If you’re in your 30s, you’re likely at a critical juncture in your financial life. This is a time when many people are starting to build their careers, establish themselves financially, and plan for the future. As such, it’s important to have clear investment goals that align with your life goals and help you to achieve financial stability and security.
Of course, investment goals need to be based not only on preference and dreams, but also on a sound understanding of your finances and your current situation. Getting a professional investment advisor to help you out with establishing the exact details of your goals should be one of your first priority before even trying to fully define the goals themselves. Still, the following guidelines should help you get an initial idea of what your goals should look like in the long run.
- Build an Emergency Fund
One of the most important and pressing investment goals for anyone, regardless of age, is building an emergency fund. This is a fund that you can access quickly in the event of a financial emergency, such as a job loss, medical emergency, or unexpected expense. As a general rule, good tax consultants Denver area professionals recommend that you should have three to six months’ worth of living expenses in an emergency fund. If you’re already 30 and you don’t have an emergency fund, this should definitely be your main concern for the time being.
- Saving for Retirement
Another critical investment goal for anyone in their 30s is saving for retirement. The earlier you start saving, the more time your money has to grow, and the more you’ll have when you retire. Consider contributing to a 401(k) or an IRA, or starting a regular savings program that you can contribute to each month.
- Investing in Real Estate
Real estate can be a great investment for people in their 30s, as it can provide both income and potential appreciation. Consider investing in a rental property, or consider a REIT (real estate investment trust) if you’re not ready to take on the responsibilities of being a landlord.
- Diversifying Your Portfolio
Diversification is key when it comes to investing, as it helps to reduce your risk and ensure that you’re not overly exposed to any one investment. Think about aiming for a mix of stocks, bonds, and other types of investments to create a well-diversified portfolio that can weather market ups and downs.
- Paying Off Your Debt
If you have high-interest debt, such as credit card debt or student loans, it’s important to make paying it off a priority. High-interest debt can quickly eat into your savings and limit your ability to achieve other financial goals, so paying it off as soon as possible is critical.
For anyone who is currently in their 30s with a middle class income, their investment goals should be focused primarily on building a strong foundation for their financial future and freedom.
Consider hiring a dependable investment expert to help you with all the aforementioned goals, especially when it comes to building an emergency fund, diversifying your portfolio and choosing the investment opportunities that work for you. With a clear investment strategy and a commitment to your financial goals, you can ensure that you’re on track to achieve financial stability and security.
