Changing Goals as the decades change…!


Every decade of your life brings fresh challenges. As your maturity, experience, education & expertise increase over the time, so does your income! Your goals may be Financial or Life Goals keep on changing as you grow.

Let us look exactly how your goals are going to change as the decades pass by…

Your twenties

During your twenties, you must aspire to become financially independent. This is the time when you finish your education & try to establish a career. When you pay your own bills, you learn to budget & live within your own means. Make sure that you get an insurance cover for yourself. Develop a retirement plan & start contributing….the more you contribute at a younger age, the more your wealth will grow over time!

Your thirties

By this time, you may have started a family. Now, your main responsibility would be looking after your family, you may have dependent spouse, children & parents. You must start investing for your children’s higher education from now only. If you think of buying a house then, start saving up for down payment of the house – the bigger the down payment, the lower the interest you’ll have to pay and the quicker you can pay off your home! And most important, continue contributing to your retirement fund.

Your forties

As your children grow up, make sure that the corpus for their education is on track. As years pass by, your lifestyle also changes, rather your standard of living increases. Diversify your investment portfolio with the goal of spreading your risk & increasing your returns. Do not stop contributing to your retirement fund.

Your Fifties

 It is time to revisit your Financial Statements & household budget to check whether they are up to date. Focus on paying off all the debts. Review your retirement annuities & continue contributing to it. Your children may have finished their education & started earning. Your till now major goals like children’s education & marriage would have been accomplished.

Your Sixties

By the time you retire in your sixties, you must have a sizable corpus for you & your spouse to sustain & lead the same standard of living. If you are still fit & happy to work, you definitely should! Or else you can think of part time employments. Last but not the least, it is time to make a will so that your kids can easily inherit your legacy!

More later…