In your 20s:
- Start dreaming early about what you want out of life and how you’re going to pay for it.
- Put compound interest to work. I think of compound interest like a couple of bunnies. Where two bunnies become three bunnies, then five bunnies…then thirty bunnies and beyond!
In your 30s:
- Increase the amount of money you’re putting towards your savings and retirement accounts (at least 15% of your income).
- Put retirement savings away before saving for college for your kids.
- Stay away from stupid! Wandering on a car lot to “look at” the latest expensive car will only leave you with a big bill you don’t need.
- Be aware of lifestyle creep – where your spending grows as your income grows. It’s buying things you don’t need when you’re feeling insufficient (because you’re not!) because you think you have the money for it or the credit card to charge it on.
In your 40s:
- Continue making your investing a priority! Be intentional with your money and look for ways to add more to your saving buckets. (Unfamiliar with savings buckets? Ask me about these during your free money breakthrough session.)
- Continue to keep your lifestyle spending in check! Your income is likely growing more than it was in your 30s. More than ever before! This is when you can end up with the Deserving Mindset. You hear people around you saying “you deserve a nicer car” or whatever the latest expensive thing is that’ll artificially enhance your worth or image. Forget that! The Deserving Mindset only leads to a feeling of broke with more debt and less cash to your name. No thank you.
In your 50s:
- If you haven’t started saving yet, you need to get really intentional here and get it done!
- Be realistic about your dream. You’ll likely need to make some sacrifices at this point to realign your path for financial stability and get you where you want to go.
- Keep your guard up for the mind’s tricks of being stupid, like investing all of your savings in high risk investments that can make you worse off when the stock market is on the downside.
In your 60s and beyond:
- Know that it’s never too late to take control over your financial future.
- I’ve met many people in their 60s and beyond that ask me if it’s too late for them. It’s never too late to put yourself on a better path toward financial stability.
Regardless of your age, it’s important to be intentional with your money. To make it work harder for you and your dreams.
If you’re ready to be more intentional with your money but need some expert guidance to help you get there, my private money coaching program can help.
Click here to learn more: https://summermorriscpa.com/work-with-me
PS – Thank you to one of my coaches, Chris Hogan, for infusing me with some of these tips.