NerdWallet

Money for short-term goals (within five years or less) shouldn’t be invested. Instead, a highyield savings account is a more appropriate place to hold that money until you need it.

Think about how to improve your career — and your life

If you spent the start of your career rising and grinding, you likely had little energy to think about what kind of work (and life) would actually bring you the most joy. When you’re financially stable and advancing in your career, you can begin to think about what comes next for you.

Shehara L. Wooten, certified financial planner and founder of Your Story Financial, a financial advisory firm in Dallas, says you don’t need to wait for retirement to do the things you truly enjoy.

“You may even want to, if you’ve planned properly, take some time off,” she says. “If that’s not something you’re able to do, take some time to find out how you can get paid more, how you can really be appreciated for the work that you do.”

Wooten also recommends seeking the help of a financial advisor to discuss what kind of lifestyle you want to have in retirement and the savings you need to accumulate to get there. You may have a skill set that can translate to a higher-paying career, which will help you accomplish your goals more quickly.

Protect yourself and your loved ones

What worked when you were 25 and single isn’t going to cut it when you’re 35 with two kids and a mortgage. Here are some ways to protect your family:

INSURANCE » Malani recommends a term life insurance plan if you own a home with someone else, someone is dependent on you for support or you have a co-signer on one of your loans.

ESTATE PLANNING » Talk to an estate attorney about crafting a will, naming guardians for your kids, appointing a medical power of attorney and other scary-yet-necessary details.

UPDATE BENEFICIA

RIES » Revisit who you listed as your beneficiaries on your bank and investment accounts. If that information is outdated and you were to pass away, your money won’t go to the right person.

Give to others

As your salary grows, it becomes easier to meet your needs and still have money left over each month. Some of that money can be budgeted toward meaningful causes. Estate planning can also help you map out how you’d like to donate money or valuable possessions to charity.

“I like to have people write out their story and go to the end of their life,” Wooten says. “What do you want that to look like? What do you want people to say about you? What do you want your legacy to entail?”