I was just thinking about a few things I need to complete by the end of this year or first quarter next year, since I'll be 30 and all. lol The To Do's on my list can be considered vital in your elder years so I mind as well get them knocked out while I'm still a spring chicken, perhaps you will agree and do some of these things yourself.
1. For starters if you are gainfully employed at a company that offers a match for your 401K please see this as FREE money that you should NOT pass up. Perhaps you think you can not afford to save any of your pay now, fine I don't know your situation, but at some point you should afford yourself the match atleast and take advantage of it. If you are not investment savvy and don't want to risk with mutual bonds and stocks fluctuating simply choose the 'cash' option that way what you put in they will match at their specified percentage and you don't lose any money if the market should be down when you want to cash out.
2. Secondly I am an advocate for homeownership, it can be both very rewarding (i.e. tax write offs and a sense of ownership) and a headache (i.e. Home Owners' Association dues, home repairs, taxes, potential of liens if you should default on any loans, and the dreadful foreclosure) etc.
3. Obtaining an A1 Credit rating is the next on my list. Alot of people say credit isn't worth it's weight in gold and they prefer cash but I think you should accumulate BOTH and manage both well. If your credit is jacked up, seek help, learn how to budget and stay on track. If your credit is superb congratulations to you on a job well done ;0) Don't hang your head low if you've had a foreclosure or bankruptcy in your past. The economy is f'd up right now and there are ALOT of people in your same situation. Take one day at a time and plan for a better and brighter financial future.
4. Get a living will. If you do attain assets at this early stage in life you want to be sure that if in the event a catasrophe occurs your assets are left to those you choose and are not haggled over during your unfortunate demise. Life is quite fragile and you never know when your time has come so plan for the future now.
5. Also in the realm of security would be to purchase a fire resistant home safe or rent a safety deposit box at your bank of choice. If you are a homeowner chances are you have your house title filed away somewhere in your house but what if it catches fire, won't it burn down along with everything else in it? Put the original up for safe keeping at the bank and keep a copy at home for reassurance.
6. Obtain further security by purchasing Life Insurance. Some employers offer this to you in your healthcare package, if not do source another avenue. Your car & home insurance probably has a product for Life Insurance as well. Give them a call and ask for rates. It is best to get life insurance while you are YOUNG and before any potential ailments arise. Although healthcare agents can no longer deny you coverage they can still jack up your rate for coverage. Act now, time is of the essence. Life insurance is not for you but for your loved ones you leave behind.
To sum it up you maintain good credit and save money to build wealth and leave behind a great starting point & nest egg for your dependants and next of kin. You cushion this wealth you've acquired with your life insurance policy and you pad it all with the cherry on top, your free and clear home title that you've been keeping safe at the bank along with all of your valueable jewels and collection coins lol. Your 401K is for you to use during retirement until you are called home to glory. Don't forget social security will most likely not be around for your benefit. Enjoy your life as much as you can while you are here to smell the roses ;0)
Warning
Read more: When Will Social Security Run Out of Money? | eHow.com http://www.ehow.com/about_4585973_social-security-run-out-money.html#ixzz132xJr3uE
Happy Trails,
Lipstick Diva
