And I think of it as a special milestone.
It’s when the whole “adulting” finally sets in.
People your age starts getting married, having kids and making big changes and decisions.
And twenty-five will now seem too old to play around money and life in general.
With one wrong move, you can ruin the life have envisioned in the future.
Or maybe I’m just panicking because it is much closer to 30.
And the common Filipino joke of “mawawala ka na sa kalendaryo” will now hurt. Ouch!
Last year, I shared the 24 lessons I learned in my 24 years of existence.
I received a lot of love from that post, thank you.
And to celebrate my birthday this year, I will be sharing the financial goals I want to hit before 30 instead.
I have three reasons why I like to publicize this said financial goals before 30.
1. I want to stay accountable to you. Talked more about the value of accountability in this post.
2. I want to plan out 2019 working on these goals already. This serves a reference list for me already.
3. I want to look back to this post and update it year after year until I hit the big THREE-ZERO.
Earn full-time income from side hustles
It would definitely mean a lot to me if I can generate a full-time income out of the many side hustles I do.
Side hustling took me a ton of time and a lot of hard work to do.
It was not an easy process and it was not a get-rich-quick scheme either.
Luck wasn’t even part of the equation.
Everything I achieved and the progress I have made over the past four years was pure grit.
I still remember the sleepless nights during long commute going home from an event/gig I hosted.
All the early mornings and hundred cups of coffee spent maintaining two blogs, SavingsPinay and IzzaGlino.
Not to mention the weekends wherein I chose to shoot and edit a YouTube video than go out with friends.
And it’s a never ending cycle.
You want to keep all of your passion project alive for as plenty of time and years it could be.
I always mention in the blog but it is true indeed, we should never settle on just one source of income.
Growing my extra income enabled me to:
- Buy my wants
- Travel to a different country (i.e. Seoul)
- Pay the extra bills that’s out of my usual budget
- Take care of myself and my family for emergency situations.
- Diminish the risks that come from relying on just one source of income
- Dream and/or accomplish bigger goals in life
And if I can earn full-time income doing the very things I love like blogging, hosting, doing YouTube, imagine how unstoppable the things I can do, the places I can go and the adventures I can try will be.
Currently, the only side hustle earning extra income for me is blogging.
By 30, I aim to earn full-time income from my side hustles.
There will be money coming through YouTube, the weddings and events business and OTHERS as well.
It will be enough money to bless my parents even more and fulfill their life goals too.
Save and Invest at least 50% of my monthly income from day job
One of my favorite post to read from time to time is Mr. Money Mustache shocking simple math behind early retirement.
Whenever I feel like my financial life is a mess. Like I’m overspending or not getting close to my budget anymore, I just read that post and get in the zone again.
The post remind me how easy it is to retire.
It turns out that your time to reach retirement depends only on one factor:
Your savings rate
Or, how much of the money coming in you are saving.
He presented this great table wherein it shows at a saving rate of 5% you have to work for 66 years until you could safely retire.
If you up the money you save each month by 10%, your working years will only be 51 years.
At 20%, 37 years.
I looked at my current saving rate and at 30%, it will be 28 long years before retirement.
That’s my age now + 28 years before I could retire and live financially free.
I bookmarked that single post from one of the best financial bloggers I know of and revisit from time to time.
The simplicity of the post and the impact it gave is phenomenal. And it continuously change the way I approach spending, saving and investing my money.
After four long years of blogging about money and eight long years of working for the money I now understand the key to getting rich.
It all starts with how much money you can save and be willing to invest!
With that being said, as I turn 30 my aim is to save and invest at least 50% of my monthly income from day job.
Or stretch it to 60% if possible.
Better yet to 100%, if I enabled that full-time income from side hustling.
The point is, I don’t want to stay with the 30% saving rate for the rest of my twenties.
I want to go higher year after year.
Establish strong financial habits
There are different financial habits I want to master by age 30.
From the simple habit of tracking my expenses to complex one like keeping a budget.
I’ve listed a 40 good financial habits everyone needs to know before and here are the top things I want to establish strongly by 30:
1. Track my expenses
2. Keep a weekly, monthly and yearly budget
3. Live below my means
4. Maintain an emergency fund based on what monthly salary I’m in
5. Maintain a retirement fund fully invested in stocks
6. Set smart goals yearly, monthly, weekly and daily
7. Follow the golden formula Income – Savings = Expenses
8. Avoid being in uncontrollable and unnecessary debt no matter what
9. Manage my time well
Most of these I’m already doing today but in five years I want them all to be innate unto me.
First 1 Million Pesos
I have mentioned in the past that to see seven figures on my bank account is one of my financial bucket list.
And I want to obtain my first million by 30.
It’s crazy saying that especially since based on my latest income report I am stuck at Php 250K.
But, if the saving and investing 50% of my income and the earning full-time income monthly on my side hustles come true, I think this goal is reachable.
Especially if I do have the good financial habits mastered like saving first and living below my means.
I remember how happy I was reaching my first Php 100K this year. It seems impossible at first but with God’s provision I know it will get done.
This means two things for me from now on:
1. Every future yearly, monthly, weekly and daily goals I have should revolve around that number 1,000,000.
2. Every decision I will have from spending to doing a task, I should ask whether it makes me closer to reaching that number 1,000,000. If not, I probably need to reevaluate and remember the goal.
Why is the first million is so important? And why 30?
I really believe that hitting that first million is what matters most.
Same as the saying, “lahat nag-sisimula sa piso”, once you get that first million everything will be easier to achieve.
It may seem like the hardest but it will level up your motivation to save and invest again and again and again until you hit million #2, million #3 to infinity.
And reaching that first million status by 30 will make me reach the succeeding million faster.
Have my own place
This is a tricky goal since I expect by age 30 I am already married. Haha.
But still having my own place, either a condo, an apartment or real house would be awesome.
I really wanted to have my own place since forever.
Don’t get me wrong, the relationship I have with my parents is good.
It’s just that I’ve always wanted to live independently.
Given a good place to do what I want to do, I can definitely do better.
My eldest sister is currently living on her own at a condo and every time I visit her I can’t help but wonder how fun it would be to have my own place as well.
It would be an exciting milestone to achieve.
Final Notes from SavingsPinay
I still can’t believe that I’m now 25.
Living a quarter of a century old and blessed with so many amazing people surrounding me.
Money is just a tool.
All these financial goals is nothing compared to contentment and happiness that comes from within.
I’ve mentioned this before and I like to mention it again,
There is one big lesson 2018 have taught me so far,
It is surrendering everything to GOD.
All of my ambitions, my gifts and my strengths.
My inhibitions, my doubts and my fears.
The money that I have and what I have yet to receive.
Including Him more in my life became an ultimate game changer for my 2018. I cannot stress enough the happiness I found the day I surrendered everything to God.
There is nothing much more important for me right now than the relationship I have with God who strengthens me.
It definitely changed the way I see success, progress and life in general.
So whatever I achieve from this list by being a good steward of the time, talent and treasures God provided me with, I will be forever thankful.
Here’s to me being 25.
What are your financial goals before 30?
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