How To Achieve Financial Freedom In Your 30s

When you’re in your 30s, it’s easy to feel like you’ve got all the time in the world. It’s so hard to start worrying about retirement when it’s 30 years away. However, if you really want to be financially free, now is the time to start taking money seriously. 

Now that you’re thinking about or already starting a family, and are starting to get established in your profession, it’s the perfect time to build your wealth. The truth is, the sooner you start making a financial plan, the brighter your future will be. This can’t be truer. Your 30s is the time to follow good money habits if you want to successfully build your wealth.

Financial freedom awaits those who follow good money habits.

Here are 10 habits you need to learn if you want to reach financial freedom in your 30s. 

1. Develop Your Skills

Online learning platforms are the great places to start learning a new skill.

By your 30s you should already have several marketable skills to help you earn money. Skills can be learned while on the job or through education. Ask any successful hustler and he’ll probably tell you how incredibly important it is to learn a skill or two if you want to be financially free before 30. Once you develop your skills you can take up numerous side hustles or jobs that will allow you to earn money to start your first investment.

The best ways to develop your skills if you have limited time and budget:

  • 1
    Find a mentor. These people can expose you and guide you to new experiences that will help develop your skills.
  • 2
    Accept new challenges. By allowing yourself to experience new things you give yourself opportunities to learn something new.
  • 3
    Read books. There are numerous books that can help you build your skills. You don’t even have to pay for them. Just visit your local library and find the reading material you need.
  • 4
    Learn Online. Thanks to technology, it’s now easier than ever to pick up new skills. Online learning platforms like Udemy and Coursera are great places to start. There’s a a video course for almost any skill you’re looking for.

2. Plan For The Future

People who love to plan and take notes are more likely to become millionaires than those who don’t. They’re the ones who love to challenge themselves, to take deadlines seriously, and create smart financial goals. Planning and working your way towards financial freedom is best done step by step. 

To help you visualize and better plan your future make a list of things you want to do, your achievements, and your passions.

Not a good planner or don’t know how to start? Here are ways to help you get to that mindset: 

How To Plan Towards Financial Freedom:

  • 1
    Write down your goals. List the things you want to do, your achievements, and your passions. This will help you visualize and better plan your future.
  • 2
    Speak to your loved ones and people you trust the most. Ask them what they think you’re most good at. Their honest opinions will matter a lot especially to you. So listen.
  • 3
    Talk about your goals with confidence. Nothing can derail your plans more than self-doubt. Work towards your goals everyday and aim for progress not perfection.

3. Learn How To Budget

Creating effective budget plan will help you understand your finances, avoid overspending and ultimately make it easier to save money.

Many people think that budgeting is only for the broke and hungry. But that’s not true. Budgeting is something everyone should do. In fact, you should learn it as soon as you start handling your own finances.

Why budget? Even when you’re earning a lot, by not having a clear picture of your finances, you can easily overspend and waste your money away without keeping some for savings. 

Budgeting can be challenging especially when there’s more money coming out than in. However, with a good budget you can live through the hardest times with ease and little stress. Lots of people complain about their budgets not working out as planned, this is often the cause of an ineffective budget plan. 

How to make your budgets work:

  • 1
    Stick to a budget plan that works for you. For example, you can do the 50-30-20 budget plan. This budget allocates 50% of your income to your needs, 30% to your wants, and 20% for your savings.
  • 2
    Track your spending. Overspending can derail your budget. Try to track your spending for a week to understand how you spend money on a daily basis.

4. Build Your Emergency Fund

When you’re young, it’s easy think that you’re never going to get sick or going to have to deal with any financial problems. This is where many people make mistakes. Building an emergency fund as soon as you start earning money is a fantastic way to feel financially secure.

One of the most important steps toward your financial security is having an emergency fund.

According to financial experts, your emergency fund should be equal to 6 months of your living expenses. Having trouble building your emergency fund? Here are ways to help you get started:

How to build emergency fund:

  • 1
    Seek several income opportunities. You can do this even if you have a full time job. Use 20% of your spare time to do work and earn a few extra bucks.
  • 2
    Make cuts in your budget. Can you sacrifice convenience to earn money? Look at your spending and see which parts you can minimize or avoid in order to save a few bucks (ex. subscriptions, weekly food take-outs, smoking, etc.)

5. Invest

Carefully evaluate potential risks and gains before making an investment.

Investing money is how you’ll successfully build your wealth. But be wise, only invest when you understand the risks and gains of the potential investment. I highly recommend seeking out guidance from experts and trained professionals in the industry. Is this your first time investing? I highly recommend the book “Rule #1 by Phil Town It’s an EXCELLENT introduction to value investing.

Key Takeaways

  • Develop your skills to further improve yourself and increase your cash flow.
  • Planning for the future now helps you stay motivated and focused.
  • Learning how to budget can prevent huge financial disasters that may ruin you.
  • Circle
    Saving for your emergency fund helps you feel secure.
  • Circle
    Investing your money will help you build wealth faster.

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