Comments on: The Before you Turn 30 Financial Goals Checklist

By: Megan

Megan — Mon, 02 Aug 2010 14:57:30 +0000

I realize this is an older post, but I had two other things to mention.

One: For those of us in graduate school through most of the decade, the list is much harder. Tips for personal finance while still a student (and while married) would be most welcome.

Two: People in their 20s (and up) should be checking their credit reports at LEAST once per year – it’s free and safe and most people are never told how to do this but it can ruin you for life if you get into trouble.

By: MD in debt

MD in debt — Tue, 25 Aug 2009 22:15:31 +0000

As a medicine resident, I’m turning 28 this year and have $150K in med school debt all at >4% interest. I make about $10 an hour (given that I work 80 hours a week). No way I am going to pay that off before I’m 30!

By: MostlyHarmless

MostlyHarmless — Wed, 22 Jul 2009 19:50:21 +0000

@MMStein: Thats crazy talk. I’d rather have two lives of 35 each rather than one of 70.

By: MMStein

MMStein — Wed, 22 Jul 2009 19:48:00 +0000

What about before you turn 40?!?!?!

By: Alisa

Alisa — Wed, 20 May 2009 01:06:04 +0000

What would you recommend to those of us who are still in school? I’m 23, and in an unfunded graduate program. I try to take care of my finances, have no debt other than student loans and a tiny little IRA saved over from the year I worked between degrees, but are there other steps I can be taking?

By: Andrea (Recession Proof Living)

Andrea (Recession Proof Living) — Tue, 19 May 2009 19:46:26 +0000

Great list, although I disagree about the difference between Roth and Traditional IRAs not mattering. For a young person, you are almost always better off to go with a Roth because you will not be taxed on the growth of your money. When you have a long time to invest, you will see a lot of growth (especially if you jump in now when the market is low).

By: Britt

Britt — Fri, 15 May 2009 15:55:22 +0000

@G.E. I’ve tried to come up with something, but I can’t think of anything to add to your list. Your readers will do well if they heed your advice.

Unfortunately, I turned 30-years-old one year ago.

Fortunately, everything on your list was already checked off.

@Neil “ I agree about the budget, and especially in regard to a personal balance sheet.

About two years ago, after getting slapped with an unexpectedly high heating bill, my wife and I resolved to run our household like a Fortune 500 company. We generate a quarterly balance sheet, income statement, and statement of cash flows.

This not only provides us with a solid overview of where we stand and what we need or want to improve on. But as Stephanie points out, it allows you to take an invaluable glimpse of where you’ve been, where you are, and where you’re headed financially.

It’s invigorating to look at your personal balance sheet and see an increase from quarter to quarter, and year-over-year. It also gives you extra motivation to stay disciplined so you can meet your goal for the upcoming quarter and stay on track with your financial plan.

By: aaron

aaron — Tue, 12 May 2009 04:37:59 +0000

Thats a good list. I would put number 5 – creating a monthly budget plan as the most important point because all the others will depend on the budget. It is a good habit to write up a budget and in the book ‘Millionaire Next Door’ (review at my blog) the authors noted the high percentage of millionaires who use a budget.

By: Jamie

Jamie — Fri, 08 May 2009 05:46:17 +0000

Hi all. Great list. I think getting out of debt is the most important one to check off first. Then the next step is get invested in those IRAs/401Ks. With each of those time is the biggest factor in any gains with those accounts. And a few years can make a huge difference down the line. And, if your employer matches 401K contributions and your not contributing, you are just saying no to free money basically!

By: Do You Dave Ramsey?

Do You Dave Ramsey? — Fri, 01 May 2009 03:19:15 +0000

These are really good ideas and will save you in the long run…

To this list I’d add the idea of creating financial goals and bahaviorial patterns for the decade of your 30′s… sure life will have its share of curves but that’s no excuse for not having a plan…

I’d formalize a budget if you haven’t already… it’s really the only way to win. Plan to avoid new car purchases through this decade, used cars will do nicely thankyou. Plan to payoff ALL debt in this decade… think about it, your 40 with NO debt and money in the bank. Smirk now, but trust me… trust me. You’ll want this!!

I’m sure there are dozens of other ideas in my head… but this will do for now.

Thanks for sharing and spurring the thought process.

Dave