If You Are Over 40…Here’s 8 Financial Bucket List Items To Check Off

If You Are Over 40...Here's 8 Financial Bucket List Items To Check Off

Guys, if you’re over 40 years old, in this blog post, I’m going to give you 8 Financial bucket list items you probably need to check off your list now. I want you to let me know in the comments below which one of these items you’ve already checked off your bucket list.

Is there anything else on your bucket list that you want to check off? Drop me a comment and let me know. The sooner you check off these 8 items off your bucket list, the more money you’ll have to save, the more money you’ll have to invest, and to basically just enjoy life more.

PAYOFF CONSUMER DEBTS

The very 1st thing you got to check off your bucket list in terms of your personal finances when you get over age 40 is you got to get out of debt on things that are going down in value. It’s No.1 for a reason, because the sooner you pay off debt, the sooner you free up money.

Period. And the sooner you free up money, the less stress you’ll have, the less anxiety you’ll have, the less worry you’ll have, and the more joy you can get back when you don’t have a bunch of Consumer Debt hanging around your neck. It feels like you have a weight lifted off your back. You just tend to breathe easier.

Read more : 6 Assets That Are Better & Safer Than Cash – Don’t Keep Your Cash In The Bank

PAYOFF YOUR HOME

Speaking of debt, let’s go to No.2 . The 2nd bucket list item you have to check off when you get over 40 years old is you want to consider paying off your home. Why? Because your home is usually the biggest expense that most people tend to have. A lot of people, guys, keep working into their late 50s, 60s, into their 70s to pay off a home. Right? I hear this all the time.

The sooner you can get your monthly expenses from, say, $6,000 a month down to, say, $3,000 a month, the better, right? The sooner you can retire and do something with your life that you really, really want to do.

Owing money on a really large ticket item like a home, sometimes, guys, it can almost feel like indentured servitude. Instead of 5 or 10 years to pay off your debt, a lot of us are sitting around with 30 years to pay off a debt, right? We’re just bound to this house and paying the mortgage on a house for 30 years. And I’m saying, if you want to relieve a lot of stress, pay off your home as soon as possible and mark that off your bucket list as soon as possible.

NO MORE CAR PAYMENTS

Now, let’s go to No.3 . I want you to have good, solid, reliable transportation. But for some of you, you really need to experience the feeling of not having a car payment. Now, buying a car cash, it may sound counterintuitive to a lot of you who say, you know,

“Why would I not get a car loan because I can pay 3 or 4% from my car loan and get a higher return on my money if I take that money and invest it and still go ahead and make payments on a lowest car loan?”

Listen, if that’s you, you do you, boo. It’s up to you. But as for me, I don’t like owing any money on something that’s going down in value and I’m making a payment without regard to what the interest rate is. I just rather buy my cars cash and be done with it.

But you’re free to do whatever you want to do. This is just my opinion, guys, that you know what? When you get over 40, 45 years old, you don’t want to be making a $400, $500, $600, $700 car payment. You really don’t have to if you plan things out right. Right? You can mark it off your bucket list to not have a car payment. It’s possible to have a really good car and not have a payment. Trust me on that. It’s very possible. And again, it’s a different feeling when you can buy a car cash and have that car with no car payments.

Also read : 7 Things RICH People Avoid In Their Life

MAX OUT 401K

Now, the 4th thing for everybody over the age of 40 to mark off their bucket list is maxing out your 401K or investing 15% to 20% of your income into your job’s retirement fund or if not your job’s retirement fund, a separate brokerage account that you choose. Now listen, I know it’s a lot of money, 15 to 20% of your salary would really stretch out a lot of people and a lot of people just can’t do that much.

But to have a really, really comfortable in terms of finances retirement or when you get older, 15 to 20% is definitely something you should consider putting on your bucket list. And when you bring your expenses way down like we’ve been talking about, you have a lot more money to play with. And I know it’s difficult. I know it’s very hard.

But no one said this Building Wealth thing would be easy, right? It’s not going to be a walk in the park. You’ve got to make some sacrifices and stretch yourself if you want to go to another level in terms of your personal finances. Making sacrifices right now is okay and it’s a part of the wealth building process. Just consider maxing out that 401k or putting at least 15% or 20% of your money away for your future.

FULLY FUNDED EMERGENCY FUND

Now, the 5th super important bucket list item to check off your financial bucket list is a fully funded emergency fund. Everybody listening to this blog post, you need to know what it feels like to have $25,000 cash sitting somewhere in a high yield savings account that’s available to you and you can get to it at any given moment.

Trust me, listen, it’s very, very peaceful and much less stress when you know that you have enough money to handle almost any emergency that comes your way.

You need 3 to 6 months of your needs socked away somewhere. What I mean by needs is you look at your monthly budget that you’re writing down or putting on a spreadsheet and you figure out what are the things that I need to survive every single month. You add those things up, then you take that number and you multiply it by 6 or 7 months if you have a job that’s not very steady and it’s not very sure or if you simply just want to have that much cash.

Or you can take that number of your monthly needs and multiply it by 3 or 4 if you have a really steady job and you only need 3 or 4 months of emergency funds. But the key is this: have the cash available, the money there for you whenever you need it.

It’s a different feeling when you know you can handle any emergency that’s going to come your way.

ESTATE PLAN

No.6 is you got to have an estate plan, a last will and testament, a trust, a power of attorney, a health care power of attorney, and you got to make sure all

your beneficiaries are properly designated. It brings peace and when you get over 40 years old, guys, you want peace in your life and your personal financial life. Now, it’s going to cost you anywhere from $1,000 to $5,000 depending on how many assets you have, where you live, and what attorney you decide to help you draft and get it all together. But it’s money well spent.

Now, why is it so important to have an estate plan? Well, besides making sure your assets ultimately get to the people you decide to choose, having an estate plan can help minimize taxes, right? Income, gift, and estate taxes.

Without an estate plan, the laws in whatever state you live in in America will ultimately determine what happens to all of your possessions when you’re no longer here, and the courts will decide everything about what you leave behind. That’s when you get the fights between family members and the court documents and court papers and all that stuff. That’s probate.

You want to avoid probate and you want to avoid all of the issues with how your stuff is going to be divided up to your loved ones when you’re no longer here. You get rid of all that angst and problems and issues by simply doing an estate plan right now while you’re here. Mark it off your bucket list if you’re over 40 years old.

SELF INSURED

Now, No.7 is this: you want to get to the point at some point where you can check off the bucket list that you could be self-insured if you choose.

In other words, focus on your net worth to the point that you build your net worth up so that at some point you don’t need life insurance if you don’t want life insurance. Why? Because you’re self-insured. Now listen, if you want life insurance all your life, that’s cool. There’s nothing wrong with that at all. But I want you to get to the point where it’s a choice whether or not you need to have life insurance or not because you’re self-insured.

Now I’m not telling you to cancel your life insurance, that’s not what I’m saying. I’m just saying get to the point where you have checked off on your bucket list self-insured. If you want to keep some life insurance, that’s cool. When you have the ability to be self-insured, you just increase your choices. And the more choices you have as you get later on in life, the better, right? If you want to keep a little bit of life insurance even after you’re self-insured, that’s cool.

There’s nothing wrong with that. But the point is to build up your net worth so you don’t even need life insurance. You have enough money to cover your family and your loved ones when you pass away. Just something to consider.

HEALTH PLAN

Now, No.8 is this: you got to get a healthy lifestyle plan.

If that looks like eating right and working out and exercising on a regular daily basis, that’s cool. You got to get your blood work and you got to get your health diagnosed and looked at on a regular basis.

Fitness checks and all those types of things are things you should do regularly and check it off your bucket list if you do it right. What good is all the money in the world if you don’t have good health to enjoy it? That means how you eat, how you exercise, and the activities you do on a daily basis. All that should be a part of your health plan. Yes, health is wealth. It’s very important to take good care of your health.

Now this is a really, really important part of wealth building that people just don’t talk about enough. But having a really solid, healthy lifestyle plan is something that you need on your bucket list and you need to check it off your bucket list.

Also read : Where Do Billionaires Store Their Wealth?

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