14 Essential Facts About Money That You Must Know At 30 If You Don't Want To Have Any Regrets at 50

Oct 04, 2018 by apost team

There are some people who set a goal of buying a home by the age of 25. Meanwhile, other adults take years to figure out how to save enough money to get by. The best time to learn how to manage your finances is when you are young. Because of compound interest, the money you save at 25 or 30 can grow to a huge retirement account by the time you are 60 years old. If you wait until you are 50 to start thinking about your finances, you will have to save far more money to equal the same amount.

Children are a wonderful part of our lifes, but if we look at it in all honesty they are also expensive. If you want to have children, the best choice is to wait until you are emotionally and also financially ready. You need to have an emergency fund in case your child becomes sick. So if you can, prepare a financial cushion before you start your own family. 

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There is no harm in asking for a promotion. If you have been stuck in the same position for years, it is time to make a change. Start by asking for a promotion or a raise. The worst thing that your boss can do is turn you down. If you do not get a promotion or a raise for several years, then it is time to market your skills elsewhere.

Buying a house can be a good investment, but it can also become a liability. With mortgage insurance, repair costs and mortgage costs, you could end up spending more on your home than you would on rent. Plus, the monetary difference could be earning you interest in a savings account. Before you buy a home, make sure that you do the math and make sure that it will actually save you money.

For you to achieve your dreams, you have to be healthy. Investing in your health ensures that you can enjoy life and actually build a career. Likewise, investing in your education is one of the best ways to find new opportunities.

Emotions should never play a role in your investments. Instead, do your research and get expert advice. Once you completely understand the investment, you can assess it better.

Some people like to get a personal loan to pay off their credit card or a debt to a friend. This can quickly turn into a vicious cycle. Instead of borrowing to pay your debts, get a second job or reduce your spending instead.

True friends are hard to find. Good friends support you during difficult times and celebrate your successes. Make sure to nurture your current friendships and continue to make social connections.

Sometimes, saving money by buying cheap products actually backfires. When you buy cheap clothes and shoes, they end up wearing down sooner. Instead, spend the extra money to get quality products. If you are concerned about the cost, wait until those products go on sale.

Impulse purchases can quickly add up. When you feel the urge to buy something you do not need, give yourself 48 hours to cool off and think about it more. In most cases, you will forget about the impulse purchase by then.

Compound interest will help your retirement account to add up quickly. While it seems like your retirement is a lifetime away, those decades will quickly go by. Even if you can only save $20 a month, your savings will add up to a decent amount by the time you retire.

Home-cooked meals are cheaper than eating out. Plus, they tend to be healthier as well. If you want to save money, skip the restaurant and eat at home.

The average American has less than $400 in their bank account. A major car repair can quickly add up to thousands of dollars, so you need an emergency fund to protect yourself. Life is unpredictable, so you need to make sure that you will always have enough money.

When you find the right partner, you need to sit down and talk about financial matters. You need to share the same strategy for budgeting and saving. Otherwise, your new marriage could quickly end in a divorce.

It is always a good idea to have more than one income source. If you have a passive income source, then you can earn extra money without having to do more work. This income source could be from your investments, a blog or something else.

What did you think about these tips? Do you have your own tricks that you could add? Make sure that your friends and loved ones are also prepared for the future by learning from this article.