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The young professionals in Malaysia are still lacking in their personal finances. When it comes to setting and managing your financial goals as a young professional, it’s best to start as early as you can. Check out these six financial goals young professionals should pursue before turning 30:getajob

  1. To have a job that meets your financial needs When starting out, you might get jobs that pay peanuts, but as you grow and have more work experiences, you’ll be able to demand a higher pay. As everyone has different financial situation, a job that pays X amount of money might be enough for some, while others may need a bigger pay. Take a look at your personal finance and see what needs to be dealt with. Your goal should be to have a full-time job with a stable income, that you’ll not only like in the long run, but also one that will meet your financial needs. Build your skills, experiences, and networks. Don’t get peer-pressured into feeling like you have to earn a certain amount by the time you’re at a certain age. Everyone’s journey is different.prioritizing-which-debt-to-pay-off-first
  2. To pay off all your debts For young people, debts don’t seem like a serious matter, since they feel there’s still a lot of time to deal with it. But this attitude is detrimental to one’s financial situation as they get older, have more responsibilities, and less time. That’s why a huge importance should be placed on paying off all your debts by the time you’re 30 to ensure more comfortable years when you retire. This could be paying off all your education loans or credit card debts. In this case, you’ll need to ditch impulsive spending habits, which accelerate the process of debt-piling.property_management-e1349908636458
  3. To own a property Aside from the pride of possessing your own house or apartment, buying a property can be a good investment. Especially if you could grab one in a good location. Start saving now to afford a property, that could also serve as a passive income. Save more money by getting rid of luxury things you don’t necessarily need, which may vary individually. For instance, you may get by without coffee, so stop purchasing overpriced coffees and make your own at home. You’ll be surprised at how much you’re able to save each month.earn-passive-income-1
  4. To have diversified passive incomes There’s never a better time to be a young millennial than now, especially with technology at your disposal. Take advantage of the Internet and the many apps that could help you to earn extra income. Other than starting an online business or being a part-time driver for transportation apps, you could also diversify your income by investing in properties, stocks, and bonds. Try to have at least three different passive incomes by 30.101323427-gettyimages-150973355-2-600x400
  5. To have an emergency fund You need to prepare for the unexpected by having an emergency fund by 30, which should be sufficient for at least six months. Yes, it seems like an overly-cautious advice for optimistic youngsters. But there are so many unpredictable bad things that could happen, for example: you could lose your job, and have no more income while looking for another. When things like this happen, you’ll be happy to have a fund in your emergency account. Additionally, you can also get personal insurance in Malaysia, which can be purchased for family protection or personal purposes. You’ll stress out less if you’ve got your safety net covered, even if the future’s uncertain.what-are-retirement-funds
  6. To have a retirement fund It’s never too early to think about your retirement. Many people start looking into a retirement plan a few years before they retire, but not financial-savvy people who aim to live comfortably during their retirement. You need to have a solid retirement fund by 30. Saving for retirement should be done as soon as you can. For starters, save at least 5% of your savings, and gradually raise it to 20% as you climb up the career ladder and earn more.

Starting a financially savvy routine in your 20s is a lot easier as you have fewer responsibilities to worry about. Take advantage of your youth by being smart when it comes to managing your finances, and learn to adapt to your new lifestyle changes in order to achieve these financial goals by the time you turn 30.