I know I’m a little late to the party on this one, but I thought I’d take a look at how I measure up to Gen Y Wealth’s 20 Financial Milestones for Your 20s. I must be in a list-y mood this weekend
Umm, no. But I should get on this. I feel like my 20s are passing me by without any significant experiences under my belt. Boo.
#2 – Pay off your student loans
Not quite, but I did pay off my private student loan and I’ve been very successful at knocking the interest rate down on my federal student loan. So, I’m working on it.
#3 – Automate paying your credit card bill in full
No, but I don’t think this is an option with my credit card. I do pay the balance in full every month, though, on the due date. I’m giving myself a check on this one.
#4 – Get rid of all bad debt
Work in progress.
#5 – Build an adequate emergency fund
Work in progress.
#6 – Make your first, and last, investment mistake
Check! My big investing mistake was to delay investing. Now it hurts so much more to put money away than if I had just been making automatic investments from my first paycheck. Lesson learned.
#7 – Develop a statement of cash flows
Check! I write a new budget every month and update it every couple of days.
#8 & 9 Max out a Roth & Contribute to your 401(k)
Not even close. I have a Roth, though, and I never plan on contributing to my school district’s 403(b) because frankly, it sucks.
#10 – Get a degree or certification that increases your earning power
Check! I got a master’s degree in 2007 (when I was 22) that put me in a much higher salary bracket from Day 1 of my teaching career than if I had just had my bachelor’s.
#11 – Take a career risk
Nope. I don’t know how well this applies to my field, though.
#12 – Negotiate something
Check! I negotiate everything. See the latest example here.
#13 – Earn your first side grand
Check! I earn a couple grand extra every school year, from teaching summer school, tutoring, reading AP exams, etc.
#14 – Start a sub-savings account for an upcoming financial goal
I’ve had sub-savings accounts in the past, but have never followed through with keeping up with them. Maybe I need to connect this back to #1 and get on it….
#15 – Set a target retirement date
Check! 2050. I’ll be 65. But for the moment, retirement seems like a pipe dream.
#16 – Monitor your credit
Check! I monitor all bills and expenses and check my credit score once a month.
#17 – Say no to a financial salesman
Check! I say no all the time. It feel like once a week – or once a day if you count all the credit card offers I throw out every time I check my mail.
#18 – Give just enough to make it hurt
Nope. This needs to be an area of focus for me for 2012.
Two Milestones for the Over Achiever
#19 – Invest $1 for every $1 you spend
Haha, yeah right.
#20 – Start a 529 College Savings Plan