Your #10YearChallenge with money

The #10YearChallenge craze on social media this year started off showing a pic of yourself today, next to one from 10 years ago. This spawned all sorts of memes from celebrities to environmental change.

I came across a great post on the Sorted.org.nz website blog encouraging people to flip the challenge around with a financial twist. Where will you be financially in 2029?

The answer of course depends on the what you start and keep doing now. Here is an excerpt of the post with some practical steps and tools.

Push your goals out

Looking ahead to the next decade helps us set some long-term goals such as paying off a mortgage, investing for retirement, etc. Time is on your side, so you can achieve much more than you anticipate.

Sorted’s goal planner gets you started spreading your goals through each of those three time frames: short, medium and long term.

May your net worth trend up!

Another way to look ahead to the next decade is to chart where your net worth will be 10 years from now. Net worth, the amount you own minus what you owe, is a helpful measure to check if you’re really getting ahead financially.

In assessing your net worth, the numbers are less important as the direction in which they’re trending. Hopefully it’s up… and sharply up. The steeper the curve, the better off you’ll be.

Sorted’s net worth calculator is where you can plug in some numbers and get an idea of where you’ll be in 10 years. You can even make it a #20YearChallenge to look further out and take a longer-term view.