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Financial Goals to Have at Different Points in Your Life

The world will never run out of investment advice for Australians in different stages in their life. But because people have other goals in their 20s compared to when they’re in their 30s or 40s, the whole thing can be pretty confusing.

What should you focus on? What should be your financial target when you’re in your 20s, 30s, 40s, and beyond? Read on and find out:

Financial Goals for When You’re in Your 20s

When you’re in your 20s, you’re just starting to build your career, get your first major promotion, and spend your hard-earned money on life’s necessities like buying a home and traveling.

So what should your financial target be when you’re in your 20s?

Start saving. The savings you make in your 20s will significantly impact your future financial position. You can be in a stronger financial position by the time you reach your 30s or 40s, compared to those of your friends who didn’t bother saving.

There are two main reasons why saving in your 20s makes the most significant impact on your future finances. First, the longer you leave it, the harder it will be to save up a considerable amount of money. Second, the compound interest effect makes it hard for you to accumulate a big pot of money in your later years.

Financial Goals for When You’re in Your 30s

In your 30s, paying off your debts should be your top priority. Your credit card debt has a higher interest rate than the loans you got for your house or car. If you keep that credit card debt for too long, you’ll be paying more in fees and interest charges than what you originally borrowed.

Financial Goals for When You’re in Your 40s

When you’re in your 40s, your focus should be on making sure that you can live comfortably in your retirement years while taking care of your family.

Pay off your mortgages. In your 40s, you will pay off your house. And if you’re lucky enough to be in a dual-income household, you should make use of your ability to borrow money to buy things that are not essential to your survival.

Increase your savings. Your savings should support your retirement without depleting your nest egg. Investing should be a priority, too.

Financial Goals for When You’re in Your 50s

When you’re in your 50s, the rule of thumb is to have enough retirement savings so that you can live the same lifestyle as you did in your 40s. You’ll have a lot less time to make up for lost savings, so you must start saving as early as you can.

Financial Goals for When You’re in Your 60s and Beyond

When you’re in your 60s, you should already be in a comfortable retirement. Your primary financial objective should ensure that your retirement years are as enjoyable as possible.


People’s financial goals at different stages in their lives vary too, and it’s essential to guide you as to what you should be focusing on at other points in your life.

The main point is to help you figure out what you should focus on in your 20s, 30s, 40s, and beyond. With the right financial plan and the help of a reliable financial adviser on the Central Coast, you can enjoy a comfortable retirement when you’re in your 60s, without having to worry about running out of money.

Coastal Advice Group can provide you with sound investment advice and financial planning services. Contact us today to help you get set up for your future! We have offices located in Newcastle, the Central Coast, Sydney, Port Macquarie, and Byron Bay. Call or book online to secure your complimentary first appointment with us today and get started!

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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