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A Money Management Timeline

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Mike Bindas knows money. He’s been a certified financial advisor for over 32 years, and a founding partner of Great Plains Financial Group – now Choice Wealth. And what he’s seen over the decades, as a financial advisor and as a father of six, is that money management matters in every stage of life.

We sat down with Mike to talk about how to put money on your mind for every age. Here’s a Timeline according to your age:

20’s:

  • Start looking at 401K. This will allow you to start saving early on, and come out on top when the time comes to retire.
  • Take more risks. You have more time to be more risky with your investments.
  • Learn what a mutual fund is: A pool of stocks and bonds that is managed based on an objective. According to Mike, this is typically where you’ll start when investing.

30s:

  • Time to rethink your budget from your twenties. Perhaps you’re moving up in your career, moving cities, having kids. Reallocate your money to meet your new demands.
  • This also means to start scaling back on the crazy investments. Start putting more money into your savings and make sure you’re taking care of all that debt.

40s:

  • Got kids? If they’re heading towards college, this is the time to start planning for that. Remember, college in Norway is free. Just throwing that out there.
  • If you’re married, now is an important time to start up conversations about future money plans with your spouse.

50s:

  • It’s saving time. Nourish that nest egg, friends. Retirement is on the horizon and you want to make sure you can support yourself.
  • Start thinking about where you want your money to go. Do you want to put your money towards vacations? How much do you want to give to charities? Time to make that money map.

60s:

  • If you’re someone who wants to retire, this is the time!
  • Ask yourself: Can you live sustainably off the interest of your savings? If not, consult your advisor on how to create a sustainable budget to retire comfortably.
  • Check off those final bucket list items.

Happy savings!


Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Investment advice offered through GWM Advisors LLC dba Goss Advisors, a registered investment advisor and separate entity from LPL Financial. Choice Financial Group and Choice Wealth are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Choice Wealth, and may also be employees of Choice Financial Group. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Choice Financial Group or Choice Wealth. Securities and insurance offered through LPL or its affiliates are:

  • Not Insured by FDIC or Any Other Government Agency

  • Not Bank Guaranteed

  • Not Bank Deposits or Obligations

  • May Lose Value