I’ve already seen this list covered on another handful of blogs, and recently read about it on GenY Wealth and Little Miss Moneybags and I thought it might be fun for me to do, mostly for myself to see what my progress is. It’s a list of 20 ‘milestones’ you want to reach in your twenties.
# 1 – Finance a dream vacation…in cash
Haven’t done this yet, but I definitely think that I will do this in my 20’s although probably not this year 🙁
# 2 – Pay off your student loans
This is a work in progress that WILL be completed in my 20’s. My 2011 goal is to have my student loan balance below $10,000. Maybe I can have this paid off in 2012? I don’t want to look too far ahead but I am working on this and will have it done in my twenties.
# 3 – Automate paying your credit card bill in full
I won’t be doing this and don’t really see it as a milestone. I believe creditcard debt is bad debt and while I still use my card from time to time I intend to stop using the card and lock it away in my safe semi-permanently. Whenever I use it to buy something, usually online, I pay myself back the same day.
# 4 – Get rid of all bad debt
I did this! Well, I’m still working on my student loan which I consider to be a burden but it’s not a bad debt, I needed the loan to be able to go to university and it will or should eventually increase my earning power.
# 5 – Build an adequate emergency fund
I did this! I completed my baby e-fund of $500 on November 30, 2010. I currently have about $650 in my E-fund and I am planning to/will have $1,500 in my emergency fund by the end of 2011.
# 6 – Make your first, and last, investment mistake
I did this! (Unfortunately) I invested in mutual funds, mainly energy companies, for almost 5 years, after learning more about the exact companies I was investing in I withdrew the money and used it elsewhere. The money was used wisely and I didn’t want to invest in some of the companies in the funds any more but I regret stopping investing all together, I just never set up another apointment to talk about a new strategy… oops
# 7 – Develop a statement of cash flows
I did this! Thank you YNAB!
# 8 & 9 Max out a Roth & Contribute to your 401(k)
Uhh, those don’t exist in Canada, do they? Are there Canadian equivalents? (RRSP’s, RSP’s the same thing?)*
# 10 – Get a degree or certification that increases your earning power
I did this! I received my college diploma in April 2005, by the time I turn 30 I will also have received a university degree in business. Woohoo!
# 11 – Take a career risk
I did this! I worked from cashier up to shift leader to assistant manager and was being trained to be a store manager in a retail industry. I quit that to move home to mom & dad and go back to school, I started working for the family company and a lot of stuff’s happened since then.
# 12 – Negotiate something
I do this regularly. I haggle for discounts on damaged merchandise and retailers are usually happy to accomodate. I recently- well more like this week hah-put a new floor in my living room and found one of the boxes of flooring had a damaged plank in it while I was still in the store. I got a 25% discount on that box even though all the other planks in the box were 100% ok.
# 13 – Earn your first side grand
Haven’t done this but I think I probably will do this before I’m 30, I usually generate a little extra income each tax season by helping others with their tax returns but that doesn’t usually amount to more than a few bucks here and there.
# 14 – Start a sub-savings account for an upcoming financial goal
Done, done and done! ———————>
# 15 – Set a target retirement date
I don’t think I want to do this, I don’t expect to retire until I am physically incapable of continuing to work in some capacity and I won’t know when that will be till I get there. I will always continue to work at a job I enjoy full-time or part-time because I believe it’s good for me to do so, that doesn’t mean I will be stuck at a miserable job when I’m 65 though. I do have a plan for that, but I don’t want to ever formally retire!
# 16 – Monitor your credit
I did this! I check and have checked my credit-report every 6 months for the past 4-5 years. I once had fraud committed on once of my accounts not due to any fault of my own so I will continue to do this to infinity I suppose.
# 17 – Say no to a financial salesman
Oh, I have no problem saying no. :p
# 18 – Give just enough to make it hurt
I have not done this, I will do this in my twenties.
# 19 – Invest $1 for every $1 you spend
Well, I’m not really at the investing stage yet but I think I may be able to achieve this before I turn 30?
# 20 – Start a 529 College Savings Plan
I don’t think this one applies to me, do we even have 529’s in Canada? I do plan on having kids and saving for their education, though I have no intention of funding my children’s full education. (an RESP?)**
I’m quite surprised at how many of these I’ve hit (11) and will hit before I turn 30! Are there any other milestones you think one should achieve in their twenties?
PS: IMG source here.
** As you can tell I’m not at all familiar with retirement plans or education savings plans, if you have any great links or books to read for me on these topics any suggestions are welcomed! I need to set up some sort of retirement savings plan in the next few months so I definitely need to get informed, I guess this serves as a reminder.