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Mississauga, On, Canada
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You may have heard the expression – Life begins at 30. It's true. With all the responsibilities in life that seem to come at the age of 30, you need in addition to your money game or life could get really complicated.
Here are some financial milestones to reach when you turn 30.
1. Be Financially independent
By the age of 30, you should be financially independent from your parents, well established in your career, and able to support yourself financially. Your job is your main financial asset and the one that generates the most income.The most important thing is that you have started establishing yourself.
2. Good credit history
Credit is easy to obtain and easy to abuse. This can be accomplished by living within your means, paying your bills on time and not relying solely on credit and plastic!
3. Kick-starting your retirement savings
Ideally, each 25-year-old should save a third of their salary each month to save enough for their retirement nest. However, if you find yourself without a retirement plan in your 30s, it is never too late to start. First, determine how much she needs to retire comfortably, taking inflation into account. You should have two-thirds of your last income drawn each month after retirement if you don't want to downgrade your post-employment lifestyle. Start saving now and increase your contributions when your income increases or when you have achieved more of your short-term financial goals.
4. Becoming an investor
Your idea of saving and investing should go beyond a basic savings account. Although you may not have built up wealth for large enough investments, you could invest in a unit trust or buy stocks with just $ 1,000! As time and circumstances change, your financial needs may change too. Therefore, it is important that you learn how to rebalance and reallocate your investments when necessary to accommodate changes in your financial needs and attitude towards investment risks.
5. Establish emergency funds
The general rule of thumb is to have enough hidden emergency fund to cover six to 12 months of your monthly expenses. This fund will be useful to cover monthly expenses and payment of debts in case of unforeseen circumstances such as loss of employment..
6. Understand personal income tax
Understanding what tax category you are in and what tax breaks, rebates, and exemptions you are entitled to, means more money in your pocket each year. Be sure to claim all other available deductions in a way that ensures you pay as little tax as possible.
Finally, here’s a parting quote – “If you spend money buying things you don’t need, soon you’ll soon have to sell things you need for money.”
Watterson Financial Solutions shows you how you can reach your financial goals by building multiple streams of income through sales and persuasion, property. He wants to help you live your life on your terms without having the burden of worrying about money.
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With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.
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