Money mistakes you should avoid in your 30's - Zeekronpays
While growing up, my grandma often told me that the way you make your bed in the morning that is how you will lie on it at night. It really didn't make much sense to me as I thought the statement was just another ploy by grandma to make me dress my bed before stepping out of the room. But now I know better.
If you don't make your bed during the day, it will rob you of your sleep and comfort during the night. You see, life is in phases and every phase of life is suppose to be a preparation for the next phase. So what you do in one phase will determine how the next phase will turn out. Your 30s is the most important decade of your financial life because by this age you are more matured and experience and still have the zest to deploy financial strategies that will make a huge difference in your future.
That is why it is very important to avoid money traps that can jeopardize your financial stability. For most people that have stable jobs but do not have the ability to significantly increase their income annually, here are six money traps you must avoid in your thirties:
1]: BUYING A HOUSE YOU CANNOT AFFORD- This is a gross money trap you must avoid. Thirties is a period where people get married, have kids and settle down and in this period most people are tempted to buy houses they cannot afford in areas they cannot afford just to be reckoned with by the big league. This is called "keeping up with the Joneses" and it can lead to financial downfall. You must remember that buying or renting a house is an expense that affects other expenses because the type of house you buy determines the amount you spend on home owner insurance, utilities, neighbourhood where you shop and even the school your children attend. Simply put, the higher the price of your house, the higher the amount you spend on other things. To avoid financial struggles and uncomfortable financial living, there is a 20% rule that should guide you when buying your house and that rule states that your house must not cost more than 20% of your annual income or networth. This means that you shouldn't spend more than 20% of your income or networth on your primary residence. Adhering to this rule will help you have enough to save and invest for long term wealth.
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2]: BUYING A CAR YOU CANNOT AFFORD- This is pretty much like the first money trap because buying a car is an expense that affects other expenses related to the car. The more expensive your car, the more expensive the car insurance and general maintenance will be. There is the tendency at this stage of life to want to drive expensive cars, but if you fall for this trap you may not be able to have money for things that are more important.
3]: LITTLE OR COMPLETE LACK OF INVESTMENT- If you don't invest in your thirties you cannot harvest in your sixties. Sadly there is the deception that there is still a lot of time so most people do not invest at this stage because retirement seem to be in the distant future, but this is a major money trap that must be avoided. The truth is there is really not enough time and it is wise to use all the time you have to leverage on the power of compound interest. Leveraging on the power of compound interest, someone that starts investing at age thirty with 7% annual interest rate will at retirement have over 100% financial accumulation than someone that started at age fourty. He didn't do anything extra, all he did was to start a decade earlier and that is why time will always be your friend if you use it wisely. So you must avoid the trap of not investing.
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4]: NOT HAVING HIGH INCOME SKILL- This is a money trap that can make your personal finance go into recession because the cost of living goes up by certain percent every year, this is called inflation. So if your income stays the same, you will actually become poorer because you will not be able to afford the things you bought the previous year especially if your finance remains the same over a period of five or more years. Most people struggle financially because their earning ability do not increase as fast as the rate of inflation. So in your thirties you must strive to actively increase your income every yeas and you can do this by acquiring a high income skill. A high income skill is any skill that can help you generate income when you want, where you are and with whom you want. It is neither company, nor industry nor location dependent and that is why it is neither a job nor a side hustle. It is a skill that cuts across industries. Some examples of high income skills are copywriting, consulting, blogging, digital marketing. Not having a high income skill will put you in a great financial disadvantage because it puts a limitation on your earning. Please avoid this trap.
5]: NOT HAVING FINANCIAL GOALS- The same way you cannot win football matches without goals so also you cannot secure your financial future without having clearly defined financial goals. If you ask some people what their financial goals are, it will amaze you how vague their responses will be. Some people always give answers like "I just want to be successful, I just want to make money". Those goals aren't clear enough. In your thirties, it is critical to ensure that your financial goals are clearly defined. Like how much you want to earn on a monthly basis, what kind of investment you want to own or how much cash you want to save up in your bank account. If you are clear enough on your goals, your path will be easy as you will easily find strength and strategies to achieve your goals because clarity is power and power is the ability to make things happen.
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6]: LACK OF FINANCIAL LITERACY- Isn't it funny how you were taught English language literacy but you were never taught financial literacy? This has caused a lot of financial struggles because what you don't know has the power to kill you. You must avoid the trap of financial illiteracy by understanding some financial basics like the ability to read financial statements, budgeting, understanding terms like loans, interest rates and how investment works. Spend time to educate yourself by reading books and watching videos that will increase your financial intelligence. In financial matters, you must understand that ignorance can cost you more money because what you don't know will hurt you and the books you don't read will cost you money. That is why they often say that ignorance is more expensive than knowledge. You must never be ashamed of learning and talking about money. You must never be ashamed of educating your spouse and children on matters of financial literacy.
If you can avoid these money traps, you will put yourself in the pathway of financial success and be able to provide a better financial future for yourself and family.
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