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.
Check out the original post where Bridget made up the list to see the huge sh*t-storm this list started 🙂
WOW lots of negativity in the comments for that one! Bridget had a good post, which from my perspective provides a great starting point checklist to get you thinking about your own personal situation. Sad so many needed to jump on her thoughts that way. I will say, those of us who walk a different path all know it is sometimes a hard path and people not comfortable with the cards they were dealt or with some of the decisions they made in life will be jealous or negative towards our or others accomplishments. In the end we just need to breathe and repeat, “it’s my life, and if your not open to at least considering my opinion, then please feel right at home to continue living your life the way you do.” Personal goals are very personal, but necessary to lead a happy life. Kudos to Bridget for putting her opinions out there, because at 40+ she managed to get me thinking… – Cheers.
Quite a lot of conflict in her comments section. Fortunately I haven’t received any yet myself lol.
Haha, wow, fun read! 😀
Liquid, 14 out of 31 is still quite good! Your love for debt made is probably the reason why you didn’t score higher.
How do the $3.95 bank fees work exactly though? I don’t think we have a system like that over here, so I’m curious to learn more about it.
If you don’t maintain a $1,500 minimum balance at all times in your chequing account they will charge you $3.95 a month. However there are fees at all for saving accounts. And usually smaller banks, credit unions, and online only banks do not have such fees even for chequing accounts 🙂 The reason I’m with a big bank is because of convenience and services like that smaller banks don’t offer (like farm loans.)
One of the reasons I like your blog is because you do think outside the regular PF box. You have a plan for building your wealth and are not afraid to take risks to achieve it. I think that you have not taken the traditional approach to finances which is why you don’t have all boxes checked but it would be hard to argue that it hasn’t worked well for you.
Thanks, maybe I should create my own 30 by 30 list. I can have items on it like buy a home, own a farm, accumulate physical gold and silver, lol. It would be anything but traditional.
So over 40 now, and there are a few on the list I still can’t cross off… What is properly insured anyways? My vice is impulse purchases…. 🙁 They are usually things I can use, but really, do I need a 5th set of skis or … another bike… yes, yes, yes! seriously, it is a pretty good list, and something most should at least read through and think about- cheers.
Yup, it’s a great list with suggestions for people to start looking at their own finances but nothing is set in stone. I question adequate insurance coverage too. It’s like buying warranty for a new laptop. I could get the really expensive kind that covers everything from accidental drops to coffee spills to just the cheap and basic plan. Sometimes it can be a hard decision 🙂
This is a fun list, I might do it as well. Not sure if you read Bridget’s list, but she has some “interesting” comments on her post haha!
I just browsed through her comments, interesting indeed lol. The internet can be a hostile place sometimes.
Haha. This is now a PF Tag. XD My results:
Yes – 17
No – 7
Maybe/Sorta – 4
Not Applicable – 1
You got more than me. How about some details now? 😉 Since you’ve already went through it mentally you might as well blog about your own results, as long as you’re okay with sharing. I nominate The Asian Pear for the 30 financial milestones you need to hit by 30 challenge 😀
Almost halfway there! But i think #23 will be really hard fro me to get over. I like to see where I am compared to my friends.
Thanks for linking me to your post! Jordan at My Alternate Life also posted her progress towards the 30 Financial Milestones by Age 30. 🙂 my-alternate-life.com/30-financial-milestones-to-reach-by-age-30/
Cool, she got 22 out of 30 and she’s even younger than me 🙂 Yes, #23 about comparing finances with others is a difficult habit to break. I think people are just wired that way lol.
Wait… you’re not even 30 yet?! Wow! I had assumed you were at least the same age as me based on all the of the things you’ve already accomplished!
What? You’re in your 30s? But you don’t look a day past 25 in your picture 😀
Fun quiz. I still run some bad habits I have to correct. I hate paying for insurance. It bugs me. auto, life, home. No life insurance, minimum car and home insurance. My insurance is my net worth and if something goes wrong I will liquidate. I will keep the premiums paid to pad my egg.lol
My wealth is my insurance as well. Who needs a $200,000 life insurance policy when your net worth is more than that, even after taxes. I’m grateful for the disability insurance I get through my employer though.
Wow, some of these are hard! I have a little over a year until I’m 30. Not sure I’ll hit all of these.
No worries if you don’t. I’m certainly not going to lol. You’re doing well as long as your finances are improving each year 🙂
So by the age of 30 I got 6 of these. Not so good.
Fast forward to now at 37 I got 20. So a little better
Let’s have a race to see who can get all 30 first 🙂 No pressure.
Sigh, I feel old. Srsly, you need to get rid of your TD bank fee. I haven’t paid bank fees for many years, unless I need to borrow or do a bank draft… Mostly bank @ Tangerine now and have PCF. If you do most of your stuff online, you don’t need a B&M anymore.
Yeah, bank fees add up over time. I should start banking with Tangerine. So many other personal finance bloggers already have accounts.
I didn’t know you taught art! I really do enjoy these type of posts cause you get to know the blogger better 🙂
It’s one of the easiest subjects to teach lol. Marking is fun because I grade the student’s assignments based on how I feel about their works 🙂
Glad you enjoyed this post. Feel free to blog about your own results, or make your own list.
Ahh you’ve given me a post idea for the future! Thanks 🙂
Interesting list that’s for sure. I think #2 should be more specific, rather say debt free it should say consumer debt free.
I agree. It’s not reasonable to expect a homeowner to pay off a mortgage so early in life haha.
I think you are being too harsh on yourself. You are doing an amazing job and could be debt free any time you want it to.
Item #28 is not fair. Going by it, we should not go on vacation. Do not think is realistic to answer yes by anyone.
Great point man. It’s not a very practical milestone on the list. To honestly answer yes to #28 one would have to get rid of their smart phone, car, laptop, cable tv, and anything else in life that is “convenient” but not necessary.
Oh my gosh, BHAGs… I’m suddenly back at convocation in college.
I think you’re doing pretty well! I just hit 30 and can’t claim all of those goals myself.
Happy belated, Mel 🙂 I don’t think I’ll hit all 30 until I’m at least 40 lol.
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