Playstore Icon
Download Jar App

5 Financial Landmarks you should Aim to Achieve by the Time you're 35

Team Jar
October 27, 2022
5 Financial Landmarks you should Aim to Achieve by the Time you're 35

Everyone should have financial goals and a plan to fulfil them. Check our list and see if you are targeting these five landmarks (which we think are super important) to achieve within your mid-thirties.

Have you ever taken the time to analyze your goals for your late 20s or 30s? 

If you run a poll based on this, 90% of participants will answer about getting a high-paying job, moving into a better apartment with all the amenities, buying a car, studying further, getting into a commitment, and so on.

But only 10% will include financial milestones in their answers. The question is, why? 

After 20, we all start earning, regardless of the numbers on our paychecks. But fulfilling financial goals fall deaf to our ears.

Perhaps that's why most people face a crisis in their mid-thirties. The economy is changing rapidly, and if the right actions are not taken now, it will become impossible to survive inflation.

Keeping this in mind, we have shed light on the good financial goals to have by age 35.

Becoming debt-free 

From loan EMIs to credit card debt, any monetary debt is a burden, no matter how meager the number is.

Not only does it make you stressed, but it also prevents you from living your life to the fullest.

While using a credit card is mandatory in some instances, like emergencies, letting the debts pile up is up to your hand.

Failing to not focus on this behavior from the start will likely submerge you in the pool of debts with no support or way out. 

So, the question that remains is how! There are specific ways to clear off the monetary debts and have peace of mind. For instance:  

  1. Try paying off the monthly EMIs as soon as you receive your paycheck without thinking about anything else. 
  2. Do not let the debt pile up because that will only increase your interest in the long run. 
  3. Have a running education loan on your head? Then try to clear this off and be debt free by the time you reach 30. This helps you create a good credit limit and create room to take on the responsibility of availing home loan or car loan in the future. 

Having multiple investments with higher ROIs

Two of the best financial decisions a person can make are savings and investments.

The sooner you start investing your funds, the higher the returns will be by the time you retire.

Remember, no one will be there for support if you do not make arrangements for your retired life.

There is no starting age for investing. You start saving and investing in your teenage years or your 50s.

But, the consequences are certainly varied. In the beginning, you might find yourself short by a couple of thousands because of the investments.

But, the only promise we can make is - if you invest in building your capital today, it will undoubtedly pay off in your future. 

Now, there are specific golden rules you should follow while investing. To begin with, you shouldn't invest in just one place.

This will limit your flexibility and growth potential. So, divide your funds and invest in multiple places. 

Another rule you should remember is to invest only in those policies that promise higher returns, longer tenure, moderate risk, flexible pre-maturing terms, and tax benefits.

Having emergency funds

Your primary financial goal should be to save enough funds for any emergency or financial crisis.

These situations are inevitable, and every person has to go through difficulties at a time.

There is no guarantee that you won't encounter an emergency; it could be a sudden health issue, job loss, or inflation.

However, once you are in that situation, there is no turning back. To move forward, you need funds. 

This is where having an emergency savings pays off. However, do not deposit large amounts in your savings bank account as that can increase the risks of cybercrime.

Instead, you can have multiple accounts and save the funds in a distributed manner. 

Apart from this, don't forget to invest in medical insurance, which will give you immediate coverage if your savings run out.  

Having an additional income source

Getting a secondary income source should be one of your life goals by age 35.

This is still not a thing in India, but many young adults have started understanding the benefits of having two jobs.

Well, to begin with, everyone knows how the pandemic disrupted the economy in both developed and developing countries.

There is no guarantee that such a situation won't arise in the future. No one can assure you that the job you have is stable. 

Even multi-national companies are forced to cut down their workforce to survive inflation and match their budget.

Facing a job loss and managing to find another job in a short frame of time can be tricky.

Therefore, having a side income source doesn't sound too bad.

You can earn money as a freelancer since there won't be any employment contract or impact on your credit score. 

In addition, there are tons of options to explore as a freelancer.

If you are not comfortable, you can start your business by taking small personal loans.

It can be anything if the cash flows and the process are legal. 

Beginning of retirement plans

It is very crucial to have retirement goals for yourself, at least. Although you have funds deposited in the provident fund and gratuity every month, it's better to have some personal plans.

For example, you can save money to buy a lovely beach house in Goa or a cozy house at a hill station and settle there after retirement.

You can also save funds to move into a retirement house permanently. 

Now, these things can only become true if you start saving money from the beginning.

And, like most of us, if you too have kept your plans to save on your back burner then let the Jar app help you. 

It is a micro-savings platform that detects your online expenses, rounds them off to the nearest 10th digit and saves the difference (spare change) in 24K digital gold. 

With Jar app, you also get to choose an amount you're comfortable saving daily. It's all in your hands.

Save and invest correctly today to enjoy your retirement and celebrate life the way you deserve.

Conclusion

From making multiple investments to saving more on taxes, several goals are there you can set for yourself to achieve by the time you enter your late 30s.

However, since it might not be possible for everyone to acquire all these goals at once, it's better to start early by targeting one financial landmark

Once you reach that position, every other piece of the puzzle will fall into place.

After all, it is the beginning that seems the toughest! All you need is the initiative because you will know how to save your money by the time you reach that point.