Visualize a healthy young individual in prime thirties. Single, working, financially, mentally and physically healthy. Living in a studio apartment with necessities and affordable luxury at the behest. 

Alternatively, also visualize a couple in their thirties…earning heaps of money, house-hunting in high society apartment complexes, a new baby, nanny, cook, basically the entire package. On the list, you will also find holiday destinations in the ‘must-see’ category. Everything seemed to hold a promise of always staying the same. Except for this new experience of 2020. 

And now all of a sudden, this individual and this couple (the imaginary ones) think about sustaining a particular lifestyle in the future. They start worrying about the home loan. They wonder whether the nanny and the cook are worth the cost. Some might even reconsider having a second child for fear of the future. Make no mistake… a healthy amount of fear is a sign of intelligence. Only when there is a fear of the future do we start planning, especially financial planning. 

Here are financial rules to follow if you’re inching closer or are already in your thirties.

1) Health Is The Real Wealth

Invest in a certain amount of insurance for yourself and your family. Health insurance should be a priority. Insure your property as well. It is worth the investment.

2) Prepare For The Best, But More For The Worst 

Aim to build an emergency fund that will keep your current lifestyle going for a period of six months at the very least. And keep increasing it as per your financial capability. This should cover contingencies like the loss of a job synonymous with the loss of income. 

3) Your Future Is A Result Of The Choices You Make Today 

When you cross the bridge of 30, whether you are single or married, retirement planning becomes a reality check. The sooner you start investing, the longer you have to build your corpus. One key benefit of investing sooner is that you can invest smaller amounts to build a large and rewarding corpus. 

4) Time Is Limited

Twenties was a carefree decade with less responsibilities. It is in your thirties you realize, that there’s so much to do and you’ve very little time. Building a house, buying the dream car, travel corpus, staying debt free and achieving financial freedom. The goals may seem endless but time on the contrary does have a limit. You need to audit your priorities, immediate needs, short term and long-term goals and align your investments accordingly. You can take higher risks at this stage. As you inch closer to retirement, your risk capability is not as robust as it is in your thirties.

5) Don’t Party With Debt

Debts are the easiest to befriend, the hardest to get rid of. Plan your monthly expenses, stick to the budgets and spending priorities. Don’t foot another credit card bill until you’ve paid one. Before you sign off a big purchase like a home, holiday home or car, consult your financial planner. Don’t be lured by loans. There are many factors that need to be accounted for and a financial planner can help you look at often-overlooked facts and make an informed, unbiased and logical decision.

6) Diversify Your Investments And Income

Don’t rely on a single mode of income or investment. Now is the perfect time to allocate your investment in multiple holdings. Asset allocation needs to be thoroughly planned and diversification needs to include compound growth that is inflation proof and in alliance to your goals. 

Much like your investments, don’t rely on a single job or business income. Invest to earn passive income, take on side gigs or hustle to earn additional income. The idea is to have a well nutritioned portfolio of investments and income.

7) Enjoy your life. But spend wisely.

It is also important to plan an investment that can act as your travel and leisure fund.  You can call this your memory bank. Holidays are expensive but also necessary. Expenses before a holiday can also be included in this (how can we appear in the same clothes in all the photos!)

8) Rely On A Certified And Experienced Planner

If you could eat at a restaurant with no financial limit, would you prefer to eat a meal at a Michigan star hotel or just any other restaurant? Chances are you’ll choose the Michigan hotel. That’s the thing about going with the best. You know you’re in for an experience, crafted by an expert. A financial planner also works to provide you with distinct financial planning that is a result of extensive knowledge, skill, industry experience and desire. Rely on an expert to give you insightful guidance and help you achieve your goals.

Remember… a little planning and a little investing every month can go a long way to reduce stress. Low stress means good health. So go ahead…save and invest your money today for a better tomorrow.