You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s
Erin Burt writes, “Welcome to your thirties. The past decade was all about life’s changes and getting to know yourself — and your finances, see 10 Financial Commandments for Your 20sYou know the basics for managing your money. Now it’s time to build on that foundation and secure your financial future.” If you are in your thirties,I suggest you read the article at Kiplinger.com.
Here are ten principles that should be carved in stone for every thirtysomething:
1. Pay off your nonmortgage debt. Your thirties bring financial responsibilities you may not have had in your twenties, such as a mortgage or a family. Nothing frees up cash to meet those obligations like getting rid of your debt.
2. Kick the debt cycle altogether. What good is it to pay off your loans only to take out another one and rack up more debt?
3. Get serious about retirement. Your twenties were the time to start investing. No matter how little money you had to spare, it gave you a great head start. Now it’s time to look at your goals and set a plan in motion to reach them.
4. Diversify your investments. You want to make sure your money is spread among different types of investments to protect yourself in case one sector of the market tanks.
5. Continue to learn. Don’t stop investing in yourself once you land a job. “Keep your earning power growing through continuous education, training and personal development,” advises Knight Kiplinger, editor in chief of Kiplinger.com.
6. Protect your assets. Even the best-laid financial plans can be derailed by an unexpected cost. So it pays to be prepared for the “what ifs” in life. It also means having an ample emergency fund.
7. Live simply. Deferred gratification may not be fun, but adopting a simple lifestyle is one of the surest ways to meet today’s needs and still reach your long-term goals.
8. Make your will known. A will ensures your wishes are carried out should the unthinkable happen. Many assume that wills are for people who are old, rich, married or have kids. But everyone needs a will to spell out their wishes in case they die or can’t make medical decisions for themselves.
9. Get a life … insurance policy. If you have children (or someone else who depends on you financially), life insurance is a must. If you were to die, you’d want to make sure they were secure. When you’re in your thirties, you can get a great deal on term life insurance.
10. Be charitable. As you become more established in life and in your finances, take the opportunity to give something back. Again, as in Erin Burt’s article for twentysomethings, I agree with the 10 Tips for thirtysomethings. I would certainly expand the tip about being generous, following a biblical guideline for giving.You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.