A little while ago I wrote an article detailing 10 financial things to sort out in your 20s.
I am no longer in my 20s and while I am slowly moving through the next decade up, I also have some big goals for that decade. This article will focus on my own goals ‘to do it in your 30s’. I am yet to live through that decade fully and until I live through it, who am I to tell you what’s doable and what’s not? With that in mind, let’s start with the BIG financial goals I am going to attempt hitting.
Have six figures invested into my retirement and personal stock portfolio
This is a huge goal and at 32, I am only about ¼ way there. This means that for the last 13 work years I have been slacking big time and my 30s are the time I am having to catch up. On the positive, my current level of contributions into the workplace pension and personal investment pots outside of work is projected to take me to just over £100k by the time I hit 40 in approx. 7 years and 2 months. So, my goal here is not to mess up and keep the momentum going.
7 years and 2 months sounds scary, now that I write it down here. It’s 86 months of being consistent. But let’s not forget…£100k is not a lot of money, so what I must do is to keep ay it.
Pay off my mortgage (s)
I have upped my overpayment this month further but even with my overpayments almost matching my actual monthly compulsory payments, the chances of paying the mortgage fully off in the 7 years and 2 months are still far from done deal. If things go well, I won’t be too far off, but meeting this goal on with my current income will be a real challenge. My present calculations indicate that I might be missing that goal by just over one year or approx. £16,000. But I’d still rather pay my mortgage off in 8 or so years rather than in 24 years.
I decided not to beat myself up about it if I fail but be sure that I will try to make this happen pretty hard. To make this work, my task will be to either scrimp and save, which I feel a bit meh about, or to make more money. How I am to make more money is yet to be seen but this will be the most likely route.
Build a secondary income stream
It’s not that I just want to pay my mortgage off early, I want to have the freedom and flexibility to not work sometimes even if I do love my career field.
I have however realised that it’s a lot harder to generate sustainable secondary income than people will tell you without some serious sacrifices in terms of time and personal comfort. And I like having time and a level of personal comfort. So here I am oohing and aahing over a whole long list of ideas, thinking which one won’t kill me in the making. One of those days I’ll share my longlist on the blog so that you can have a good laugh and hopefully get inspired too.
Purchase a small investment property in a seaside town
This is more likely to happen outside of the UK, but I am only now starting my research. I am specifically looking at seaside locations because I might want to reside in said property when I turn into a cute old lady. I’ve always wanted to live by the sea, even though it totally ruins my hair. And admittedly, this could totally just be a pipe dream. This goal does not have a plan of action yet, all I know is that I’d want to spend under £100k on something small and perfect and bijoux which also has a rental potential because hey, I’m not buying a place that won’t work for itself while I don’t live there.
The one dream holiday
This is not really a financial goal…but it is – Japan, a place I have been wanting to visit since childhood, is an expensive country to tour. Luckily I am already used to spending on travel, given that I tend to go somewhere EVERY FREAKIN’ MONTH. In theory this is the smallest goal I have for myself. The boyfriend and I are working through our travel backlog and slowly but surely this country is climbing up in the queue! If you wonder how that works, we have a loooong list of places we desire to visit. Based on how much we can spare per month we end up finding cheap tickets and accommodation to those places. We have all our desired trips for this year booked and are beginning to start planning for the next year already. The kicker here is the Brexit and Pound Sterling literally plummeting in the political situation. As much as this is great for my stock portfolio, it does make travel significantly more expensive. For a trip which is likely to cost us upwards of £2000 per person, this is not good news, so we are waiting to see what happens.
This is as far as I’ve gotten in my 30s goals setting.
You might wonder why things such as getting married and having kids do not figure, despite having a significant financial side. Their absence does not mean that I opposed to getting married or starting a family or moving into a bigger house or… buying a yacht. But these are not my financial goals in themselves, they are things that might or might not happen. They are also highly personal and not suited to everyone’s needs and desires, and therefore outside of my big list.
What are your goals for the decade you are in?