Entrepreneur's Corner

Dear Entrepreneur, Here Are 10 Money Lessons You Should Learn At 35

BY Getrude Mathayo · July 10, 2023 04:07 pm

KEY POINTS

Consider investing in a diversified portfolio that matches your risk tolerance and financial goals. Explore options such as retirement accounts, index funds, or real estate. The earlier you start investing, the more time your money has to grow.

It takes a lot of time and discipline to become money smart. It doesn’t happen overnight. Some people go through life never saving and living paycheck to paycheck. Learning how to be able to handle your money at an early age may not seem easy, but it will certainly put you down the right path.

But if you think you have enough time to become serious about your finances, think again. You may still feel young and invincible even when you hit your 30s, but the scary truth is that you are halfway to retirement.

Surround yourself with the right network

Every single day you have the power to make decisions that will move you forward financially or set you back. It’s up to you. Your money mindset is your unique set of beliefs and your attitude about money. It drives the decisions you make about saving, spending, and handling money.

Avoid lifestyle inflation

As your income increases, resist the temptation to inflate your lifestyle proportionally. Instead, focus on increasing your savings rate and investing for your future. Maintain a balance between enjoying your present life and preparing for your long-term goals.

Prioritize Saving

Make saving a priority and aim to set aside a certain percentage of your income each month. Establish an emergency fund to cover unexpected expenses and save for long-term goals such as retirement.

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Create a Budget

Develop a realistic budget that aligns with your financial goals and helps you track your income and expenses. This will enable you to make informed decisions about your spending and ensure you’re living within your means.

Pay Off High-Interest Debt

Focus on paying off high-interest debt, such as credit cards or personal loans. High-interest debt can accumulate quickly and hinder your ability to save and invest for the future.

Invest for the Long Term

Understand Retirement Planning

Educate yourself about retirement planning options and take advantage of any employer-sponsored retirement plans or tax-advantaged accounts available to you. Calculate how much you need to save for retirement and adjust your contributions accordingly.