
8 Financial Goals For Your 40th Birthday
8 Financial Goals For Your 40th Birthday
For investors in their 30s, life can feel busy, hectic, and a bit disorganized at times. How do you focus your time and energy on the things that matter most?
In your 30s, life often feels hectic with a mix of responsibilities like paying down debt, starting a family, and saving for retirement. To make things easier, focus on these key financial goals before turning 40. First, ensure you’re investing with purpose. This means defining your retirement goals, understanding how much you need to save, and creating a strategy to reach those goals. It’s a great time to consider working with a financial advisor to help make your vision a reality.
Another key goal is to ensure your career and salary are advancing. Your 30s are when your hard work should start paying off in terms of salary growth. If your current job isn’t offering the opportunities you deserve, don’t hesitate to seek new opportunities that better align with your financial goals. Additionally, review your insurance coverage. As your needs change—whether it’s family health care or life insurance—make sure your coverage is appropriate for this new stage in life.
Your retirement savings should also be a priority. Make sure money is flowing toward your retirement accounts, especially if your employer offers a match. Max out contributions and, if you’re self-employed, set aside a percentage of your income for retirement. At the same time, focus on getting high-interest debt under control, such as credit card debt or student loans. Having a clear plan to pay it off will help relieve financial stress.
Lastly, think about estate planning and ensure you have basic documents in place, like a will, and that beneficiaries are updated. Also, your emergency fund should cover three to six months of living expenses by now. Lastly, ensure your budget reflects your lifestyle and long-term goals. These steps will give you a solid financial foundation as you approach your 40s.
There are 8 key goals to focus, and we shared those ideas recently on our website. https://bit.ly/36Cb9PF