10 Finance Goals Everyone Should Work Towards

Mick B,
  1. Know how much debt you have– tally up the figures of everyone that you owe. write it down/ put it on an excel sheet and put it somewhere you can see often
  2. Create a plan to be debt free : this includes paying off everything except a mortgage. This plan should be time based and realistic according to the amount of money you are bringing home each month.
  3. Minimizing monthly bills- finding any ways to cut expenses. Comb through monthly statements, where are you spending money you’ve forgotten about?
  4. A fully funded emergency savings plan (3-6 months -closer to 6 if it’s to be considered fully funded)
  5. Purchasing a home- with a 20% down payment on a 15 year fixed rate with a mortgage that does not exceed 25% of your take home pay
  6. a 401k and roth IRA- that you are contributing to as much as you can
  7. An increase in your take home pay– through a promotion or a job change that comes with a raise every 2-3 years.
  8. Creating a passive income- and getting to the point where your passive income covers your monthly expenses and then becomes profitable.
  9. Getting to a place financially where you will be able to assist your aging parents with finances- My personal goal is to have enough money coming in to cover my moms expenses after she retires. Any gaps between her pension/ personal investments/ social security, I’d like to be able to help. I also want her to enjoy more of life. Maybe being able to find trips / vacations for her at some point.
  10. Save towards your children’s future: I don’t automatically assume all my *future/ non-existent at the moment* kids will go to college, but it is still good habit to set your children up for success. Today’s young generation uses credit for everything: furniture, low down payment on their first houses, credit to pay for weddings. Anything you can save for to give your kids a leg up in life.

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