I first noticed this on BrokeTO about milestones for twenty-somethings. Originally from Kiplinger.
“The following are six milestones that you should aim to hit in your twenties. In most cases, the sooner the better. And for those who already think they are hot stuff, I’ve highlighted ways that you can show you’re a true pro and earn “bonus points” in each area.”
- Graduate and move on – I’ve done this. I know what I want to do and I’m happy.
- “Bonus Points if you pay off your student debt by age 30.” Haven’t done this yet, but I plan to.
- Build a bulletproof network – Currently working on this. I know people in my line of field all over the U.S., due to my work traveling.
- “Bonus Points if you hit 500 LinkedIn connections with at least 50% of your connections are outside your existing employer.” I have around 100, so not there yet. But hardly any are from my existing employer.
- Fund your emergency fund – currently working on. My goal is $15,000, and I’m at about $6,000.
- “Bonus Points if you save a year’s worth of living expenses in your emergency fund and put the funds into laddered CDs so you earn interest on them.” Not yet…
- Start a Roth or traditional IRA and contribute – currently doing
- “Bonus Points if you contribute the maximum ($5,000 for 2011) to your IRA.” Haven’t done this yet, but I’m working on it!
- If you get married, do it humbly – not married yet, currently saving money
- “Bonus Points if you keep your total wedding costs to under $5,000.”
- Live above your means, buy below your means – I currently do this, kind of, I do have my splurges though.
- “Bonus Points if you build a monthly budget.” – Check!
So obviously I’m not doing great, but hey! I’m only 22, so I’m working on all of this.
How are you doing with this list?
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Stephanie says
I've got 1, 3, 4, and 6 down. Done with school (though loans won't be paid off til I'm 35), 6 months of living expenses in the emergency fund, I've contributed to an IRA since I was 20, and I'm pretty darn good at living below my means!I need to work on building a better network, though. I tend to be pretty shy (in person at least), so networking that involves talking to people I don't know well is psychologically exhausting for me. Fortunately, I'm really good at putting on a sparkling, outgoing personality for interviews, it was my interview that got my a full scholarship for undergrad! :-)And our wedding was SUPPOSED to be semi-humble… under 150 guests, we were paying for everything ourselves… but our parents couldn't get their combined guest lists under 160 (and this was BEFORE we invited any friends). Ultimately my parents offered to buy all the food, which was more than 50% of our budget. Final guest count: 238. But we only put about $7,000 into the rest of the wedding, so I guess we didn't do too badly. 😉
BTHappyHomeowner says
I find it absolutely amazing (and inspiring) that you're doing all of this at only 22! If I had half this awareness when I was your age, I would be light years ahead of where I'm at right now (and I'm in a good place!). KUDOS to you, keep up the fabulous work.
Rafiki says
I'm on track with all except number two. Living on such a small island, network building is quite hard but I am going at it. I want to achieve all of these before 30 for sure.
SavvyFinancialLatina says
Michelle, Can I use these goals for a future post of mine?
Michelle P says
Of course you can!