- Failure to Set Retirement Goals
Young adults simply have different priorities in life, thus most of them live a totally different lifestyle. As the income may be higher than when they were starting after college, young adults in their 30s should already start staving for their retirement. If you have significant increase in salary, you need to calculate to identify the percentage that goes towards your retirement.
- Pay Close Attention to your Investments
Although your investments may be growing even when you’re not taking a closer look at them, it is recommended that you evaluate the performance of your investments regularly once you hit a certain age. In your 30s, you may have well started a 401 with basic money market fund. Make sure your investments perfectly match your current goals . If you need some assistance, make sure to seek the expertise of financial planners to get right back on track.
- Invest in your Children’s Education
Never neglect your children’s education. If you have kids, it is sensible to start funding their college education in your 30s. Start a savings account solely for their higher education until you find a college savings plan that suits your needs.
- Do Not Too Much Money on Children’s College Fund
It is imperative that you save enough cash for your children’s college funds, but don’t do so at the expense of your retirement. Make a budget for all your future needs, and find more ways to save cash for college funding.
- Do you Really Need to Take Up Master’s?
It’s always best to invest in continuing education, but if you are going back to school for the wrong reasons and under wrong circumstances, it’s better not to proceed. Having a graduate degree will indeed propel your career to new heights, but if you are doing it to avoid re-entering the work force, or simply do not want to work, think again. It may be best to research on job prospects instead. If you have money in your savings, find new stable investment channels instead.