It’s awesome to be an independent adult! You’re young, and energetic and ready for the world ahead of you. And since we’re adults, we have to understand and deal with the different challenges in the world. Just like Uncle Ben said, “With great power, comes great responsibility.” In this age, it’s important that we have total control over our finances, here are 7 financial goals you should achieve before hitting the age of 30. Millennial engineers, ready carefully.
#1 A Job/Business that Pays for your Daily Expenses
You’re way past the age for getting weekly allowances from your parents. Go get a good job that will pay for all your daily needs. Instead of being supported, you should be the one supporting. Learn to be financially independent.
#2 Zero or Decreasing Debt
Source: Tools for Freedom
As much as possible be debt free, but if you still are, then work out an action plan to get out of debt. Being an adult working and thinking about a lot of things is stressful enough, don’t add more stress by thinking about debts.
#3 Savings Worth 3 times your Monthly Expenses
Life is not predictable, we all know this by now. Accidents, emergencies, and other unforeseen events could happen. So it’s important to have some savings that could help you through this time.
#4 A growing Retirement Fund
Wouldn’t it be nice to grow old and not need to work? So it’s important to have a growing retirement fund.
#5 A Splurge Account
This account is a little spoil for you. You work hard for your salary, so you have to reward yourself and play hard as well. Separate a certain amount from your paycheck to spend on yourself.
#6 A Failed Business
Failed businesses, big or small, are battle scars that teaches us new lessons and help us become better at what we do. Having done this teaches you that you got out of your comfort zone and took some risks.
#7 A Financial Mentor
Having a financial mentor is important, so he/she could guide you about your finances every now and then. If you’re not comfortable getting one, then you could download/ purchase some financial books and go to some finance seminars. Millennial engineers, what are you waiting for?