Wondering if there’s a clear way to track your progress as a financially independent individual? Here’s all you need to do!
The modern woman is an inspiring force breaking through the shackles of patriarchy and redefining the world around us. A huge part of her life is based on financial independence. How does one gauge success and growth in finances?… perhaps by following the below pointers.
Below is a decade-wise breakup of how you can measure your financial scenario.
In Your 20s
At this stage of your life, you’ll have to get into the habit of striking the right balance between your short-term and long-term goals. Sure, you can treat the former as your priority as you have enough time to firm up long-term goals such as retirement.
This stage is also quite crucial as you’ll be taking baby steps into the world of investment and wealth creation. It’s okay if you start small; it’s the start that counts. Familiarise yourself with Mutual Funds and other investment avenues by acquiring real-world experience.
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You could also consider building a credit history; your Credit Score will be very thankful to you in the future because the age of your credit history contributes a great deal to it. A Credit Card is the best way to start your journey with credit.
In Your 30s
As you enter your 30s, it’s time to get your financial plans into high gear. This decade is an important part of your earning phase of life. You’ll probably have a demanding job that gives you great money, so give your investments and savings a raise too. The 30s are also a time in your life when you may typically make big purchases, like a house or a four-wheeler. Now’s the time to make the best use of credit products like Home Loans, Auto Loans. If you have plans to get married and start a family, your financial goals will need to be altered accordingly. Whatever may be the case, do not sacrifice your individual financial identity. Also, now may be a good time to upgrade that Credit Card of yours.
In Your 40s
By now, you’re probably thinking about aspects of your life outside work; you surely want to travel and think of building a cushion for your retirement. Your 40s are also a good time to close out any debts you may have taken previously. Not many of us want to work all our lives, so you can start charting a roadmap to early retirement.
Now’s probably a great time to invest in experiences because you’ll still be fit enough to enjoy them. Travel, make merry and engage in art – these are the things that make life colorful, so any expense incurred towards them is totally worth it.
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In Your 50s
Your 50s are a time to say goodbye to work and hello to a more laid-back life. If you still have the appetite to invest, you can consider some low-risk Mutual Funds and keep the financial ball rolling. At this stage, it’s best to stay updated with all your Provident Fund info so you know every little detail about your retired life before stepping into it.
In Your 60s
If you’ve followed all the above steps, then this stage will be a cakewalk for you. It is time to reap the benefits of most of your investments and lead a peaceful, relaxed life. Now’s a good time to gift yourself or your loved ones something special.
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