9 Financial Goals To Achieve By Age 30

hey so in this video I'm gonna show you nine different financial goals that you might want to consider accomplishing or achieving before you turn 30 years old and look if you're already 30 and you're watching this video well that's okay you want to just consider getting these out of the way as soon as possible in order to create a better financial future for yourself so we're gonna get started with this video but make sure that you subscribe to the channel so you don't miss more videos like this one we help people make more money save more money and build a better financial future for themselves so the first one that we're gonna mention here is by totally eradicating consumer debts and this is very very important you really shouldn't be carrying these at any point in your life large amounts of consumer debt but it can be understandable if you're in your 20s you graduated college or even maybe high school you started racking up a little bit of credit card debt happens to millions of people but you'll want to consider getting rid of this as soon as possible because credit cards are gelling between 15 and 25 percent APR that's a very high interest rate for people to be paying and if you just look at your previous credit card statements and see how much as a percentage of your card you've been paying in interest rates it can be a lot of money so that's a good number centered at age 30 or Raticate that consumer debt those personal loans those high interest loans anything over 10 percent especially in the double digits for interest rates and get rid of it as soon as possible it's a great goal a great number to be at so this next one is a little bit debatable but I think it's very essential for everyone and that is by having some type of established credit and I want you to hear me out on this because some people strictly use cash and they don't use credit cards they don't ever borrow money in their life if they want a car they'll buy it in cash if they want a house they'll buy it in cash and they never borrow money but there are cases where you might not foresee that you need to have a credit score but you might need one let me give you some examples of this I know some people personally they graduated high school they wanted to go to college they try to get a loan they needed their parents help because they weren't even 18 so they needed someone to help cosign and get the loan but the parents either had no credit score or a terrible credit and so what happens here in this case is that maybe you want to help your child and get a student loan but if you have terrible credit or no credit score at all you're going to end up paying so much more in interest rates because you haven't proven that you're a good borrower so lenders are going to end up charging you so much more money in interest rate and there's gonna be times in your life where something like this might pop up that you might not foresee maybe you want to buy a house when you're 35 but if you have no credit or bad credit and getting that mortgage not only is it gonna be difficult but you're gonna end up paying thousands of dollars more than if you had a great credit score so I would shoot for something around 700 or higher as a credit score it doesn't have to be difficult to build credit if you don't trust yourself with credit cards that's ok maybe just consider getting one buying a candy bar and not touching it for a very very long time after you pay off that candy bar obviously but that's just a strategy that you could consider using the build credit over time we've made videos on that in the past so you can always check those out now the next one that is important for everybody regardless of your current financial situation is to have an emergency fund and this actually especially applies to people who are on a lower income especially if you're living almost paycheck to paycheck building an emergency fund is one of the very first steps that you want to take into action into in order to build a better financial future and it's the first step towards achieving financial freedom is getting that emergency fund set up we're talking anywhere between a thousand and ten thousand dollars is a good range to have for that emergency fund we're tired and we're not talking about you know if you drop your phone and toilet you need a new phone we're talking about serious emergencies health emergencies maybe you have to get some type of thing in your mouth for a tooth you having from some really bad cavities or you need a tooth pulled or maybe your car breaks down on your way to work and you absolutely have to get to work in order to make more money those are the types of emergencies we're talking about it's the first thing you want to do and it can really alleviate a lot of pressure and a lot of stress in your life if you can just build that little cushion there and obviously the more you have in that fund the better but $1,000 is what I would say would be the bare minimum so this next one nobody talks about it I'm not sure why it's probably just because it's not a very fun and exciting topic but we're talking about taxes and it's so important to fully understand the way that our tax system works we're talking federal taxes state taxes local taxes property tax long-term short-term capital gains if you can understand the tax system you can find these loopholes in legal ways to save thousands of dollars in taxes and I think this is something that nobody looks at except for they give their reports to accountants at the end of the year and they file it for them and they never look at it but if you're proactive about this you can save so much money by just kind of hitting certain holes within the government that you can then save money on this is why billionaire Warren Buffett says he pays a lower percentage of his income in taxes than his secretary does and he's making so much more money than her but he's doing certain things like long term capital gains tax over income tax and he's able to save a lot of money in that way so just take half a day to understand how our tax system works is going to benefit you so much over the course of your life by just understanding it now when looking at the previous recessions and even the Great Depression unemployment rates skyrocketed and you want to think about a way to diversify your income so that you're sort of protecting yourself ever so slightly in a situation like this because the economy might be doing very well at the moment but few years from now you don't really know where it's going to be it's very difficult to predict the economy so you want to think about ways that you can diversify this income maybe create some type of side hustle or maybe have a few rental properties that are paying you for being a landlord and making some money off of that or just monetizing a hobby maybe you're great at guitar find ways to do that and you don't they act upon them now but just kind of have it in the back of your mind some different ways you could come up with money if you were to lose your job get laid off from your work because it is very possible in the future and I don't want to scare anybody but it's just very important to plan ahead for that so that you're fully prepared the next goal to have and this might be difficult for some people others you never had to worry about this in your life that's why paying off your student loans as much as possible by age 30 now paying them off entirely by age 30 is a great goal to have considering that the average graduate today graduates with about $36,000 in total student loans and their age 22 or 23 over that course of the next about 7 years or so you should be able to pay off that $36,000 as long as you're adamant about it but if you have 150 thousand dollars in loans because you went to a very expensive school it might be difficult by age 30 but at the very least have a plan have a dedicated plan carefully laid out so that you know exactly when you're gonna be able to pay them off but it's it's pretty sad to see some people these student loans into their 40s and even in some cases into their 50s from decades ago these student loans so you want to pay them off as soon as possible and really a great goal to have by age 30 is to have almost no debt besides maybe have a home mortgage a 30-year mortgage or maybe you have an auto loan or two for a car that you might want to use to get to work but trying to get rid of as many debts as possible as few as possible with low interest rates now this next one is to try to find ways to insure yourself a little bit more now when you're in your 20s you can get away with a lot more but once you start hitting more financial responsibilities and household responsibilities you're going to want to think about ways to kind of protect yourself against that so obviously we're talking about health insurance but even in dental insurance and more so life insurance as well if you have a young family you want to really consider that in getting some type of life insurance you don't go gung-ho with it and be paying hundreds of dollars per month for life insurance but think about it a little bit more than maybe you have in the past as well as homeowners insurance or renters insurance just some other ways to kind of protect yourself against some of these different things that could crop up in your life that maybe you could handle a lot easier in your 20s but now that you have responsibilities it's gonna be more difficult to do that with ease so insurance is very important now this next one we're just going to touch on ever so slightly and that is by finding ways to donate to charity because we're really all in this together so I think it's important for everybody to find ways to donate and if you don't have a lot of money maybe find ways to donate your time but once you've hit your 30s you might have a little bit more money flowing in hopefully and so because of that you can find ways to donate more money personally like the smaller local charities versus large nationwide ones which you'll kind of donate to and then seventy-five percent of that money sometimes just goes back into marketing to get more money it's just kind of a weird concept I like smaller ones which you know that a hundred percent of those proceeds are going towards that local charity so that's just an idea now the last goal is to have a goal for retirement and this is so important in it might sound a little bit weird a goal is to have a goal but by age 30 look some people think look I'm not gonna retire until I'm 65 that's 35 years from age 30 but I'm being realistic you can retire earlier and the only way to do that is to start thinking about it when you're 30 or even younger to start thinking about it at that point so if you can be proactive about this you can find ways to shave off years off of your retirement date so instead of age 63 like the average American you can shave it down to age 60 or even age 55 or even earlier if you are very adamant about it and that's kind of something that I think everybody should do is create a budget I talk about this all the time but it's so important I have a free budget template down in the description below every single month I'm tracking my assets my liability everything that's going on so that I know where I stand financially and where I want to be in the future so that I'm prepared for it and set up for success so that's just something that I believe everybody should be doing see how much money you invested in the past and your 20s and where you stand at the moment so thanks for watching this video if you enjoyed it don't forget to share this with somebody who might be coming up on 30 and I'll see everybody next time

Channel: Nate O'Brien

Views: 151,384

Rating: 4.9096375 out of 5

Keywords: 2019 financial goals, 2019 goals, 2019 money goals, financial goals, financial goals 2019, financial goals for 2019, goal setting, goal setting 2019, goals 2019, how to invest, how to save money, investing 101, learn to invest, personal finance, personal finance basics, saving money, set goals for 2019, setting money goals, money goals before 30, financial goals by 30, nate o'brien

Id: l63bmKW0eJM

Length: 9min 51sec (591 seconds)

Published: Fri Feb 22 2019