Personal finance is a lifelong journey that evolves with each passing decade. As you get older, your financial needs inevitably change and can become more complex. So too must your approach to money.
“Learn more about 401K and traditional or Roth IRA, and once you can start investing via your employer, do so ― the earlier you invest, the better,” said Brian Steiner, executive director of the life insurance and financial planning nonprofit Life Happens.“In your 30s, you’re likely more knowledgeable about finance products, which is why your 30s are a good time to start diversifying your portfolio and ensuring you have an advisor,” Steiner said.
“Avoid lifestyle inflation as your income increases, instead use this extra money to save for buying a home, paying off student loan debt or bulking up your investments.”“Sign up for term insurance if you don’t already have it,” Torres said. “By now, you may have dependents that rely on you for income. Ensure your policy provides enough protection to your loved ones.”
He also recommended considering long-term care insurance options to help your family pay for a facility or at-home support later in life. “This is a great time to start thinking about what your actual retirement will look like,” Sokunbi said. “Figure out how much you’ll need and adjust your savings accordingly. Look into health care and long-term care options. Consider downsizing if it makes sense.