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It simply takes discipline and attention to a few common-sense concepts like living on a budget, paying down debt, and saving like crazy.
It simply takes discipline and attention to a few common-sense concepts like living on a budget, paying down debt, and saving like crazy.
But what does that specifically look like in your 20s, 40s or even 60s? Here’s our list of the best money moves to make at every age. And if you feel a little behind in the game, use it as fuel to work harder and smarter to get to where you want to be. It’s never too late.
But what does that specifically look like in your 20s, 40s or even 60s? Here’s our list of the best money moves to make at every age. And if you feel a little behind in the game, use it as fuel to work harder and smarter to get to where you want to be. It’s never too late.
20s — Build a Solid Foundation
20s — Build a Solid Foundation
Newly married or about to be? Go ahead and get on the same page about money. Good communication now will pay off in spades later.
Newly married or about to be? Go ahead and get on the same page about money. Good communication now will pay off in spades later.
Avoid debt. That means no credit cards, car payments or shopping sprees you can’t afford.
Avoid debt. That means no credit cards, car payments or shopping sprees you can’t afford.
If you have student loans, pay them off ASAP! Student Loans are never your Buddy.
If you have student loans, pay them off ASAP! Student Loans are never your Buddy.
Buy good disability insurance. Losing a source of income can crush you in a heartbeat.
Buy good disability insurance. Losing a source of income can crush you in a heartbeat.
30s — Shift to a Family Focus
30s — Shift to a Family Focus
If you’re having kids soon, rework your budget for diapers, daycare, cribs and car seats. You’ll have a little less money, but you’ll have a whole lot more love.
If you’re having kids soon, rework your budget for diapers, daycare, cribs and car seats. You’ll have a little less money, but you’ll have a whole lot more love.
Buy enough term life insurance to cover your family should anything happen to you or your spouse. We recommend getting 10 times your income.
Buy enough term life insurance to cover your family should anything happen to you or your spouse. We recommend getting 10 times your income.
Build up your emergency fund to 3–6 months of expenses. Sooner or later, you’re gonna need it.
Build up your emergency fund to 3–6 months of expenses. Sooner or later, you’re gonna need it.
With children in the picture, you may be thinking about home ownership. Just make sure you can put 10–20% down at a 5-year fixed interest rate. Lock in your interest rate for as long as you can, these are the lowest rates in 60 years, they can only go up.
With children in the picture, you may be thinking about home ownership. Just make sure you can put 10–20% down at a 5-year fixed interest rate. Lock in your interest rate for as long as you can, these are the lowest rates in 60 years, they can only go up.
(And keep your house payment to less than 25% of your take-home pay.)
(And keep your house payment to less than 25% of your take-home pay.)
40s — Shovel the Savings
40s — Shovel the Savings
You’re at the top of your career, and your kids are finally out of daycare (or at least out of diapers). That means a little more money in the bank to invest. Go with a good growth stock mutual fund and be sure you’re contributing 15% of your household income toward retirement.
You’re at the top of your career, and your kids are finally out of daycare (or at least out of diapers). That means a little more money in the bank to invest. Go with a good growth stock mutual fund and be sure you’re contributing 15% of your household income toward retirement.
Ramp up the kids’ college funds only after you’ve secured your own future. There are no merit scholarships for retirement.
Ramp up the kids’ college funds only after you’ve secured your own future. There are no merit scholarships for retirement.
Keep your home well-maintained or you’ll be paying huge repair bills down the road.
Keep your home well-maintained or you’ll be paying huge repair bills down the road.
Retirement isn’t an age... It’s a number. Find out you number by contacting us Today and receive our free newsletter.
Retirement isn’t an age... It’s a number. Find out you number by contacting us Today and receive our free newsletter.
50s — Look Forward But Stay Focused
50s — Look Forward But Stay Focused
You’re starting to look forward to a life without that daily commute. It’s okay to be excited. But don’t cash in your retirement savings just yet—keep investing a full 15%.
You’re starting to look forward to a life without that daily commute. It’s okay to be excited. But don’t cash in your retirement savings just yet—keep investing a full 15%.
Now’s the time to pay off your mortgage. With the kids out of the house, maybe you can even downsize and pay cash for your next place.
Now’s the time to pay off your mortgage. With the kids out of the house, maybe you can even downsize and pay cash for your next place.
You don't have spare change, to get the retirement you want SAVE, (or live with your kids)
You don't have spare change, to get the retirement you want SAVE, (or live with your kids)
Get expert investment help with the only investing professionals Advisor & Co. recommends.
Get expert investment help with the only investing professionals Advisor & Co. recommends.
60+ — Enjoy the Fruits of Your Labor
60+ — Enjoy the Fruits of Your Labor
It’s time to retire. But that doesn’t mean sitting on your couch all day watching Everybody Loves Raymond. Be proactive and tweak your budget. And find ways to stay active!
It’s time to retire. But that doesn’t mean sitting on your couch all day watching Everybody Loves Raymond. Be proactive and tweak your budget. And find ways to stay active!
The day you turn 60, buy long-term care insurance. A few years of long-term care can deplete your entire life savings. So prepare for this possibility now.
The day you turn 60, buy long-term care insurance. A few years of long-term care can deplete your entire life savings. So prepare for this possibility now.
Enjoy yourself! Without a house payment or a growing family to support, you can focus on fun: Travel abroad, visit the grand-kids, and give generously to your community.
Enjoy yourself! Without a house payment or a growing family to support, you can focus on fun: Travel abroad, visit the grand-kids, and give generously to your community.
Winning with money is a marathon, not a sprint. It takes hard work over the course of a lifetime. So pace yourself and keep on keeping on. Your million-dollar payday awaits.
Winning with money is a marathon, not a sprint. It takes hard work over the course of a lifetime. So pace yourself and keep on keeping on. Your million-dollar payday awaits.
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