30 Things You Should Know About Money before you turn 30

Turning 30 sounds like a milestone. While I am almost 2 years away from turning 30, I feel like I need to prepare myself for 30.

Here are the 30 things that you should know about money before you turn 30

  1. Chasing money is a futile experience. Add value to people’s life and do what you want and money will flow.
  2. How much money you save and invest depends on how rich you ‘feel’ and not your bank balance.
  3. Save before you spend.
  4. Money does not buy happiness but it can’t help us to do things that make us happy.
  5. Having a lot of money does not change your personality. It amplifies who you already are.
  6. To gain wealth, give your money and time to people who don’t have it.
  7. Express gratefulness for the money in your bank account.
  8. Money is not the most expensive thing. Time is.
  9. If you don’t value your money, no one will.
  10. Understand what is an asset.
  11. You don’t have stop living to save money. After you have your investments in place, focus on things that you want and leave out the rest.
  12. Saving is important and you should save/invest at least 20% of your salary.
  13. Money makes more money. So you need to save first.
  14. Emergencies can happen anytime. Be prepared for it by parking at least 3 months of expenses in a separate savings account or liquid fund.
  15. There is no need to buy house if you are not planning to stay in the same city for more than seven years.
  16. Get a term insurance even if you don’t need it now.
  17. Your employer’s health insurance is not enough.
  18. Don’t mix insurance and investment.
  19. Know your short term and long term financial goals.
  20. Focus more on your financial goals than returns.
  21. Investing in yourself gives the best returns.
  22. Don’t invest in investment options just to save tax.
  23. Buying things on sale that you don’t need is a waste of money.
  24. Always try to understand the reason behind the financial advice.
  25. Stay away from people that does not support your money saving goals.
  26. The earlier you start investing for your retirement, the easier it will be to retire early.
  27. Seek financial advice that goes against what you already believe.
  28. Mutual funds and fixed deposits can’t make you rich. Its main objective is to manage your money.
  29. Automate your bill payments so that your never charged late fees.
  30. Get a credit card only if you are 100% sure that know that you use it sparingly and pay the bills on time.

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