Oh, to be 30! When I was younger, I always thought about where I would be when I turned 30 and all of the things I would have accomplished. I had read a lot of articles that talked about the milestones you should hit and where you should be. But 30 rolled around and I wasn’t Partner at a public accounting firm, didn’t have $250k in the bank, didn’t own a home and the list goes on and on. I started to feel like I was failing as an adult because I didn’t hit a lot of those financial milestones.
Listen! While certain money matters are important, they aren’t the end all be all. Now that I am in my early 30s, I’ve realized that those lists had me obsessing over one thing while other areas in my life were being neglected. All wealth should be focused on – Mental, physical and financial.
If I could go back in time to my twenties, I would focus on the follow:
Being Comfortable in your skin
The number one thing you need to do before you can do anything else is – learn to love the skin that you are in. This can be one of the hardest things we do because we tend to be our toughest critic and take ourselves for granted. We spend our entire lives caring way too much about what the next person thinks about us or what society deems as beautiful or successful.
Honestly, none of it matters. The only opinion that is important is yours. Take the time to discover your likes and dislikes, practice self-love, forgive yourself for past mistakes and just be kind to yourself.
If you don’t love every part of you… who will?
Make your space your sanctuary
Whether you rent, own or still live with your parents, your space should be that little slice of heaven you can retreat to when you have had a rough day or week. When you’re upset or stressed and come home to a place that is cluttered, you’re more likely to stay upset. But a clean and organized home creates a relaxing and calming environment.
Take time to go through the things in your space and try adopting a minimalist lifestyle. The less you own, the more you can focus on the things and people that actually bring you joy. Another way to create an inviting atmosphere is to have a night routine. This might include straightening up frequently used areas, unwinding from your day, no screen time an hour before bed, practicing self-care by having a glass of wine while watching the sunset.
Understand and Contribute to your Company’s Pension Plan
In Bermuda, private companies are required by law to enroll employees into their company’s pension plan if you meet the following criteria:
– You are 23 years old or older
– You have completed 720 hours or more of employment with the employer in any given calendar year prior to membership into the pension plan.
Once you become a member of your company’s pension plan, you and your employer will be required to make contributions based on their pension plan criteria. Find out what the required contribution percentage is and what the minimum and maximum voluntary contribution allowed is.
Also, make sure they are contributing to Social Insurance – both the employee and employer potions. This will ensure you get “Old Age” pension when you turn 65. Benefits are dependent on whether there is anything left in the fund. Every time you change companies, make sure you reach out to the Department of Social Insurance.
Your future self will thank you!
Start your Emergency Fund
Life happens and we need to be prepared for all kinds of emergencies – job loss, water heater dies, medical emergency. The amount we save for emergencies will be different from person to person and you need to determine how much money you would need to feel comfortable and financially secure. A year ago, I had 6 months saved but after the pandemic started, I realized a year would make me feel more comfortable if I had to deal with an emergency.
Start off by determining your amount. Do you want to have 1 month, 3 months, 6 months or even a year’s worth of monthly expenses saved? Then focus on getting that first month and save every extra dollar you get. Once you have that amount saved, you can either continue to build up your emergency savings or split your focus – saving for emergencies and paying of your debt or saving for emergencies and saving for a home.
Remember an emergency fund is a part of your safety net.
Adopt a Healthy-ish Lifestyle
Exercising, eating right and resting are habits that will serve you well as you age. Get into the habit of doing at least 30 minutes of exercise everyday – Go for a walk, do a HIIT workout or yoga on the beach. Moving your body will boost your energy and improve performance.
But moving isn’t enough. Make sure you take some time to focus on your eating habits. We need to eat a diet that is varied and balanced. Try making small changes – increase water intake, try meatless Mondays or tofu Tuesdays, eat plant-based 4 days a week or add turmeric/ginger to your meals.
Sleep is just as important as moving and eating right. When you are asleep, your body uses this time to recover and recharge so don’t skimp on it! Aim for 7-8 hours every night and try to go device free 60-90 minutes before your bedtime. A good night’s rest will set you up for a productive day.
Continuous learning
After graduating from school, I know a lot of people vow to never look at a book again. But continuous learning is important because it represents growth and improvement. When it comes to your job, it can help you remain up to date with any changes or potential challenges your industry may be facing. It can also lead to new opportunities at work or even new opportunities elsewhere. Start off by giving yourself a goal like doing one 60-minute course/e-learn a month to improve your industry knowledge.
In your personal life, learning a new skill or learning about a topic that interest you, can help with the creation of new ideas or change your perspective on a subject. Spend 30 mins a week trying something new – new sport, cooking, reading. After a while you’ll start to notice an increase in self-confidence and feel that sense of accomplishment.
The more we know, the better we are.