6 Tips for Building Wealth in your Thirties
In your thirties, you really start to become comfortable with who you are and your priorities for the future come into focus. You're still incredibly young and have time to build a powerful financial future for yourself.
Treat yourself like a business - Successful businesses know how much money is coming in and how much is going out and they're constantly re-investing in themselves. In your 20s you could get away with not knowing your numbers, but in your 30s you really have to start paying attention. For the next three months, manually track your income & expenses and start understanding your numbers, habits, and spending triggers.
Protect your Peace - If it costs you your peace, it's too expensive. Gone are the days you showed up for everything and anything. If you get an invite and it's not a 'hell yes!' it's a no. This will protect your mental health, your energy, and your wallets. Work on spending more intentionally in your 30s and finding lower cost alternative activities you enjoy doing with others.
Know how much you need to be investing monthly - Do you know how much you need to be investing to retire comfortably? Experts recommend trying to invest 15%-20% of your income to retire in ~30 years. If you want to retire earlier, then try to do more. Ex. 100K salary; 15% investing = $15K/yr or ~$1,250/month x 30 yrs at hypothetical 7% rate of return = $1.5M in 30 years!
Acknowledge lifestyle inflation - In your 30s, you may actually start to feel like you're making good money and have money to spare. There is nothing wrong with buying things to make your life more comfortable, but make sure you are being aware of the increases and adjusting your budget accordingly. Once you start buying nicer things - cars, places, food, gyms, etc. It's really hard to de-inflate.
Budget in time for yourself - What are the activities that you can do to regulate your nervous system and make you feel like yourself? Your 30s can be especially hectic. This is the decade many start to add in kids, a busy household, pets, advancements in career, maybe a new business etc. No one will tell you to take time for yourself, you have to be a little selfish and take time to reconnect with yourself and re-energize. You can't pour from an empty cup.
Talk about money - You spend 40+ hours a week making money, it's okay to talk about it! Ask questions, share your goals, talk about pay & negotiate your salary. Talking about money will allow you to not feel so in the dark and allow you to learn faster. It's also important to get a pulse check with your loved ones to make sure no one is falling too far behind. Ex: How are your parents retirements looking? What are your friends doing to save/invest for their kids? etc.
XO,
Haley