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The Important Financial Moves To Make Each Decade Of Your Life

Being financially successful requires making important decisions and taking the correct actions in every decade of your life. Some of the actions are very critical to your longer term success and are the reason they need to be taken earlier in your life. Others are strategies to implement as you are moving into and living in retirement. 
  • Your 20’s: Your successful financial life starts with establishing a budget that will become the most important financial tool you have. A budget not only helps you control spending but is a great resource for money decisions. 
  • Your 30’s: This is when savings has to become a priority in your life. It starts with your retirement savings and includes building an emergency fund and potentially building a fund for education.
  • Your 40’s: Paying down non-auto and mortgage debt has to become one of your financial goals. Credit card and personal debt are two huge drains on your financial resources and need to be lowered during this decade.
  • Your 50’s: Retirement savings is the greatest priority during this decade of your life. You should be saving at the catch-up retirement limit and attempting to save outside your retirement funds as well.
  • Your 60’s: Practicing your retirement budget is the most important strategy for this time in your life. It will help you decide when you can retire and what that lifestyle will be like.
  • Your 70’s: Even when you have retired, you still have important financial steps to consider. One of the most important is to review your current spending plan and investment choices to make sure they are still relevant for your retirement situation. 

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Posted: 10/1/2019 with 0 comments

Categories: financial, guid, Guidance

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