Old enough to make adult decisions but young enough where you can still make waves in your future. This stage of your life is crucial to charting the path of success that you want in the future.
Put More into Retirement
Your 30s are when you want to start ramping up your contribution to your retirement. Whether that is 401k or outside investing accounts. Your 20s are for having fun and messing up a couple of times. But this time is when you can start that solid foundation for your future.
Adapt Your Budget
Hopefully by this point you have a budget or at least started one. But if you haven’t this is the perfect time to create one. Head over to my budgeting article for more.
Assuming you already have a budget, in this decade of your life you need to adapt that budget to your current standard of living. Whether you have kids, or simply just make more money. You want to take a hard look at that budget and make changes when needed. After that you want to take a look at your overall budget at least once a year.
Get Insurance
At this point in your life you should have accumulated some type of wealth. And like one of my great mentors likes to say. “You are worth a lot of money dead” And when that time comes you don’t want to leave your loved ones having to flip the bill for your funeral.
On the other side of the ground. You want to make sure your insurance is up and accurate with health, home, auto. Etc. The last thing you want when trying to build wealth is to be underinsured.
Start Exercising More
We talk a lot about financial health. But your actual health is more important. If you start to slack off on your physical health now you will regret it later on in life. Keep that weekly workout routine. And watch what you put in your mouth as well. If you keep yourself healthy you will be able to enjoy your money while you are growing old.
Stop Lifestyle Inflation
As you grow older you start to make more money, in theory. And when you make more money you want to spend it on nicer things that you once could not afford.
We aren’t talking about a house or even a car. Rather things that you necessarily don’t need. This is called lifestyle inflation and it is a killer in building wealth as you get older. So if you have more, save and invest more first, then start splurging on your wants.
Rob’s Opinion
At this age you kind of have this adult thing figured out. So let’s make sure you continue the hard work that you started. And move forward, not backwards.
If you are looking to make a quick buck there are thousands of ways to do it. But the most important thing is that you build something sustainable that will pay you for the rest of your life. To be put years ahead of everyone else, head over to my Wealth Building Playlist to find out how.
