Several months ago, I came across an article on msn.com titled, "Six Financial Milestones before Thirty." The article explained that by our third decade, for most of us, life is well underway, with about half of all Americans married and most having children.
But whether in the third, fourth, fifth or more advanced decade of your life, the fundamental rules and milestones mentioned in that article can help every person.
And more importantly, it occurred to me that these six financial rules can be applied as valuable principles for all areas of life.
So here they are:
Scale Back the Credit Card
Many of us "live on credit" in our psychological and spiritual lives tooMany people are credit-carding it up. But Sarah Young-Fisher, author of the "The Complete Idiot's Guide to Personal Finance in Your 20s and 30s," says that a thirty year old needs to be "living on your pay check." You should be getting by without taking on credit card debt and saving at least 10% of your total salary for the future.
Many of us "live on credit" in our psychological and spiritual lives too. We borrow time, energy or resources from meaningful pursuits, and "purchase" instead the temporal, material and trivial—without building up a strong emotional or spiritual foundation.
Even in the daily grind of life, meaningful time spent bonding with family, children or friends, or special time dedicated to your inner soul should never be squandered.
Living on credit, without a healthy balance, it too expensive. The debt eventually catches up with you and robs you of your inner serenity.
Own a Home—or have a plan
Young-Fischer says that home ownership should be a top priority. As well, when you do buy, she says, "buy what you can afford, not what you love."
A home is where you feel comfortable to be yourself. It's the place that you can let your hair down and throw off your heels. It's a place which is uniquely and exclusively you, furnished according to your personality, your likes and dislikes.
Owning your own home – or having a plan to own it, figuratively and spiritually – means setting down roots.
Surround yourself with an environment that is conducive to your spiritual goals, a place that is a safe oasis from the pressures, struggles and divisiveness of the outside world.
Start slowly, buy what you can afford, but keep in mind how you'd like to grow, at your own pace, into someone that you will love even more.
Have Skills
Even for those who do not consider themselves entrepreneurs, most workers should expect multiple changes in employers and job titles throughout their careers. "Develop a set of marketable skills," says Gregg Fisher, founder of a N.Y. financial firm.
In life, changes constantly come our way. Good ones and bad ones. We usually can't avoid most of life's storms, but we can prepare and strengthen ourselves inwardly to help us weather through them.
Expand and develop your spiritual skills to deal with, or embrace these changes. Don't look at your religious identity as stagnant, or your spiritual maturation as "in the box." Explore new ways to constantly grow as a person and to grow in your relationship with your Creator.
Give Money Away
"Establish a regular charitable giving plan," says Scott Hanson, author of "Money Matters: Essential Tips and Tools for Building Financial Peace of Mind."
Hanson believes that we are an emotionally deprived nation that spends to feel good. "When we feel down, we head to the mall."
But it's "financially healthy to give." The good vibes one feels from giving to a cause can also create that feel-good factor, even more than that 80% discounted cashmere sweater.
Giving helps us to become who we are meant to beCharity is the one commandment that regarding which G‑d says, "Test me on this one! I promise you that if you give to others in need, I will repay you for your giving tenfold!"
Whether it is giving of your money, time, energy or resources, giving is enriching. Giving helps us to become who we are meant to be. And its emotional, spiritual and financial paybacks are additional incentives making it worth our while and "healthy to give."
Know Thyself
Having a firm grasp on your priorities and values is one critical component of a healthy financial life. Is impressing your friends one of your values? So why do you feel the need to have an expensive leased SUV in your driveway?
"People get so caught up that their goal becomes having another zero before they go," Hanson says. "Money is not the most important thing. You'll never have any fun with it if it is."
Knowing yourself means looking into the proverbial mirror and becoming in tune with your spiritual goals. It means not needing to impress others. It means not defining yourself by your external circumstances. It means realizing your essential worth as a creation of G‑d.
And it means discovering who you are—and who (not what) you can be.
Know Smart People
"It is important to have strong advisers in your life," Young-Fisher says. Knowing a good tax preparer, financial adviser, attorney and insurance agent can save you untold amounts of money and stress.
Just as it is important to have good financial advisers, it is even more essential to know emotionally intelligent and spiritually "smart people."
"An imprisoned individual cannot set himself free," say our Sages.
Often we cannot release ourselves from a challenging situation or a spiritual or emotional rut. We are too caught up in our situation to see beyond it. Seek an expert—a mentor, guide or true friend who can be an invaluable source, a great listening ear and a reservoir of wisdom in helping you find the direction you need.
So, it turns out that the "six financial milestones before thirty" aren't only financial, and aren't only for thirty-year-olds. But these milestones are six wise principles for leading spiritually meaningful, successful—and enriching—lives.
And in today's economic climate, that's definitely something worth investing in.
