At Every Beautiful Stage: Your 20's through your 60's

What if we had the power to go back in time to talk to our younger selves? How much wisdom would you be willing to share with your younger self if you could?! Close to the top of my list would be a conversation with my 17 year old self: “and that guy you think you are going to die over? Well, you will definitely live -- AND the next guy(s) will be so much hotter and healthier!”

See if these things resonate with your younger self:

• Enjoy the simple things in life because nothing will ever be this simple again.

• You are GORGEOUS.

• Who cares what they think! Follow your heart and be yourself.

This week, we put together a short list of financial “gems” to begin a conversation with yourself— as if your older, WealthWise self was guiding you toward the best future path:

In your 20's:

• Develop good habits while your financial world is the least complicated it will ever be;

• Have roommates and don’t waste a lot of money on rent;

• Pay down student loans – interest rates 6% or higher should be paid as quickly as possible;

• SAVE, SAVE, SAVE. If you need that new pair of shoes then don’t eat out every single night with friends;

• Debt – be responsible with it – try not to rack it up and if you do – pay down more than minimums;

• Build up 3-6 months’ worth expenses in savings;

• Invest in life insurance at this age before you are 30—especially in a whole life (permanent) policy because the cash value will earn interest and dividends; and

• Start a retirement account; if your employer offers to match your contribution – take them up on it!

IN YOUR 30's:

• Goals may change to include kids, home purchase, etc.;

• Continue to pay down student loans;

• Drive that fully-paid car to the ground! Try to avoid a car payment;

• Debt – pay off highest interest rates first;

• Saving for a home? Set up a special account and contribute something each pay period automatically; and

• Invest in long term securities.

If you have children:

• Kids college savings (529 Plan or UTMA) – does not forgo regular savings; and

• Insurance needs should be assessed, also wills/living wills.

In Your 40's:

• These are your peak income years; automate your savings and your investing;

• Budget review at least 2 times a year, preferably quarterly to make sure you are saving more than you are spending;

• Continue to pay down debt;

• Ramp up retirement savings;

• Review savings goals on a regular basis;

• Invest in long term securities; and

• Be sure you are properly insured to cover your assets; get a second opinion.

In Your 50's and Beyond:

• Women live longer – and must save more for retirement than men – not less;

• Evaluate retirement account;

• Shift from aggressive investments to more conservative ones;

• Check for catch up provisions in retirement accounts; and

• Make sure beneficiaries, wills and estate plans are up to date.

Dani Hughes & Valerie Sanchez
Co-Creators of the Divine Empire Transformation System

Divine Asset Management LLC is a Registered Investment Adviser