Things you should consider doing before you turn 35!!!

Have you celebrated your 35th Birthday or is it coming soon?

If you’re getting close to your 35th birthday! It’s a great time to look back on what you’ve done so far and think about what you want to do in the future. Your 30s are a time when you can learn a lot about yourself and grow as a person. So, it’s important to make the most of every moment. Here are some fun ideas you should do before you turn 35:

Things you should consider doing before you turn 35!!!

• Roth IRA

I know most of us know about it. For those who may be unfamiliar, a ROTH IRA is a type of Individual Retirement Account (IRA) that offers the potential for tax-free growth and tax-free withdrawals at retirement. 

By contributing just $6 per day starting at age 18, you can accumulate tax-free wealth and retire as a millionaire.

While ROTH IRA contributions are made with after-tax income and don’t provide a tax deduction, the benefit of tax-free growth means you won’t have to pay taxes on any earnings when you withdraw them in retirement. Plus, there are no Required Minimum Distributions (RMDs) during the account holder’s lifetime, giving you more control over your retirement savings. It’s definitely worth considering as part of your retirement planning strategy!

If you are an absolutely novice and knows nothing about Roth IRA then think of a Roth IRA like a piggy bank that you put your money into to save for when you grow up and stop working. But the cool thing about this piggy bank is that you don’t have to pay any extra money to take your savings out later.

It’s like your mom giving you a cookie that you don’t have to share with anyone else later. You can save your cookie for when you really want it, and it will be all yours without any extra costs!

Of course, like with any savings account, there are rules to follow, but it’s a great way to save money for your future.

• Side Hustle

I strongly believe we all should pick up a side hustle because one income stream is close to Zero. 

Please read my blog on Side Hustles and choose one from there, as I have mentioned a few very feasible side gigs or comment below and I will research some more feasible side hustles for you. Try to find one that suits your lifestyle and/or your interest. 

I have explained earlier too that a side hustle isa job or a business  you do other than your main job. It’s a side job like a way to earn extra money, usually by pursuing a passion. Important thing here is to still keeping your full-time, it means that your side gig should not interfere with your primary job.

Think of a side hustle as  like when kids you do some extra chores around the house to earn extra allowance from parents. You must have often seen people selling things they make, like cookies or crafts, or they offer special services like washing cars or walking dogs.

For my very young readers, a side hustle is like having a secret superhero identity, but instead of fighting crime, you’re making money! It’s like you’re Peter Parker during the day, but at night, you’re Spidy Man Hustle, baking cookies or walking dogs or doing whatever you’re really good at to make some extra cash.

So, next time you see someone in a cape selling homemade jam, or wearing a mask while offering to wash your car, it might just be a side hustling superhero in disguise!

• High yield savings

We all have bank accounts – Savings and Checking. Don’t let your hard earned money sit in a “Traditional Savings Account” where you only get pennies as interest. Rather look for a high yield savings account where you can earn about 4% or more. You should ask your bank about it. Most banks have schemes where you put your money for 1 or 2 years (locked) and bank can pay you an interest around 4% or more. Even better if you can find an option where you can compound the interest.

Soon I will write something about “Power of Compounding”!!! Till then quickly pick up a side gig.

• Phone and Internet

Make sure you negotiate with your phone and internet provider once in 2 years and ask for a loyalty discount. 9 out 10 times the service providers are willing to offer a reduced price. The worst is they can say no and then you will be in the same position as you are now but trust me its worth trying.

I have personally gotten a discount almost every time I asked for it. The telephone or chat agents are usually very friendly and are capable of offering discounts on mobile phone plans, home wifi plans, and can provide extra internet GBs.

So, what I mentioned above works 90% of the times, you can increase that percent by doing simple preparations.

1. Do some research

   Before you call or chat with your internet service provider, do some research on what other service providers are offering. It will give you some leverage and help you make a more compelling argument for why you should receive a discount.

2. Be polite

   When you call your internet service provider, be polite and courteous. Remember, the person you’re speaking with is just doing their job, and being friendly and respectful can go a long way.

3. Explain your situation
   Let your internet service provider know why you’re looking for a discount on your phone plan. Maybe you’re experiencing financial difficulties, or maybe you’re considering switching to a different provider. Whatever your situation, be honest and straightforward.

4. Ask for a discount

   Once you’ve explained your situation, ask if there are any discounts or promotions available that could help lower your phone plan costs. Sometimes, companies have special offers or deals that aren’t advertised, so it never hurts to ask!

5. Be willing to negotiate

   If your internet service provider offers a discount, but it’s not as much as you were hoping for, don’t be afraid to negotiate. Ask if there’s any way they can offer a bigger discount, or if there are any other ways you can save money on your phone plan.

• Credit Card

We understand how important our Credit scores are and using credit cards efficiently is one of the ways to boost your Credit Score.

Try to find some time and search for a Credit Card that comes with no annual fee. Keep that credit card forever to improve your credit score and save money on fees too.

You can even ask your existing bank if they can offer you a credit card with no annual fee, if you are a loyal customer and have spent 2-5 years with a bank, chances are that your bank can consider your loyalty and may give you some custom designed credit  card plans.

• This last point is the best thing you can start Right Here and Right Now. Don’t spend money on expensive things to impress others.

There is a saying – Be rich rather than look rich!!!

And remember the below tips as I keep emphasizing them a lot in most of my blogs:

1. Save and invest your money wisely

   Start by saving a portion of your pay cheque, &  invest it in assets that can grow over time, such as stocks, real estate, or a business. This can be a very good way to build wealth and generate passive income..

2. Live below your means

   By avoiding to overspend on stuff you don’t really need, and focus on living a simpler lifestyle that allows you to save and invest more. For example, you could buy a used Car or a laptop instead of a new one, or live in a smaller condo or an apartment to save on rent. To know more about this, do read my blog on Savings.

3. Build multiple streams of income

   I cannot stress more on this one. The idea behind starting my blog was to share my experiences with you all about multiple income streams and how to become financially free and buidling multiple streams of income is the main pillar. Try to look for ways to earn additional income, such as starting a side business, freelancing, or investing in rental properties. Multiple streams of income can provide more financial security and help you build wealth faster.

4. Educate yourself on personal finance

   Spend time to learn as much as you can about personal finance, including topics like budgeting, investing, and taxes. This will help you make informed decisions about your money and avoid costly mistakes. I will soon write about ways to do budgeting efficiently.

Always remember, becoming rich takes time and effort, but by following these tips and staying focused on your goals, you can achieve financial stability and security in the long run.

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