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7 Financial Goals Everyone Should Hit by 50

Watch: The 4 Best ETFs to Hold Forever:    • Investing Made Simple: The 4 Best ETFs to ...   There are seven financial goals you should try to hit before age 50. Peter explains these seven goals and how to use them as a framework for ensuring you’re on the best possible track with your money. 💰 Have a cash buffer 🚫 No consumer debt 📈 Have a real investment strategy 🔒 Protection for your assets 🎯 Hit your savings targets 🗣️ Have the money talk 📝 Have a financial plan It’s important to have 3-6 months of expenses saved by this time and seven times your annual income saved and invested. That way, you have a cash buffer in case anything happens and your investments are compounding nicely. Your 50s are likely to be your prime earning and spending years, so it’s vital to protect your assets and income. What would happen if you were no longer able to work during these high-income years? Make sure that you’re protected with an up-to-date estate plan and simple, low-cost insurance. There’s a common myth that it’s good for your credit to keep some kind of balance on your credit cards. This is completely untrue. Having a mortgage is fine, but by 50, you should aim to have no consumer (credit card) debt. Open communication about money can be difficult, but it is essential. You should know your parents’ future plans, your kids’ future plans, and your own plans. That way, you can understand what, if any, additional possibilities you will have going forward and account for their monetary response. Too many people work hard and hope they’re in a good spot. But without a plan, you’re essentially working with your head in the sand. A plan doesn’t have to be something overly complicated. It just means you making great decisions with your money. ================ We help high-income earners capitalize on their accomplishments with pragmatic, data-driven financial advice. Learn more about Bull Oak → bulloak.com 🔔 Subscribe to be notified of future videos:    / @financialplanner   Timestamps: 0:00 - Cash buffer 1:30 - No consumer debt & investment strategy 2:53 - Protect assets 4:47 - Savings targets & money conversations 7:14 - Financial plan