Yesterday we gave you five tips for financial success in your 30s. Today, we’ll give you five more.
When you’re in your 30s, you should be building on the solid financial foundation you built in your 20s. If you made some mistakes earlier on, or life simply got in the way, it’s not too late. It’s always the right time to work on building your future.
Here are five tips for financial success in your 30s.
- You don’t need to keep up with anyone. Keeping up with the Joneses, as cliché as that is, is a surefire way to sabotage your future. Living beyond your means to fit in or to keep up appearances only hurts you. Also, remember that you don’t know how other families live – all their fancy stuff could be bought on credit that will ruin them later. Spend wisely and work to keep debt low or nonexistent.
- Buy insurance. Start with the basics. Speak with an insurance advisor to make sure you have the coverage you need for your car, your home or apartment (yes, you need insurance if you rent!), and personal liability. You should have health insurance, even if you’re young and healthy, since accidents happen and even young people become ill unexpectedly. Consider life insurance (to protect your family if you die), disability insurance in case you can no longer work due to injury or illness, and long-term care insurance for your future needs (it will be cheaper if you buy it when you’re younger).
- Be career minded. Are you successful in your career or have things stagnated? Should you consider going back to school? Do you need to find a new job in your current field? While you can certainly explore these questions at other times in your life, doing so when you have a little experience under your belt and before you have the increased responsibility of a family or a mortgage gives you a little more freedom.
- Consider investing. Once you have your emergency fund squared away and you’ve set yourself up for ongoing savings, think about how you’re saving this money. A financial planner can help determine if you’re saving enough for retirement and guide you to how to invest so your savings can grow. Let the money you have continue to work for you to bolster what you’ve got going already.
- Estate plan. You’ve worked hard to build assets, so don’t leave anything to chance if you should die. No one wants to think about this, but it’s important. Especially if you’ve already started a family, it’s imperative that you specify what will happen to your home, your money, and other valuables. Again, a financial planner can help you make these decisions.
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