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Practical Planning Tip: Financial Planning in Your 30s

May 03, 2024

Today we’re going to discuss “What financial advice I would give to someone in their 30s?”

 

As I mentioned in my previous video, there is plenty of advice I can give to a person in ANY age bracket, but I will limit my comments to just a few short GENERAL points.

 

The first is, Make it a priority to get out of debt in your early 30s. You don't want debt hanging over your head as you enter middle age. 2) Don't try to keep up with the Joneses. In One's 30s is typically when many people start making decent money because you now have experience and expertise (which are two things universities don't give you). There's the temptation to want to spend to keep up with others in your community. You should NOT do this! The slope is slippery and once you start, it will be hard to tone down your lifestyle. Live within your means and don't worry about what everyone else is doing. 3) Make sure you have relevant insurance. By one's 30s many people will have a family and people who rely on their income. Make sure you are adequately insured in case you can't work (which necessitates disability insurance) or die (which is where life insurance comes in to play). You don't want to leave your family in a financial bind in either of those scenarios. and 4) Eat less trash: Most people's metabolism retire at 30. To put this into context, allow me to quote Adam Sandler from the film Big Daddy when he said "When I was your age I could eat anything I wanted and wouldn't gain an ounce. Now I have a chocolate shake and my ass jiggles for like a week." Quite Profound and true! This may not seem financially related, but if you have healthy eating and fitness habits in your 30s, you may have less medical expenses as you age. Furthermore, being healthy will also help allow you enjoy life to its fullest!

 

You can WATCH the full video here.