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10 Money Traps to Avoid in Your 30s
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Top 10 Financial Mistakes to Avoid in Your 30s | 10 Money Traps to Avoid in Your 30s.
You are in your 30s, so you have probably figured out a career path or started a business that earns you a regular income.
Yes, gone are the days you counted the days to your next paycheck!
But with that, it's easy to focus on the here and now, failing to recognize the many money traps that can certainly waste away the most critical decade of your life.
Lucky for you, we will learn about the ten common money traps people find themselves grappling with in their 30s so you can steer clear of them.
10 Huge Middle Class MONEY TRAPS to AVOID At All Costs
📌00:00 10 Money Traps to Avoid in Your 30s📌
1:02 1- Spending Too Much on the Good Life:
You work hard and deserve the good things, but blowing your money on fine wine, expensive events, and other miscellaneous activities is like digging yourself into a financial rut.
01:59 2- Carrying Too Much Credit Card Debt:
Credit cards will certainly help you pay for literally anything anytime you need some extra cash before your next paycheck. And since they are great for building your credit score, offer generous rewards programs, and give you the convenience of shopping online, they might seem like a smart tool to some extent.
03:02 3- Purchasing an Expensive Luxury Home:
While owning a house that appreciates in value makes absolute sense, it's important to keep the law of diminishing returns in mind. After all, if you are directing all your money to a mortgage on an expensive house you cannot afford, the gains you get from it do not really make economic sense.
03:48 4- Buying A Car That's Out of Your Price Range:
You might have saved up a decent amount of money in your 30s and still hold a well-paying job or run a successful business. So, why not splash some cash on a flashy, shiny, expensive car?
04:43 5- Overspending on Rent:
Who doesn't want to stay in that posh apartment overlooking the river? Or that trendy, up-and-coming neighborhood?
We all want that, but that does not mean we should readily fork out thousands of dollars in rent to live in these places.
05:31 6- Overspending on Children:
Spending on our children is good; the problem only kicks in if you are constantly overspending on them.
It's not strange to think about kids in your 30s or have them for that matter, but whatever the case, you will certainly want the best for them.
That means giving them the best of things, whether toys, education, or designer clothing.
06:06 7- Having an Expensive Partner or Friends:
Do you have a partner who fills the carts and runs your card every day? Or do you have a clique of free-spending friends?
If your answer to either or both of these questions is “yes,” you need to make some changes.
06:35 8- Not Investing:
Now, you might be wondering, exactly how is this a money trap?
Let me answer that for you.
Failing to invest is certainly a money trap because it will undermine your financial capability as time goes on. You will be living in the now, spending your cash, and literally running yourself into financial oblivion.
07:13 9- Mindless Spending:
Spending money without planning is a sure money trap for many people in their 30s. Over time, this habit can see you lose a lot of money in non-essentials and be the biggest destroyer of your overall wealth.
To take charge of your spending, write down everything you buy and every dollar you spend each month. Doing this helps you understand where your money is going and where you need to cut back.
07:44 10- Keeping Up with the Joneses, Kardashians, or Any Other S's:
It's easy to lose sight of yourself and start coveting your neighbors, friends, or celebrities' wonderful things. But beware, this game can send you spiraling down into a financial well that can be very hard to climb out of.
---------------------------------------------------------------------------------------------------
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐦𝐨𝐫𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬...?
👍 Like the video (it helps a ton!)
💬 Comment below to share your opinion!
🔗 Share the video with anyone you think might help :)
Follow: @insightbooth
------------------------------------------------------------------------------------------------------------------
#moneytraps #moneymistakes #moneyhacks #savemoney #thingstoavoidthisweek #personalfinancetips #personalfinance #financial education #insightbooth
You are in your 30s, so you have probably figured out a career path or started a business that earns you a regular income.
Yes, gone are the days you counted the days to your next paycheck!
But with that, it's easy to focus on the here and now, failing to recognize the many money traps that can certainly waste away the most critical decade of your life.
Lucky for you, we will learn about the ten common money traps people find themselves grappling with in their 30s so you can steer clear of them.
10 Huge Middle Class MONEY TRAPS to AVOID At All Costs
📌00:00 10 Money Traps to Avoid in Your 30s📌
1:02 1- Spending Too Much on the Good Life:
You work hard and deserve the good things, but blowing your money on fine wine, expensive events, and other miscellaneous activities is like digging yourself into a financial rut.
01:59 2- Carrying Too Much Credit Card Debt:
Credit cards will certainly help you pay for literally anything anytime you need some extra cash before your next paycheck. And since they are great for building your credit score, offer generous rewards programs, and give you the convenience of shopping online, they might seem like a smart tool to some extent.
03:02 3- Purchasing an Expensive Luxury Home:
While owning a house that appreciates in value makes absolute sense, it's important to keep the law of diminishing returns in mind. After all, if you are directing all your money to a mortgage on an expensive house you cannot afford, the gains you get from it do not really make economic sense.
03:48 4- Buying A Car That's Out of Your Price Range:
You might have saved up a decent amount of money in your 30s and still hold a well-paying job or run a successful business. So, why not splash some cash on a flashy, shiny, expensive car?
04:43 5- Overspending on Rent:
Who doesn't want to stay in that posh apartment overlooking the river? Or that trendy, up-and-coming neighborhood?
We all want that, but that does not mean we should readily fork out thousands of dollars in rent to live in these places.
05:31 6- Overspending on Children:
Spending on our children is good; the problem only kicks in if you are constantly overspending on them.
It's not strange to think about kids in your 30s or have them for that matter, but whatever the case, you will certainly want the best for them.
That means giving them the best of things, whether toys, education, or designer clothing.
06:06 7- Having an Expensive Partner or Friends:
Do you have a partner who fills the carts and runs your card every day? Or do you have a clique of free-spending friends?
If your answer to either or both of these questions is “yes,” you need to make some changes.
06:35 8- Not Investing:
Now, you might be wondering, exactly how is this a money trap?
Let me answer that for you.
Failing to invest is certainly a money trap because it will undermine your financial capability as time goes on. You will be living in the now, spending your cash, and literally running yourself into financial oblivion.
07:13 9- Mindless Spending:
Spending money without planning is a sure money trap for many people in their 30s. Over time, this habit can see you lose a lot of money in non-essentials and be the biggest destroyer of your overall wealth.
To take charge of your spending, write down everything you buy and every dollar you spend each month. Doing this helps you understand where your money is going and where you need to cut back.
07:44 10- Keeping Up with the Joneses, Kardashians, or Any Other S's:
It's easy to lose sight of yourself and start coveting your neighbors, friends, or celebrities' wonderful things. But beware, this game can send you spiraling down into a financial well that can be very hard to climb out of.
---------------------------------------------------------------------------------------------------
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐦𝐨𝐫𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐥𝐢𝐤𝐞 𝐭𝐡𝐢𝐬...?
👍 Like the video (it helps a ton!)
💬 Comment below to share your opinion!
🔗 Share the video with anyone you think might help :)
Follow: @insightbooth
------------------------------------------------------------------------------------------------------------------
#moneytraps #moneymistakes #moneyhacks #savemoney #thingstoavoidthisweek #personalfinancetips #personalfinance #financial education #insightbooth
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