I recently saw a list of financial milestones on The Money Pincher. Ideally all 30 in the list should be achieved when one turns 30 years old 🙂 I still have a few more years to go before turning 30, but I thought it would be interesting to give it a shot anyway 😀 The milestones I’ve already hit are written in green.
The List of Financial Milestones
1. Financially independent of your parents.
Moved out at 21.
2. Debt free.
Nope, and probably won’t be for awhile lol.
3. Out of overdraft.
Never used it before.
4. Established good credit history.
Nope, my credit score dropped last year because of excess credit risk.
5. Have $25,000+ saved for retirement.
Over $50,000 in my retirement savings plan.
6. Started an investment portfolio.
7. Established an emergency fund.
I don’t have one yet.
8. Properly insured.
I don’t have collision insurance for my car.
9. Maximizing employer benefits.
We have free coffee at work but I don’t drink it.
10. In the habit of tracking your spending.
I try to stick to a budget 🙂
11. Done with impulse purchases.
I still buy random stuff sometimes.
12. Willing to spend where it counts.
Of course, YOLO 😀
13. In the habit of regularly checking your credit report.
Once a year.
14. On top or ahead of all your monthly bills.
Pay all my bills on time.
15. At least one big splurge you saved up for and paid in full with cash.
Every major purchase in the past has been bought with the help of bank credit.
16. An understanding of personal income taxes and how to minimize what you pay.
I need to do more research into maximizing tax efficiency.
17. Diligently saving for a big purchase.
Don’t want anything at the moment.
18. A clear direction of your career.
I enjoy my work and have set professional goals.
19. A profitable side income.
I teach art part time.
20. A positive, growing net worth.
Not hard to do when the stock market keeps hitting new record highs.
21. A BHAG for your finances. BHAG stands for “Big Hairy Audacious Goal”.
Be financially free by 35.
22. An understanding and a plan of how your money will deliver the lifestyle you want.
I have confidence in my financial plan.
23. So over measuring your finances against that of your friends.
I still do this. It’s hard not to 😛
24. Less consumption-oriented.
I like having stuff. My gold coins from the Canadian mint will last forever.
25. A healthy relationship with credit cards.
I pay off my credit card balance almost every month.
26. A regular contribution to charity.
I need to do this more regularly.
27. If you’re part of a couple, a healthy way of sharing money with your partner.
Don’t have a partner yet.
28. A commitment to putting free or cheap before convenient.
I try to be frugal whenever I can but I’m not committed to it. I still buy stuff from 7-11 sometimes.
29. Done paying unnecessary fees.
I pay $3.95 a month for bank fees because I don’t keep the minimum balance.
30. An understanding and appreciation for the reality that money is only a tool of exchange, and not worth obsessing over.
I’m very emotionally attached to my money 😐
Whew, some of these are not easy. Overall I achieved 14 out of 30. Not bad, but it looks like I still have some ways to go. I wonder how many people can score higher than me 😀 Other than being a fun quiz, the list is also a practical guideline for a quick personal finance check-up.
Random Useless Fact:
Some animal activists are more violently opposed to fur than leather because it’s easier to harass rich people than motorcycle gangs.