Hurray, you are on the 3rd floor!
Although this is a milestone to be happy about, this new age also comes with anxieties, hopes, and aspirations. Among these are establishing career paths, starting a family, paying rent, and building wealth or financial stability.
Building wealth in your 30s impacts how your life will turn out in your 40s and even farther into the future. It determines whether you will be a fulfilled retiree or a poor one living from hand to mouth.
I know this seems harsh, but it’s important to picture the kind of life you want in the future and start working on it right from your 30s.
If you are interested in creating a wonderful retirement life, keep reading to learn how to build wealth in your 30s.
5 Practical Tips To Build Wealth in Your 30s
1. Develop the Habit of Saving
Setting aside a part of your earnings is the wise thing to do if you are concerned about building wealth in your 30s. You shouldn’t be eating your bread and your seed.
I’m sure you’ve heard about the benefits of saving and have probably experienced it yourself the few times you succeeded in saving.
Well, now, the dream is to make sure you are consistent; it shouldn’t be a habit you imbibe occasionally.
That said, if you don’t have a prior habit of saving, and you are confused about how to start, here are ways to go about it:
Use the 50/30/20 rule i.e. spend 50% of your income on needs, 30% on wants and then 20% for saving or clearing debts.
You should also open a separate account for saving, this will help you avoid dipping into your savings unknowingly.
There is this rule I follow that you can try; if something is not a basic life necessity, I don’t need it. Thinking this way has helped me to cut off unnecessary expenses.
Also Read: Wise Reasons to Save Money for the Future
2. Start Investing.
Investment is you planting a seed in the soil and coming back after a few years for fruits.
Yes! Investment is like that, it’s like planting money trees.
Investment generates returns, and even more returns when you reinvest the returns generated.
This sounds like a sure way to build wealth in your 30s because investments generate revenue themselves with little to no effort from you.
Many people save, but few invest, and that’s because there is little information about investing. But you need to take the time to learn about it; your future life will thank you.
Some financial experts offer master classes on it – it’s something worth paying to learn. However, if budget is a constraint, follow them on social media and learn from the tips they drop.
Finally, understand that investment is a risk, so you need to consider your risk appetite. But it is also the best way to amass wealth.
3. Have Multiple Streams of Income
I stumbled on this quote recently on social media – I wish I remembered where I saw it but it was too good not to share. The quote says: Your income is like a garden; the more flowers you plant, the prettier it looks.
Having multiple streams of income is a great way to build wealth in your 30s; it’s like casting your bread upon many waters.
It is not wise to have a single source of income.
Imagine suddenly losing your job or your business experiencing a major setback, how would you pick yourself together if that’s your sole source of income?
You should have other sources of income that will sustain you for the time being until you get another job or you raise your business again.
Check the world’s richest people, you’ll see that they all have multiple sources of income – even those that got rich based on their app going viral or so.
They are able to stay rich because they diversify.
What am I saying in essence? If your job is not paying you enough, it is time to think of a side hustle you can do after work or on the weekends.
And if you are doing well, you need to start investing to ensure you make enough passive income.
Also Read: Habits To Imbibe To Achieve Financial Freedom
4. Get Knowledge and Upskill
When you improve your knowledge and skills, you increase your chances of earning more, which will in turn increase your income and make it easy to build wealth.
The truth is that it is difficult to create wealth when you are living paycheck to paycheck; you might even struggle to save when you don’t have leftovers after settling bills.
So, if you have nothing left every month after handling necessities, it means you need to earn more.
For this, there are different scenarios: you are either paid less than what you have to offer or you are paid exactly what you are worth.
If you fall into the former category, then you need to speak to your company and renegotiate your salary or put in for a promotion.
If that doesn’t work, consider getting a new job.
For the former, you will need to upskill. You may need to go back to school or hone the necessary skills to get better pay if you want to build wealth in your 30s.
Also, with the business world constantly changing, you cannot afford not to upgrade and improve yourself. If all you knew about your industry was what you learnt when you graduated 10 years ago, something is wrong.
Personal development is imperative for creating and maintaining wealth – keep learning and growing.
Also Read: Practical Tips to Improve Yourself Professionally in 2025
5. Get Insurance
Nobody prays for a bad occurrence, but the truth is bad occurrences happen sometimes. This is where the insurance company comes in to help cushion the effect emergencies might have on you.
Insurance helps to protect your properties and minimise financial risks. For instance, if a huge property gets damaged or stolen, getting it back can your savings or even put you into debt.
But if you have insured your properties with an insurance company, it makes it easier to handle the loss.
Insuring your health also helps in covering emergency medical bills that could drain your savings.
So, if your goal is to build wealth in your 30s, insurance is important.
You will agree now with me that building wealth in your 30s is possible when you are determined and carefully put these tips into practice.
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