
Can we do this before we even have a kid to attach it to? Maybe we'll do that right after we finish paying off our loans.

If you're in your twenties, how many of these goals have you accomplished?

5 comments:

  1. Wow - $1 for every $1 you spend? That is a crazy idea!

    I hate that I'm 30 now and still haven't accomplished most of these.

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  2. Almost all, except maybe 4-5 that don't apply to me, like automating my credit card bill payment.

    I check every transaction and then reconcile. I never carry a balance but I never pay blindly.

    ReplyDelete
  3. @FB -- that's how I do it to. I count it as done because it's automatic in that it happens every month -- no balance ever gets carried over. But no one gets direct access to my bank account without me reviewing it first.

    ReplyDelete
  4. # 2 – Pay off your student loans: Still working on it! I have $68,000 in student loan debt from a few degrees. I have paid down a lot and plan to pay down about $20,000 this year. I am 27 years old so I will be pretty close to paying them off by 30!

    # 5 – Build an adequate emergency fund: I have a fund I am working on building. Right now I have about 2 months saved up. 4 more to go!

    # 15 – Set a target retirement date: I work in the nonprofit sector. What is retirement?

    # 19 – Invest $1 for every $1 you spend: Too busy paying off student loans :(

    # 20 – Start a 529 College Savings Plan-Will have to pay for my college first! But this is on my list!

    The rest are complete!

    ReplyDelete
  5. I postedd on this too! I have done or am in the process of completeing most of them, & I'm only 22.
    I've always been financially "ambitious" though had a short period of financial irresponsibility while in my late teens.. so we'll see how the rest of my 20's work out!
    GOod job!

    ReplyDelete

Thanks for commenting!