Avoid These 3 Common Financial Mistakes in Your 30s

I'm Tyler, a former financial advisor and portfolio manager, and now I make financial content with companies like Facet to guide you on the future of financial planning.

1. Waiting to Invest

Many people hesitate to invest because they feel they are not rich enough, smart enough, or old enough. This mindset is fundamentally wrong. For example, investing just $200 a month in your 30s, assuming a 7% rate of return, could grow to $260,000 by the time you're 60. In contrast, if you wait until your 40s to invest, that same investment could total only about $112,000 by age 60.

2. Lifestyle Creep

As you start earning more, it's tempting to spend more. However, just because you can afford a shiny new car doesn’t mean you should lease one to impress your friends. I admit I've been guilty of this with my love for trucks!

3. Rushing into Homeownership

Be cautious of rushing into buying a home without understanding the full costs involved. The principal and interest of a mortgage is just the beginning. You also need to factor in insurance, taxes, utilities, and maintenance, which can nearly double your monthly costs.

If you want to avoid making these common mistakes, visit facet.com/tyler today and connect with their team, eager to guide you through these financial pitfalls.

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