00:0010 Money Milestones You Should Hit for Retirement at Every Age
00:031. Open Your First Retirement Account
00:07Open a 401k or IRA early. Contribute consistently to harness the power of compounding interest.
00:162. Build a Starter Emergency Fund
00:19Save 3 months' essential expenses in a separate account. Grow to 4 months by 30 to avoid costly debt.
00:263. Pay Off High-Interest Debt
00:29Aggressively eliminate high-interest debts, especially credit cards, using avalanche or snowball methods to free cash for investing.
00:384. Take Advantage of Employer Match
00:41Contribute enough to capture your employer's 401k match. Free money that compounds and meaningfully accelerates long-term retirement savings.
00:505. Begin Tracking Net Worth
00:53Track Net Worth Regularly, Assets Minus Debts, to maintain awareness, motivate progress, and aim positive net worth by age 30.
01:036. Increase Retirement Contributions
01:07Boost Contributions to 10-15%. Automate Deposits and Pursue Milestones. Twice Salary by 35, 3 times by 40.
01:177. Strengthen Your Emergency Fund
01:20Expand Your Emergency Fund to 6 Months Expenses
01:23Protecting Against Layoffs, Medical Issues, or Major Repairs Without Incurring Debt
01:288. Purchase Adequate Insurance
01:32Secure Life, Disability, and Comprehensive Health Insurance to Protect Dependents and Prevent Emergencies from Derailing Retirement Savings
01:409. Eliminate Student Loans
01:44Prioritize Paying Off Student Loans
01:46Add Extra Payments to Reduce Interest and Become Debt-Free by Age 40
01:5010. Save for Major Goals
01:54Fund Home Down Payments and Education Separately, Target 20% Down Payment and Consider Plan 529 for Tax Advantages, while Consistently Contributing 10-15% to Retirement.
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