I just turned 27. So in 3 years I will be 30!
Graham Stephen, a widely known finance YouTuber created a video listing the top 5 goals to achieve by 30.
Obviously, there are NO set rules/goals to achieve by any age. I just thought it would be fun to see if I am on track according the Graham!
Check out his video below:
Credit score above 750
My current score (Vantagescore and FICO score according to Credit Karma via Transunion and Bank of America) is 764!
Which I believe is the highest my score has ever been!
My score increased the most when I got rid of all of my credit card debt! I still have a 0% utilization rate and plan on keeping it that way.
And of course I always make payments on time.
Hopefully I get my score over 800 by 30, but I know it doesn’t matter too much.
“Bad debt” free
Graham considers debt bad if:
-It doesn’t make you money
-If the interest is above 5%
All of my debts are now under 5%. My highest interest rate is 4.41% and it’s on one, $4,000 student loan.
However, aside from getting me my career, my debt is not making me any money.
My plan is to be completely debt free by 2022. So by 29 I should be debt free!
As far as buying a house goes and having a mortgage…we’ll see.
1.5 years of expenses invested
My monthly expenses come close to about $3,000. This would mean I should have about $54,000 invested by 30.
Currently, I have about $3,600 invested in my Roth IRA.
I hope I can increase my income over the next couple of years and get to at least $100,000 invested!
So for this one I’m not entirely sure where I’ll be by 30. It depends on so many variables and anything could change.
Create a second source of income
Between blogging and YouTube I make several hundred dollars each month from ads, affiliate sales, and product sales.
I haven’t made as much as I expected or would like to, but I am so grateful for the amount I do make.
I don’t plan on stopping either anytime soon and even if I did I will always find a way to increase my income.
With that being said, I’m hoping to increase the money I make online significantly.
Save at least 25% of income/year
As of right now I save about 10-12% of my income while I pay off debt. Most of my savings goes to my emergency fund and sinking funds.
About 2.5% of my income goes to my Roth IRA ($100 a month).
If my 3 year plan plays out, I will be debt free by 29 years old.
Once I’m debt free I would like to save 50% or more of my income depending on my income and my living situation.
Overall, not too bad!
I’m excited to continue my financial journey and I know that my finances will continue to improve every year!