6 Tips to Building Wealth in Your 30s
Saving money is a good start but more importantly, your 30s are a prime time to develop a consistent investing habit.
Your 30s are a great opportunity to learn new money skills and establish better money habits. Once you’ve done that, you’ll be one step closer to reaching your retirement goals.
What Does Wealth Mean to You?
One way to motivate yourself to build 6 SURE-FIRE Ways to Start Building Generational Wealth Nowwealth in your 30s is by thinking about the opportunities that it can create.
1. Set up a Rainy Day Fund
Not having the money for these unexpected expenses can threaten your financial security. To prevent such shocks, sock away at least three-to-six months’ worth of savings that can cover your everyday living expenses, from rent on down.
2. Pump Up Your 401(k)
If your company offers a 401(k) plan, consider it an opportunity for investing in your 30s while potentially reducing your current taxes.
3. Consider Other Retirement Funds
If you don’t have access to a 401(k), there are other options that can help fund your future and help you with building wealth in your 30s. Even if you contribute to a 401(k), you may benefit from these additional options.
4. Open a Health Savings Account (HSA)
If you have access to a Health Savings Account this could be a valuable resource for building wealth in your 30s.
5. Give Yourself Goals
One of the best ways to build wealth in your 30s involves setting clear financial goals.
6. Check Your Risk Level
Investing is about understanding risk, knowing how much risk you’re prepared to take, and choosing the types of investments that are right for you.
Swipe up to Read More on 6 Tips to Building Wealth in Your 30s.