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Personal Finance: Financial Planning
Most common financial milestones for adults:
- The 20s and 30s - Debt repayment and household formation,
- The 40s and 50s - Peak earnings and wealth accumulation,
- The 60s - Preparation for retirement and retirement,
- The 70s and above - Transitions and wealth distribution.
Want to improve your finances and plan for long-term betterment? read the next idea.
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311 reads
Financial Planning: 30s
- Take charge of your finances,
- Completing your education,
- Repay your student loan completely,
- Create emergency funds of 3-6 months,
- Save a total of one annual salary in your retirement funds,
- Start life insurances & policies to protect dependents,
- Follow best practices to establish a good credit history & credit score.
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328 reads
Financial Planning: 40s
- Save a total of three times your annual salary in your retirement funds, or at least 15% of gross income,
- Establish college funds for children (if applicable),
- Increase your investing expertise & diversify your investment portfolio assets,
- Improve your job skills and knowledge to remain employable ad earn promotions.
36
227 reads
Financial Planning: 50s
Age 50
- Save a total of six times your annual salary in your retirement funds,
- Catchup with your previous retirement plan contributions,
- Learn about the specifics of Social security, Medicare, and Employer retirement benefits.
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167 reads
Financial Planning: 60s
- Save a total of eight times your annual salary in your retirement funds,
- Pay off all your mortgage, loans & debts before retiring,
- Use catch-up retirement strategies like downsizing, moving, working longer, selling assets, if required.
- Learn new skills to transition to retirement or "second act" job or a volunteer role.
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147 reads
IDEAS CURATED BY
Community Content Curator 😌 Self Help ✨ Mental Health 😇 Productivity 📈 Career Success 🎯 Sci-fi 🎬 Coding 💻 Comedy 😹 Creativity ✍️ Human Relationships 🤝 Want a listener? 🗣️ Let's connect on Instagram: romilswritings
CURATOR'S NOTE
[4/4] Personal Finance is a very crucial concept that is often ignored. This is an attempt to spread awareness related to personal finance.
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Romil Shah's ideas are part of this journey:
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