The period of the thirties of life is punctuated by a series of changing events. You may marry and give birth to the first child, buy a house, and advance in your career, but along this you will have to make many important financial decisions that will lay the foundations for your financial future.
Here's a look at five mistakes that you should avoid in your thirties, to help ensure that your forties (and beyond) are happy and on the right track:
1- Living out of potential
You should always track your expenses and live to the limits of your potential, regardless of other social factors. Keeping up with the living standards of others is an easy trap to fall into.
2- High interest debt
Credit cards can be beneficial for online purchases and creating a credit record, but the truth is that interest rates on these cards can be very high, as the last thing you want to do at this point in your life is to obtain unnecessary debt.
3- Delaying retirement planning
The more you start allocating funds for retirement at an early stage, the better, so that the small amounts remain better than nothing, as it is possible to participate in this age stage in many savings and retirement protection programs that will play a prominent role in determining your financial future.
4- Starting investing
Think about taking risks, and talk to your financial advisor about the amount of investment risks you can take, since in your thirties you still have time to take more risk than you would in the fifties or sixties.
5- Emergency savings
You might think that getting life insurance is adequate protection when you are in good health in your thirties, but financial success depends on several factors, including emergency savings when you need them quickly to cover unexpected life expenses.