Your Financial “To Do” List - Commandments For Your 30sApril 20, 2018
As the saying goes, “Life begins at 30,” and with that milestone, likely comes additional financial responsibilities. Learn more about what financial decisions you should be making in your 30s in KLR Wealth’s latest blog.
Have you checked out our recent “Financial To Do List” blog series? You’ll want to check out our first two pieces detailing financial goals you should reach in your 20s and 30s. When you’re in your 30s, for example, there are certain things you should be doing to ensure financial stability, like writing a will, reviewing insurance coverage and building up your emergency savings account.
Some steps you can take in your 30s….
- Continue to build your emergency savings account. Your 30s might introduce greater financial responsibilities, likely a mortgage or children. Everyone’s circumstances are different, however setting aside about 8-12 months’ worth of expenses is a good rule of thumb.
- Write a will. It’s crucial to outline your post-mortem wishes, and also to write up a health-care proxy that explains your medical wishes, and who is going to be in control to make medical decisions for you should you become incapacitated. Revisit these documents every few years to make sure your intentions are still the same – things may change!
- Review your insurance coverage. Maybe you do have some insurance in place but do you have enough coverage? Perhaps your initial plan was purchased before getting married or buying a home? It is important to assess your current situation to make sure the right coverage is in place to cover those who rely on your financial support in the event something happens to you.
Learn more about what financial items you should check off your “to do list” here.
Questions? Reach out to any member of KLR Wealth Management, LLC.