Mon Jun 03 2024, by Tyler Gardner

Empower Your Finances: Three Essential Strategies for Women in Their 30s

If you are a woman in your 30s and you want to start making money in your sleep, then you need to do the following three things today.

And if any of this is helpful, remember to like and follow, and I’ll keep trying to get you one step closer to where you need to be.

1. Start Saving for Retirement

First, you’re going to start putting 15% of every one of your paychecks directly into a Roth IRA or a 401k. While men are usually advised to put only 10%, it’s crucial for women to save more as you typically live longer and currently have less in your retirement accounts.

2. Invest Wisely

Once that money is in the account, remember that it has to be invested to take advantage of compound growth. Consider investing in a low-cost index fund like Fidelity’s FXAIX or, even better, a no-cost index fund like Fidelity’s FZROX, which has literally 0.0% in fees. This fund tracks 2,500 of the world’s biggest companies, relieving you of the stress of picking individual stocks since nobody can predict the best stocks.

3. Automate Your Savings and Investments

Finally, automate both habits one and two so that you never have to think about either of these things ever again. Forget about this account and don't touch it for 30 years because compound interest takes about a decade to really start kicking in. When it does, remember: there’s a reason Einstein called compound interest, the eighth wonder of the world.

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