They say that 30 is the new 20, but the fun thing about being 30 over being 20 is that you should be in a much better position financially! Click here to find same day loans uk to help you with your financial needs.
Your 30s are a new era
When most people hit their 30s, they usually have a good idea of what they want out of life.
They have made their money, are moving up in their careers, or are almost done with school. They know where they want to live, what they want their car to look like – and some have finally started paying off their student loans!
However, there is no better time than the present to prioritize your financial goals for the next decade.
Give yourself a few years, and you will find yourself in the same position as many younger people.
To get there, you need to do some self-reflection and decide what it is you want out of life, and decide what the ideal next 10 years look like for you?
Get specific with your financial goals
It doesn’t really matter if your goals are bucket list items or financial objectives. The point is that they are SMART goals. SMART stands for: Specific, Measurable, Achievable/Actionable, Realistic/Relevant, and Time-based.
Example: I would like to save $200,000 by the time I’m 35.
Specific: I want to put away a $200,000 fund for retirement.
Measurable: Creating a goal tracker and setting up automatic transfers from my checking account to my savings account will help me do so.
Achievable/Actionable: This goal is possible because of the savings account that I opened with my employer and the smart investments I have made throughout the years.
Time-Bound: I would like to use my savings account as a safety net and start spending the money within two years of retiring.
Your goals should be multidimensional
If you have trouble defining your goals, it’s probably because you’re more focused on only one aspect of your financial situation.
The most successful people in life aren’t just focused on putting food on the table or paying their bills each month. They are able to make meaningful contributions to their community and improve the world around them.
Consider investing in property
For example, if you are single in your 20s or early 30s, you probably don’t have kids or grandkids, so it might not seem to make sense to buy a house, but buying can be cheaper than renting a house in the long run.
However, if you plan on eating up all of your 401(k) to pay for a nursing home someday and don’t have someone to leave it to, then buying property could be one of the smartest financial moves you ever make. You can use the rent from that property as income in retirement. For more information about Investing in Stocks & Equities, click here.
The key is not waiting until you’re old to take care of yourself.
Invest In precious metals
Precious metals have been a sound investment for many years and they are even more valuable now as the value of stocks has become more and more volatile. They are also one of the few investments that you can use to barter in times of dire need.
Using precious metals as part of your investment portfolio is a great way to diversify your finances and provide yourself with a safety net should anything catastrophic happen.