How To Avoid Financial Mistakes In Your 30’s #makemoremarbles #adviceforyour30s #financialsuccess

Money traps to avoid in your 30s, most people don't even think about number three one, buying a car that's out of your price range. So most people, as they enter their 30s, they start to make more money. They start to think of themselves as oh, that car's in my price range. Wrong. What they're looking at is only the monthly payment. The smart thing to do is make sure you're buying a car that you can afford, because a car is a depreciating asset and it kills your wealth over time. In fact, your car loses 30% of its value within the first three years when you buy a brand new car. This is stupid thing to do with your wealth. Here's another tidbit. Some of my friends who are very wealthy will buy supercars after they've depreciated for about five years. So think about buying a Porsche or a McLaren or one of your dream cars after the first five years. Then you can drive it for a couple of years and end up selling it at about what you paid for it or for even a slight profit as prices tend to stabilize after that period of time. So wouldn't it be cool to instead of buying a brand new car and losing all of your depreciation value in the first few years, just waiting five years and then driving your dream car and maybe even making money on the deal. Pretty awesome, right? 2. Buying a house that's too expensive People fall into this trap once you hit your 30s and start making more money because you end up buying a house that's way too expensive. Smart investors keep their housing costs at 30% or less of their net income every single month. 3. Not investing enough money. If you're only investing 10% of your income, you'll be working for 51 years. Make sure that you're investing at least 20 to 25% of your income when you're in your 30s, and then focus on growing that percentage over time to build generational wealth for you and your family.