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.
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?