Name: How to Save, Spend, and Invest in Your 30s
Uploaded: 2023-07-17
Duration: 4 min 35 s
Description: Personal finance influencer Vivian Tu (a.k.a. @yourrichBFF), host of the “Networth and Chill” podcast and author of upcoming book “Rich AF: The Winning Money Mindset That Will Change Your Life,” shares tips and tricks for managing your finances in your 30s.

Personal finance influencer Vivian Tu (a.k.a. @yourrichBFF), host of the “Networth and Chill” podcast and author of upcoming book “Rich AF: The Winning Money Mindset That Will Change Your Life,” shares tips and tricks for managing your finances in your 30s.

How to Save, Spend, and Invest in Your 30s

Finance

Personal finance influencer Vivian Tu, host of the “Networth and Chill” podcast shares tips and tricks for managing your finances in your 30s.

Hi, I'm Vivian A K A. You're Rich VFF and your favorite Wall Street girl. And I'm here with Fortune today to talk about personal finance in your thirties. So every time you're starting a new decade, I would recommend writing out what priorities are important to you and what things you're gonna have to do financially to actually hit those goals as you head into your thirties. It's really, really important to understand what you value the most and what you want to be putting your dollars towards during this time. I am personally 29 about to be 30 I think it's really important to start thinking about your future. This includes who your partner is going to be. That is somebody who's going to make a massive difference on your finances. Whether or not you want to have Children, that's going to be a very large expense. Whether or not you want to own a home where you want to live, what you want with the rest of your careers. As you start to think a little bit more about family planning and what your expenses might be. Your emergency fund will likely need to be quite a bit bigger than it was when you were in your twenties, especially your early twenties, things that you might need to consider are increased rent because you aren't living in a four bedroom flex in the East Village anymore. You are now living in a nicer apartment with one significant other. You might also want to just really consider like, hey, if I am planning on any sort of higher education, setting money aside for that again, it really does tie back to your goals. If Children and a home are something you value great, if not, that's totally fine, you can set your money aside for other experiences. One thing that I am really prioritizing spending on in my thirties and I think is something that a lot of other 30 year olds in that decade would love to spend their money on is being really thoughtful about gifting. I want to make sure that I am able to send my parents on a vacation for their 30th wedding anniversary. I want to make sure that I'm able to give my best childhood friend, the maid of honor gifts that she deserves. And I think in your thirties, when you have a little bit of more money, you're able to make these really thoughtful, mindful gifts that have a lot more meaning than you probably were able to. In your twenties. Your thirties are just a time to be putting more money into investing than you probably were able to in your twenties when we're all starting out in our careers, we are obviously at the bottom of the totem pole getting paid the least in your thirties. You started to make a little bit more money and people always joke that your thirties or your twenties with money. It is never too late to start investing. Whether you are in your thirties, forties, fifties, sixties, the best day to start investing was yesterday and the second best day is today. So if you are in your thirties and you did not save budget invest, do anything with your money in your twenties, it is ok to start now. Just make sure that you're writing up a detailed plan of how you are going to hit your financial goals because you might need to play a little bit of catch up. What I recommend for investing in your thirties is again starting with those employer based retirement accounts because they are easy. They offered typically employer match meaning free money. But now that you have a little bit of extra income and more dollars to put towards investing, you can also think about other types of retirement accounts. Again, the Roth Ira or traditional Ira, they are humble but mighty. But you might also want to start thinking about a 529 plan to potentially help your future child pay for their education as well as an individual brokerage account. Just to invest on the side you can fix your credit at literally any time. But your thirties are a great time to start. If in your twenties, you weren't necessarily responsible with your credit. Your thirties are a great time to rehab that number again. Start off by making sure you're making your monthly minimum payments every single time on time lowering your credit utilization, making sure that you're not pulling out too many new inquiries, making sure that you have diversified credit and just overall really being mindful of spending within your means so that you are not getting over your skies in terms of your borrowing to wrap up your thirties, I would say start to focus how your finances may not necessarily just affect you, but your friends, your family and the ecosystem around you start to build a strong solid financial base so that you are set up for the future while also making sure that you are planning and enjoying for today.