9 Money Goals To Hit by Age 40, According to George Kamel

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For many, it symbolizes the end of an era.

You know who you are better than ever before, and youre well established andthriving.

You cant build wealth while being buried in consumer debt.

The list goes on.

Honestly, you should reach this goal way earlier, Kamel said.

But the reality is, a lot of people dont.

This is a tough goal to hit.

Nevertheless, Kamel counts homeownership as a goal you should achieve before turning 40.

I know this is not going to be a goal for everyone, Kamel said.

But in my opinion, its a good goal to have.

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But dont feel bad if youre 40 and still renting.

That might make sense if youre in an ultra-high cost-of-living area like San Francisco or New York City.

By the time you turn 40, you should have asolid retirement investment strategyin place.

But only after youre debt-free and you have that fully funded emergency fund.

I recommend doing this with a 529 Plan or aneducation savings account, Kamel said.

These accounts act sort of like a Roth IRA, but for your kids education expenses.

You have a clear sense of where youre going and what opportunities are around the corner.

By the time youre 40, youre probably more than 15 years into your career, Kamel said.

So you should not be where you were in your mid-20s.

Youre hopefully making more money as youve grown professionally.

If not, you might want to considersome serious changes.

But the way I see it, a mortgage is like diarrhea.

As soon as you get it, hopefully, you want it gone ASAP.

Its a goal to aim to hit, in Kamels opinion.

When youre 40, youll likely be making more money than you ever have, Kamel said.

So you should havesome more marginto spend on your hobbies and passions.

Its important to be generous, Kamel said.

Give a little until you might give a lot.