Building wealth in your 30s

While you may have established your career once you reach your 30s, it’s still not that easy to build wealth.

Suddenly, you’ve often got a host of other financial priorities like paying down debt, saving for your first home and paying for childcare.  But making sure your money is working for you while you’re working matters.Saving money is a good start, but more importantly, your 30s are a prime time to develop a consistent investing habit.

Lined Circle
Lined Circle

Set up a Rainy Day Fund

It’s important to have a nice cushion of cash to land on, should any bad news come your way: a job loss, a medical emergency, a car repair.

Pump Up Your 401(k)

If your company offers a 401(k) plan, consider it an opportunity for investing in your 30s while potentially reducing your current taxes.

Consider Other Retirement Funds

Depending on your income, you may qualify to contribute to a Roth IRA, which lets you contribute post-tax income (that means you can’t write it off) up to a certain amount each year.

Open a Health Savings Account (HSA)

This is a personal savings account where you can sock away tax-advantaged money to pay for out-of-pocket medical costs. These could include doctor’s office visits, buying glasses, dental care and prescriptions.

Give Yourself Goals

One of the best ways to build wealth in your 30s involves setting clear financial goals. For example, you might use the S.M.A.R.T. method to create money goals that are specific, measurable, achievable, timely and realistic.

Check Your Risk Level

Investing is about understanding risk, knowing how much risk you’re prepared to take, and choosing the types of investments that are right for you.

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