10 Financial Milestones Worth Celebrating!

Описание: We often focus on huge money milestones before celebrating, but there are many smaller money milestones worth celebrating! Here are 10!



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Chapters

00:00 Start Here
01:00 Deciding To Take Your Finances Seriously
02:03 Setting Up A Home For Your Emergency Fund
03:07 Consistently Saving $100/month for 6 Months
04:00 Having An Emergency Fund of $1,000
05:08 Earning More Than You’re Spending
06:04 Educating Yourself On The Basics of Investing
07:06 Contributing The Full 401k Match
08:13 Opening a Roth IRA And Investing $1
09:17 Paying Off Your Car
09:55 Having A Net Worth of $0.00


On your personal finance journey, one important thing to do is to take time to celebrate financial milestones; however, oftentimes we focus on big milestones like getting a six figure income or reaching a net worth of $1,000,000. There are many smaller financial milestones you reach long before these bigger ones.


1. Deciding To Take Your Finances Seriously

For most people, the biggest hurdle on their personal finance journey is taking the first step and deciding to take action. Sometimes it might even take people decades to begin to take their finances seriously. Just deciding to take your finances seriously is a huge milestone.

2. Setting Up A Home For Your Emergency Fund

The key to a healthy financial life is having an emergency fund of 6-12 months of living expenses, which often takes people years to reach. However, a financial milestone you reach beforehand is simply opening up a savings account for your emergency fund. This milestone means you are becoming more organized financially.

3. Consistently Saving $100/month For 6 Months

One of the biggest challenges when it comes to saving that people have is being consistent. If you have saved $100 or more consistently for a six month period, you may only have $600, but you have developed the discipline of reaching much bigger savings goals.

4. Having An Emergency Fund of $1,000

A healthy emergency fund is 6-12 months of living expenses, which will protect you in case of life's surprises; however, a milestone worth celebrating beforehand is saving your first $1,000. Although this is not a lot of money, it is enough to cover for some surprise expenses and is the first time when you see 4 figures in your bank account.

5. Earning More Than You’re Spending

In order to have a sustainable financial situation, it is important that you earn more than you spend or live below your means. When you spend more than you earn, you run into financial problems. Creating a budget where you are living below your means is a milestone worth celebrating.

6. Educating Yourself On The Basics of Investing

The way the average person builds wealth is by investing in the stock market and many people do not know how the stock market works. When you have taken the time to educate yourself on investing, you have accomplished a huge milestone to building wealth.

7. Contributing The Full 401k Match

An important investment account to get in order to build wealth is having a 401k from your employer, which often comes with an employer match. Setting up your 401k account and contributing the full match is a huge milestone to retiring comfortably.

8. Opening a Roth IRA And Investing $1

Another retirement account that is important in order to build wealth is a Roth IRA. Deciding to open a Roth IRA and begin investing is another huge milestone to retiring comfortably.

9. Paying Off Your Car

After housing, transportation is our second biggest expense. When you have a paid off car, you open up so much breathing room in your budget.

10. Having A Net Worth of $0.00

Finally, having a net worth of $0 sounds like a joke, but it is a milestone that most people won't reach. Paying off all you debts is a huge milestone worth celebrating.

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