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40 year olds, what financial advice would you have for a 30 year old? (sh.itjust.works)

submitted 3 days ago by StarvingMartist@sh.itjust.works to c/asklemmy@lemmy.ml

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50 and older, I'm sorry, but in my personal experience, your advice has been a little out of date.

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[–] mctoasterson@reddthat.com 13 points 3 days ago

30-50 are most people's highest sarnings years, so if you aren't happy with your career, nows the time to fix it and get on a better path. Career changes get more difficult at 40 and 50.

Save even more than you think you can afford.

If you have IRA offered by your employer as a work benefit, try to contribute the amount that maxes out the employers contribution. This amount will vary by plan structure and also IRS limits. But basically you want to max out the amount your employer compensates you and even moreso for savings that compounds over time.

Consolidate and eliminate consumer debts.

If you need a car, buy used and let the first buyer take the depreciation hit.

Buy a house if you can afford to insure and fix everything that goes wrong with it also. Furnaces and AC and roofs are expensive.

If you plan to have a kid, start a 529 for their education now. Even if the contributions are small, time and compound interest is your ally here.

Don't get on TikTok or Instagram as it becomes an envy/peer pressure/consumption trap. I don't have the Amazon app on my phone either. I have to manually log in at a PC if I really need something from them. This reduces impulse purchases. Limit the Ubereats and Doordash expenditures also.