In this week's Arista Advice, Paul L. Moffat of Arista Wealth Management discusses what you should do in the next decade of your life.
Hello welcome to Arista Advice. Hope you’re well and having a great day.
Question of the week is – Paul, what should I do in the next decade? As the current decade comes to the close, it’s important to reflect back and look to see where you’ve been and where you’re going.
It’s never too late to start a smart new habit. Let me share with you something that will help you get through this thought of what you should do in the next decade.
First, ask what age group you’re in.
As you’ll see here, in your 20s lay a foundation, work through your bad habits, avoid paying and falling into traps of high interest credit card debt and loans, and also, avoid student loans to the best of your ability.
In your 30s, start working on your savings goals. Work on joining the double-digit club of saving 5, 7, 8, 10, 12 15 percent of your salary.
In your 40s, refocus on where you want to go and where you stand and improve your balance sheet.
In your 50s, catch up on your retirement savings, reduce all of your debt, contribute more, contributing 15, 16, 17 percent of your income into retirement accounts. Focus also on saying no to grown adult children that may try to hijack your own retirement.
And then in your 60s, focus on your retirement strategies.
As you see here whether in your 20s, your 30s, your 40s, your 50s, your 60s, and even your 70s, find out where you are and write down on a piece of paper what one, two, or three simple, small, micro goals could be for you, and I am certain that you will be much happier as you reflect back in another 12 months.
Hope you’re well. Have a great, wonderful, happy new year and a wonderful year, and we look forward to talking to you soon. Thanks.