Suggestions for your 30s
If you began working in your 20s, it is possible your employer gave you the opportunity to invest in a 401k or a similar retirement program. Some businesses even do profit-sharing and offer stocks so you own part of the company where you work. If you haven’t started investing in your 20s, then you really want to start investing in your 30s. When you are younger, you can invest more money in stocks and take some risks in things like global stocks and funds. I have previous blogs on investing and how to go about researching stocks. However, I will tell you that twice in my life I got great stock tips working out at the gym from older folks I worked out with regularly. I have also invested in a couple of losers. The goal is to have a diverse portfolio with more winners than losers. If you invest now, eventually you will have a great nest egg to retire on in your late 60s and early 70s.
Why do you need so much money after you retire? You are not working and now you will start pulling money out of your retirement account to pay your monthly expenses. If you plan to travel in your retirement, you will need more money to fund those trips. One reason I mentioned traveling in your 20s though is that unfortunately there are no guarantees you will be in great shape in your 60s and 70s to travel. Unfortunately, many of my friends, family members, even myself have hit limits in terms of our physical capabilities. This is why exercise and diet at this age is super important.
The time you invest in exercising now and taking care of your body with the right foods/fuel will make a difference down the line. My friends and family have had heart issues, blood pressure issues, autoimmune diseases, cancer, hip and knee surgeries. I want to encourage you to also get disability insurance if it is offered at your job. You may have an amazing job right now, but if there is a car accident or major illness, you need disability insurance to protect you while you cannot work. Short-term disability normally covers after the accident to one or two years after the disability. Long-term disability insurance will cover something that is not going away like an autoimmune disease or if you are battling cancer.
You also want to take care of your skin by applying sunscreen and other skin care products depending on the type of skin you have. If you can avoid sun damage, you will keep a youthful appearance and save money in the long run by not needing other skin treatments like laser to remove sun damage. One bad sunburn can cause skin cancer so take it seriously. You also need to protect your eyes from the sun as improper sunglasses will leave you at risk for damage to your eyes.
Finally if you haven’t settled down yet but want to start a family and have children, the 30s would be a good time. You should be established in a career, or maybe you changed careers a couple of times in your 20s and now you have a job with health insurance. If you have a child at age 35, you will be 53 when that child is 18 years old and an adult. It has become a little more common to see 60 year-old fathers at high school graduation, and that may be how it turns out for you with the improvements in science, however, many people have told me they preferred being a young parent. They had the energy to juggle a career and children during their thirties. Often when people start a family they also start looking at buying a home. The housing market fluctuates and varies from region to region. Always research interest rates and where you want to buy. There are several articles on the web about how renting can sometimes work out better than owning a home because of the hidden costs of home ownership.
Whatever you decide, make the most of it and enjoy the present!
