Most of us have long-term bucket list goals. Do you dream of ziplining in Costa Rica someday? Do you aspire to write the next great American novel or to become fluent in another language? Do you have hopes of buying a fixer-upper and transforming it into the vacation home of your dreams?
The good news is, you don’t have to wait until you’re of retirement age to start crossing things off your bucket list. And when it comes to your finances, it’s better to set and meet your goals earlier on in life. Fortunately, there are several ways you can do just that.
PCS Debt Relief lists the following financial milestones that millennials should hit:
1. Become Debt Free
If you’re on the younger side, chances are you’ve accumulated a considerable amount of debt from student loans, credit cards, and car and home payments. When it comes to prioritizing your debt payments, go for the debts with the highest interest fees and then work your way down to the lower interest rates.
Make a plan to pay off your credit cards in full by the end of each month. And don’t forget to take advantage of your credit card points, which are often redeemable for travel, cashback, and other incentives!
2. Protect Yourself with Insurance
Whether you’re a renter or homeowner, it’s important to protect your assets. By the time you’re living on your own or with a partner, you’ll have made major purchases, such as a car, electronics and appliances, etc. In the event of a disaster, you’ll want to know that your home, and all your assets in it, are protected. Research the best property/renter’s insurance for your situation.
3. Protect Your Family and Create a Will
If you are married or have children, you have to think of more than just yourself. Should the worst happen to you, you’ll want the assurance now that your family will be okay. Look into life insurance policies that will meet your family’s needs and give you peace of mind.
On a similar note, it may be a good time to think about writing a will. Regardless of when and how you pass on, you should have a clear set of stipulations outlining who will receive what, as well as who will be your children’s guardians. Also, if you find you’ve suddenly come into an unexpected amount of wealth, it’s not a bad idea to look into an estate plan. A carefully crafted estate plan can help provide for you and your loved ones while you’re still alive but otherwise unable to make important money-related decisions.
4. Create an Investment Portfolio
Don’t let your extra money sit around in your bank account. As a young person, you probably have a lot of financial goals and need the cash to meet them. While this may not be the right money move for everyone, it can help to talk with a financial adviser about creating an investment portfolio to help your savings grow. Investments can include stocks and bonds, real estate, and other assets.
5. Invest in Things That Will Grow Old with You
By the time you reach your late 20s or early 30s, you should be fairly set in your career path (no worries if you aren’t though; it’s never too late to make a career change!). Ideally, you’ll have the ability to purchase items that will last you a long time. Gone are the days of buying a $500 car with a limited lifespan or cheap clothing that won’t last for more than a year. With a reliable job that provides steady paychecks, you should be able to afford cars with great mileage and value, quality outerwear, and other important purchases. Buying quality items now means paying less for maintenance, fixes, and replacements in the future.
At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.