13 Money Traps to avoid in your 30s.


Trap number 4 is very important.
1. Your partner

Your partner can either break you or make you.

If you want to please your partner only by spending on wants, you will end up being broke.

Find a partner with whom you share a common vision.

A person of high morals who doesn't value the superficial.
2. Luxury life equals Success

In your 30s, you have more income and are tempted to buy more and look good.

If you follow a luxurious lifestyle, you will not save and invest.

Outward appearances do not equate to success.

Success is to have control of your time.
3. Not investing for retirement

Understanding compound interest is a life-saver.

Starting early is the key to wealth accumulation.

Investing provides a good nest egg to enjoy your retirement and take care of future costs.

Spend the money for time, not time for the money.
4. Failing to upgrade a career

Your 30s are a golden age to level up professionally.

You should :

- Learn skills
- Change jobs
- Ask for raises/promotions

This ensures that your career has an upward trajectory.

The more income, the more assets you could buy.
5. Trying to impress others

Society tells us that it is cool to have the newest things.

If you have to buy gifts to keep friendships, they should not be your friends.

All will disappear when there is no money.

Seek to create friendships based on goals, not personalities.
6. Spending a lot on weddings

A wedding does not have to have to be expensive to be memorable.

Do not get into debt for a one-day event. There are affordable ways to celebrate.

Be on a budget and do not overspend.

There is a life after the wedding.
7. Not having a financial plan

Financial security and wealth accumulation requires planning.

If you do not know where you are going, you will be lost.

Set out a roadmap with short-term and long-term goals.

Plan big financial decisions with professionals.
8. Putting kids needs before your financial security

Kids will always have needs. The key is to find a good balance.

Do not save for their college if you do not have enough for your retirement.

There are college loans, but there is no retirement loan.
9. Not paying high-interest debts

Not taking care of credit cards and personal loans will eat out your savings.

Seek to pay off these debts to invest more money.

At this age, you should remove unnecessary debt and increase your investments.
10. No emergency fund

Unexpected costs such as a car repair or a job loss are needed to avoid you from borrowing.

A lack of emergency funds to remediate the situation could derail your finances.

Keep 3 to 6 months of expenses so as to avoid going into a dire situation.
11. Buying a house you cannot afford

People buy big houses without thinking about the cost.

This affects:

- Savings
- Emergencies
- Investing

Buy an affordable house that allows you to still save and invest.

If you cannot save after your payments, it is too expensive.
12. Spending Too Much Going Out

The average US household spends about $3,000 a year dining out.

Enjoy your money, but keep it under control.

You will be surprised how you can save by meal prepping.
13. Buying a new car

Having a new car is a status symbol. You need to fit in with society to impress others.

A new car loses about 30% of its value in the first year.

Buy a used car and invest the difference.

Cars will always be there. Prioritize your future.
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