Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
11 financial things you need to do before turning 30
1. Helpful Financial Information from National Debt Relief …
11 Financial Things
You Need To Do
Before Turning 30
Turning 30 is a kind of watershed moment
in most people’s lives. It sort of marks the
end of young adulthood and the real coming
into your own as a person. You will likely
have new responsibilities including maybe
even marriage and children but regardless of
this the number one thing on your list should
be your finances. This is especially
important if you’re married, as conflict over
money is the number two reason why
couples end up divorcing (
What do you need to achieve financially by
the time you turn 30? Here are 11 things you
should have done or be working on.
(Continued ...)
Brought To You By:
2. Helpful Financial Information from National Debt Relief …
As you might imagine these goals are not for everyone and all eleven may not be feasible
for you. But it’s important to keep them in mind at least as general guidelines
Be prepared for large expenditures
Big expenditures will be coming your way and you should be saving up, anticipating and
preparing for them. As an example of this, you may soon be buying a house, having
children and other comparable major expenses. If necessary you will need to alter your
lifestyle to be prepared for these expenses so that you will be able to pay for them
without having to go into debt.
Have an emergency fund
In the event you don’t now have an emergency fund you need to start building one so you
will have money available to pay for unanticipated expenses such as a serious illness, an
auto accident or if you were to lose your job. Experts generally say you should have the
equivalent of six months worth of living expenses banked and, of course, a year would be
even better. If six months seems out of reach try for the equivalent of at least three
months of your living expenses.
Live within your means
By the time you hit 30 you should know how to live within your means but be able to
also enjoy life. You should know your priorities or what it’s worth spending money on
and how to save in other areas to pay for those guilty little pleasures like your morning
latte. It’s acceptable to splurge on yourself periodically so long as you’re cutting costs
aggressively on other items. And understand that what other people are skipping on may
not be anything you would want to give up.
Automate your finances
By now, you should know about automating your finances. For example, you should be
sending a part of your paycheck automatically to your savings account every month so
that you’re paying yourself first. If you’ve already built up a fairly nice emergency fund,
you might send the money to your broker for investing. The simple fact is that most
people don’t miss the money when it’s taken out of their paycheck before they ever see it.
This just makes saving money a lot easier.
Max out your 401(k)
You should now be maxing out or at least meeting your employer’s match for your
401(k). When your employer matches your contribution to your 401(k) this is like free
money and many financial experts say it’s the average person’s best friend. The money
you put into a 401(k) is pretax meaning that it doesn’t count against your income. If times
get tough you could borrow against your 401(k) and when you pay back the money,
you’re basically paying interest to yourself. Be aware that if you do borrow from your
3. Helpful Financial Information from National Debt Relief …
401(k) you need to start paying back the money within six months or it will be treated as
ordinary income and taxed accordingly. And of course, you will have to pay taxes when
you begin withdrawing the money at age 70 ½. In the event your employer does not offer
a 401(k) you should be putting money into a conventional IRA
Have a Roth IRA
The money you put into a conventional IRA is also pretax like a 401(k). But it’s good to
also have a Roth IRA. The reason for this is that the money you put into it is treated as
taxable income but it’s tax free when you begin withdrawing it.
Make a will
I understand that its tough to think about your death when you’re only 30 years old but
accidents and illnesses do happen. Even if you’re single you need to have a will so that
you will have control over what happens to your money and physical possessions. Of
course, this is even more critical if you’re married and have children.
Prioritize and pay off your high-interest debt
If you still have high-interest debt you need to get to work paying it off. Most experts say
that the best way to pay off high-interest credit card debt is by using a technique called
snowballing. It’s where you prioritize your debts from the one with the lowest balance
down to the one with the highest. You then focus on paying off the one with the lowest
balance. When you get it paid off you will have “new” money available to begin paying
off the card with the second lowest balance and so on. This is called snowballing your
debt because as you get each one paid off, you should pick up momentum to pay off the
next one just as a snowball picks up momentum as it rolls downhill.
If you have federal student loan debt you can’t snowball it but you could change
repayment programs so that you would have better terms and lower monthly payments.
You were probably put in 10-Year Standard Repayment after you graduated from school.
This means you have a fixed term of 10 years and fixed monthly payments. Another
program such as Graduated Repayment or Pay As You Earn Repayment could be a better
option. If you would like to know more about these options go to the website
https://studentaid.ed.gov/repay-loans/understand/plans.
Work on your credit score
Like it or not, that little three-digit credit score is what rules your credit life. It was
invented by a company that was then known as Fair Isaac Corporation but is now simply
FICO. If you don’t know your FICO score you can get it on the website
www.myfico.com. You can also get it from any of the three credit reporting bureaus –
Experian, Equifax and TransUnion or from an independent source such as
CreditKarma.com. If you find that you have a low credit score of, say, less than 600 you
4. Helpful Financial Information from National Debt Relief …
need to get to work to improve it. One of the components that make up your score is your
debt-to-credit ratio. This is calculated by dividing your debt by the total amount of credit
you have available. For example, if you have total credit card limits of $10,000 and have
charged $2000, your debt-to-credit ratio would be 20%, which would be very good. If
you find your ratio is above 40%, you will need to either pay down some of your debts or
get your credit limits increased. Do this and your credit score should improve at least
somewhat. Beyond this, you need to check your credit reports to see what’s dragging
down your score. If you have missed payments, skipped payments or defaulted on
payments, you will need to get to work to correct these issues.
Know something about negotiating
It’s important to be able to negotiate successfully over things such as salary and with
service providers. By now you should at least understand the elements of how to
negotiate successfully.
Have read a few books
Finally, by the time you reach age 30 you should have read a couple of books about
personal finance. Two of the best of these are Your Money Or Your Life and Dave
Ramsey’s Total Money Makeover.
5. Helpful Financial Information from National Debt Relief …
Does this sound familiar?
• You are tired of worrying about money…
• You are losing sleep due to mounting credit
card debt…
• You are fighting with your partner about the
bills…
• You are living paycheck to paycheck…
• You are falling behind on your debts…
• You are losing hope…
It’s time to talk with National Debt Relief!
Call 1 - 888-703-4948 Now!
Or Go To http://www.nationaldebtrelief.com/