Your 30s are a time of big changes. You’re probably growing in your career, buying a home, getting married or having kids, said financial expert Bo Hanson, host of “The Money Guy Show.” Along with those life shifts come serious financial decisions that can shape the rest of your life.
These Years Can Make or Break Your Financial Future
In a recent video on their YouTube channel, Hanson explained that the financial habits and decisions you establish set the foundation for lifelong stability and wealth. And while that may sound a bit overwhelming, he broke it down into a few realistic goals to hit before you turn 40.
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Here are the three biggest financial milestones you should aim for in your 30s:
1. Have One To Three Times Your Income Invested
The first goal is to hit a net worth equal to your annual income in investable assets—not including home equity or emergency savings—by your early 30s.
“Crossing this milestone is an awesome first step for anyone starting out in their wealth-building journey,” the host said. This means you’re likely living below your means and compound interest is starting to work in your favor.
By the time you’re hitting 40, the ideal target is to have three times your income invested. And it’s not as far-fetched as it sounds. If you start at age 30 with zero savings and put away $941 a month with a 9% return, you could have over $150,000 by 40. “That’s literally three times a $50,000 income,” Hanson explained.
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2. Save $941 Per Month
The $941 figure isn’t random. It’s the combined monthly amount needed to max out a Roth IRA — $583 per month — and a health savings account — $358 per month — assuming you’re eligible.
“Combining these two accounts helps you build significant tax-free wealth and this greatly enhances your long-term financial health,” Hanson said. You can automate this savings amount or use payroll deferrals if your employer allows it. “You have to invest the dollars. Saving in these accounts is only the first part of the equation.”
3. Save 25% Of Your Gross Income
This milestone shows you’re going beyond just checking boxes like maxing out a Roth IRA and HSA. It’s a sign you’re serious about building long-term wealth.
“The discipline to consistently save a quarter of your income demonstrates that you’re committed to building long-term wealth and prioritizing your future financial security over short-term gratification,” Hanson said.
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If your employer offers a match, you might already be close to that 25% target without realizing it. Every 1% increase helps. As the host put it, “You get to choose your hard today or hard tomorrow.”
Bonus: Build A Financial Moat
Once your saving habits are solid, it’s time to protect your progress. That starts with a fully funded emergency fund, especially if your lifestyle has changed. “In your 30s, things always go sideways,” Hanson said.
Protection also means having life insurance if others depend on you, updating your will and adjusting your emergency fund as your expenses grow. “Your 30s are when your financial life—and generally your life altogether—expand a great deal,” Hanson explained. “It’s important to make sure that those who depend on you are taken care of.”
Whether you’re ahead, behind or just getting started, the message is simple: start now, stay consistent and build from there. “Every day counts.”
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This article Not Sure If You’re On Track Financially? Here Are 3 Money Milestones Every 30-Something Should Aim For originally appeared on Benzinga.com
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