You've got the job, the spouse, maybe a child. Now it's time to grow up.
Some dread it. Some embrace it. Some use the big 3-0 as an excuse to do that one last, precious keg stand. Others become an eternal 29 overnight.
Whatever your attitude about turning 30, experts say it's a good time to assess your personal financial situation.
For many of us, real life is well under way by the time we hit 30. We've usually completed most of our education and have a few years of work experience. About half of us marry before 30 and that most have children by then. The National Association of Realtors says the median age for first-time homebuyers in the United States is 32.
And while we all enter our 30s with unique backgrounds and varying goals, experts agree there are some fundamental rules that that can help every young adult participating in a market economy (yes, that means you).
1. Scale back the credit cards.
a 30-year-old needs to be "living on your paycheck" -- getting by without taking on credit card debt -- and saving at least 10% of total salary for the future. "If not," she says, "you're not going be able to retire."
2. Own a home -- or have a plan.
Homeownership should be a top priority for those who rent. "Start saving for a down payment," she says. "If you find something you love, or a change of life comes along (like a baby or a relocation) and you don't have any money, you're going to borrow or get an interest-only mortgage -- which is ridiculous."
3. Have skills.
Even for those who do not consider themselves entrepreneurs, most workers should expect multiple changes in employers and job titles throughout their careers. "By time you're 30, you should develop a set of marketable skills," "Try to bring something new to the table."
The model of working for the same company for 30 years and retiring with a gold watch is now two generations out of date, says Fisher, who founded his firm -- which serves mostly clients under age 45 -- at age 21.
Today's workers must differentiate themselves in order to survive and thrive."Everyone's really self-employed. If you work for a company, you just have one client," he says. "If they fire you, you're out of business."
4. Give money away.
No, not to the credit card companies, in the form of 24.99% interest-rate payments. Instead, establish a regular charitable giving plan
The mark of true wealth is determined by how much one can give away~ T Harv Ekar
5. Know thyself.
Introspection is not just for middle-aged guys with ponytails living on a cliff in Japan. Having a firm grasp on your priorities and values is one critical component of a healthy financial life.
For example: Is impressing your friends and strangers one of your core values? No? Then why is that expensive leased SUV sitting in your driveway? "Start to know yourself and build parameters so your life and money line up with those parameters," Hanson says.
"People get so caught up that their goal becomes having another zero before they go. Once we have a roof over our head and food on the table, none of that other stuff is really going to bring that much pleasure," Hanson says. "Money is not the most important thing. You'll never have any fun with it if it is."
Happiness Redefined:
http://howtze.blogspot.com/2008/12/happiness-redefined.html
6. Know smart people.
It is important to have strong advisers in your life, Young Fisher says. Knowing a good tax preparer, financial adviser, attorney and insurance agent can save you untold amounts of money and stress. "When you do need someone, get someone good," she says.
http://articles.moneycentral.msn.com/Investing/HomeMortgageSavings/6-financial-milestones-before-30.aspx
