Are you turning 30 next year and think it’s about time you got your money stuff together?
Now, I enjoyed my 20’s, travelling, buying a decent car and upgrading it, even moving from the UK to Australia, but I barely had any savings at age 30. I found that the more I earned, the more we spent. I was scared that if I didn’t make changes, another decade would slip by and I didn’t want to be broke at 40. The tips in this video are what got me started on the path to being able to retire by the time I was 46. I chose to carry on working, because I love to educate and help other people.
I discovered that it’s part of our normal psychology to assume money is limitless, because it feels like we can always earn more, so we spend all the money we can access. If we give ourselves access to all our income, then the more we earn, the more we spend. The great news is that we get to choose the money we can access. But It’s also true that if we aim at nothing, then that’s what we’re going to achieve.
4 quick tips to get you on track by the time you hit 30:
- Reorganize the flow of money through your accounts. We’ve found that a minimum 5 bank accounts spread across 2 banks makes managing money and hitting multiple savings goals easy. Less than 5 accounts across less than 2 banks is hard.
- Cut up or hide credit cards. They will ruin any plans and make it too easy to spend money like you’re in your 20’s. You’re a grown up now, with money of your own, you don’t need to borrow from a bank to buy groceries, or every time you buy a cup of coffee.
- Get your income insured against illness or injury. Every year almost 40,000 Australians are hospitalized following a car accident. Buying income insurance at age 30 is way cheaper than at age 40 and we are not bullet-proof.
- Educate yourself – read books, watch videos and get help from a Money Coach, Financial Planner or Mortgage Broker to help work out realistic goals and plans to hit them.
You’re probably worried that the lifestyle you’ve grown to love will be impacted, but in my experience it’s not the case. Once you prioritise the important things like preparing for your future, having holidays and doing other fun stuff you love, you’ll just have less money to waste on fast food, snacks and things you probably didn’t need.
So before you hit the big 3-0:
Reorganize your money,
Cut up the cards,
Insure your income
Educate yourself to learn more.
Thanks for watching, I’m Max Phelps from Golden Eggs and remember, always be genuine, have fun and stay curious.