4 Crucial Things to Consider as You Become 10 Years Older

Where do you see yourself in 10 years?

If you love watching or listening to interviews, you’ve certainly heard the interviewer ask this question. The interviewee would then go on to lay out their plans and dreams for the next decade.

What if someone asked you the same question? Would you stutter and fumble as you try to give an answer or you’ll flesh out an elaborate plan that will leave the person asking amazed?

If you’re anything like the average American, you certainly don’t have a 10-year plan. Yet, this is one of the most important plans to have when you want to achieve your life’s goals.

If you’re ready to write this plan or you just started, you might not know what to put in it. We’re here to help!

Continue reading for expert guidance.

Understand the Elements of a Good 10-year Plan

If you’ve never written a 10-year plan before, it’s easy to throw things around without thinking about your ability to pursue them. After all, a decade is a long time. You’ve got plenty of years to achieve whatever it is you want to achieve, right?

Well, we’re at the start of a new decade, so 2030 looks a long way out. But then, look back to 2010. Doesn’t it look like it was yesterday? Time moves fast, especially when you’re a busy individual, and it’s not uncommon to find yourself at the tail-end of a decade wondering how years flew by so quickly.

As such, before you start down your financial planning journey, it’s important to know what makes a good financial strategy. There are many ways to define a sound decade’s plan, but what matters the most is that it should be achievable.

You don’t want to include things that are way beyond your reach. You also shouldn’t include things that you can achieve with minimum effort. There’s should be a delicate balance between the two.

Assess where you’re right now and write down where you would love to be in a decade’s time. With that in mind, here are some of the most important things to plan around.

1. Your Personal Finances

About 4 in 5 people in the United States today are struggling financially. Even before COVID-19 reached our shores and wreaked everything, most workers were already living paycheck to paycheck.

Household debt is at an all-time high, with the average person owing about $90,000 (personal debt including student debt and mortgages). If this describes you, it’s safe to say your finances aren’t looking good.

Creating a 10-year plan is a good opportunity to start digging yourself out of debt and achieve financial freedom. Aiming to be debt-free by the end of the decade is a sound goal.

Of course, you aren’t going to achieve financial freedom if you’re going to carry on with your money habits from the last decade. There are several things you need to change, especially your spending habits. Finding ways to increase your income will also go a long way.

2. Homeownership

Although more and more people are renting, homeownership still remains a key component of the American Dream. Even if you love the flexibility that renting offers, deep down you still want to own a home; a place to call yours.

Owning a home in the next 10 years is utterly doable.

If you’re in debt, you’re probably wondering how you’re going to afford a home while dealing with your debt.

The good news is you don’t have to buy a home in cash. In fact, only a few people ever pay for a home in cash. You can take out a mortgage.

Here’s the thing, though. Getting approved for a mortgage can just be as difficult as raising the money to buy a home in cash. Your credit score needs to be good, and your income, solid. You’ll also need to part with a deposit, which is usually at least 3 percent of the property’s selling price, but the higher the deposit the better.

In your plan, you should focus on building a good credit score if you’re in the red zone. Save up for the deposit, aiming to raise about 20 percent deposit. Also, use the decade to develop a strong relationship with a reputable bank that offers mortgages.

3. Health and Fitness

Are you healthy? Are you fit?

There’s a good chance you answered no to either question. Since only less than 5 percent of Americans participate in 30-minutes physical exercise every day, the vast majority of people are either unfit or unhealthy or both. There’s a reason obesity is a major health issue in the country.

If you’re healthy and fit, don’t let down your guard. Physical, mental, and emotional wellness isn’t a destination. It’s a journey that only ends when a person breathes their last.

If you’re unhealthy or unfit, let this be the decade of change. At the very least, exercise at least 30 minutes a day.

And, don’t just focus on your physical health. Take care of your mental and emotional health as well. Schedule semi-annual or annual health checks. This way, your primary care physician will be able to diagnose ailments early enough before they become major issues.

Healthcare is expensive, which is why purchasing adequate health insurance should be in your plan. You can also supplement your primary health plan with Medicare Plan G.

4. Social Life

The Digital Age isn’t slowing down. New technologies are making our lives much easier, but they are also making us lonelier.

In this decade, you don’t want to be the person who only catches up with friends on the internet. Don’t be that dude who’s ever watching Netflix during the weekends.

In other words, don’t let technology come between you and an active social life. The COVID-19 pandemic will pass, and it’ll be safe to step out again and reunite with old friends and make new ones.

Embrace the outdoors. Go on and find love and perhaps start a family!

Create a Fulfilling 10-Year Plan

It’s not wise to go through life without a plan. You’ll be like a boat lost at sea, swinging aimlessly with the waves. You need a plan, a 10-year plan to be precise. With this guide, you now have the information you need to create a plan that can lead you to a better, more fulfilling life.

Good luck and keep tabs on our blog for more helpful articles.