Over at MSN Money there is an article on the 10 Financial Commandments For Your 30s. This is a list that everyone in their 30s needs to pay attention to so that they can have a better financial future.
Pay off your nonmortgage debt.
I have no mortgage and I am really working on the credit card and car loan right now. I have been applying my snowflake payments to credit cards and I have managed to get rid of a few of them already.
Kick the debt cycle altogether.
I have not been adding to my debt so I guess I am on the right track right now. The only time I might need to take on more debt would be if I had to get a new car, which is something I do not see happening in the near future.
Get serious about retirement.
I have been adding money to my Never Go Back To Fresno Fund as well as investing small amounts through ING and Sharebuilder.
Diversify your investments.
Having all of your money in one account is dangerous and if you only invest in one company and it fails then you will lose all your money. Spread it around to have a little safety net.
Continue to learn.
Education is KEY and it does not only have to be a formal education. You can teach yourself some new things and improve your lifestyle greatly by just reading a few books or going online.
Protect your assets.
If you think paying for insurance is a pain, think of the hurt that comes from NOT having insurance when something bad happens.
I have been simplifying my finances more and more as my zero based budget rolls over every month. I realize that I also need to simplify my life as well, so I have been reading some small articles on Feng Shui as well as getting more organized and clearing out clutter.
Make your will known.
I don’t have a will right now and I know this is something I need to get started on in the near future since I am getting closer to 30. (shhhhhh)
Get a life . . . insurance policy.
Life insurance might seem like distant goal for now but you cannot predict when you will die and it makes sense to leave something to tide your family over.
I give money to my church every Sunday (and double up when I miss a Sunday) so I think I am okay on this one.
I have also taken to sponsoring a student every now and then in an unofficial manner. It is not a lot, since they usually ask for something small like a happy meal and it is not very often.
All of these are the things that thirty-somethings need to focus on so that they do not run into financial problems later in life and can get started on getting the retirement funds ready.