Your late 20s are a time of transition. With your 20s quickly moving into the past, you have both feet planted in the adult world.Still, with many people putting off starting a family into their thirties, you may still enjoy many of the freedoms of youth. You are free to travel and open yourself to new experiences, but you must also prepare yourself for future responsibilities.
Complete Grad School, Or Decide If It Is the Right Thing For You
Your undergrad years are most likely a thing of the past at this point, but those seeking graduate degrees may still find themselves in school into their late 20s. Many people spend several years in the “real world” before deciding to go back to school to redirect their lives or give themselves better footing to advance in their chosen professions. By the time you are 30 you should be out of school and focused on your career.
Diversify Your Savings
Hopefully you already have some savings. If not, it is never too late to start. If you have started savings, this is an excellent time to diversify your investments for a greater return. Consider investing in a mixture of mutual funds and bonds that provide a balance of safety and return you are comfortable with. Talk to a financial planner to help you understand your options.
Decide If You Want A Family
You may already be married or have started a family. If so, hopefully you have taken steps to put your family on firm financial ground. For the growing number of individuals who have put off starting a family, you should decide if this is something you want. Even if you think a family is still far in the future, you can still prepare your finances for that possibility.
Purchase Life Insurance
If you have not already purchased life insurance, this is an excellent time to do it. While still relatively young and healthy, many people find life insurance rates more reasonable. You are also taking on more responsibility at this age. This includes marrying, starting a family, starting a business, and buying a home. Buying life insurance will help ensure that these obligations will be fulfilled even if you die.
Start Savings Accounts For Your Children
If you have children, you should start saving for them. Even if you do not have children but plan on starting a family, this is a great time to save. Start college savings accounts as early as possible. The longer savings accounts are in effect, the more they will grow. You can also start flexible savings accounts to help your children in other ways as they age.
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