The 8 Money Milestones

What is your next financial step? This question plagues many. Unfortunately, some will stop in their tracks simply because they do not know what to do next. I don’t want this to be you.


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In this episode of The Money Challenge Podcast, we start by discussing the most absurd college course we took. Then, we dive into the 8 Money Milestones to help you discover your next money step. Here they are:

  • Milestone 1: Start giving,
  • Milestone 2: Save $1,500 for a minor emergency.
  • Milestone 3: max out your 401(k) or 403(b) match.
  • Milestone 4: Pay off all debt except your mortgage.
  • Milestone 5: Save 3-6 months of living expenses for a job-loss level emergency.
  • Milestone 6: Put 15% of your gross income to retirement.
  • Milestone 7: Save for college or pay off your mortgage.
  • Milestone 8: Live generously.

And, of course, we give you this week’s Money Challenge:

Where are you going? Identify what Milestone you have achieved and what Milestone you need to achieve. Take a look at the eight Money Milestones. What is next for you? What step do you need to take in order to achieve that particular Milestone?

5 Ways to Save $1,500

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