5 financial moves to make by the age of 30
It definitely doesn’t feel like it’s been more than 10 years since I was a freshman at Arizona State University. I was an 18-year old kid wearing a suit for the first time, that was waaaaaaay too big for me.
Today, I turn 30 years old.
I must take a moment to thank God. He has brought me a very long way. I remember being embarrassed when my mom would pick me up from school because her car made a loud screeching sound you could hear from a block away. I remember the rats that crowded my grandma’s kitchen. And the roaches that would scramble when I turned on the lights. But, no matter how bad it got I always kept the faith.
My wife and I have built enough wealth to be in a position to help others, travel wherever we want, and basically, live a life I could only dream of.
As I reflect on my life, I want to take a minute to share some of the financial moves I’ve made to help me get to where I am.
1) ELIMINATE ALL CONSUMER DEBT
Most of us wreck our credit in college, but you should spend your 20’s getting it right. By 30, you should have no credit card debt, no car loan debt, no personal loan debt, etc. If you’re having trouble with debt I walk you through the exact steps I used to get out of debt in my free 3-part video series. Click here to start watching.
2) GET THAT CREDIT SCORE UP
By 30, hopefully, you’re starting to think about settling down and establishing a serious relationship. Bad credit can make it difficult to build a prosperous future with someone else. Also, if you have bad credit it’s next to impossible to become wealthy or financially free.
With the Bible Money Makeover video series, I give a one-page cheat sheet with 4 tips to boost your credit score by 100 or more in the next 60 days. Click here to get access.
3) HAVE AT LEAST 2 INCOME STREAMS
In this age of new technology, there’s no reason you can not have a side hustle of some kind. The goal is to become less dependent on income from a 9-to-5, and more dependent on income from a product or service you create. In the second part of the Bible Money Makeover video series, I go through a couple of great techniques you can use to come up with a valuable side business idea. Click here to come up with your own business idea today.
4) INVEST A PORTION OF YOUR INCOME EVERY MONTH…AUTOMATICALLY
The easiest way to do this in your 20’s is with a company 401k or by purchasing a home. Either of these is a good way to start building an investment portfolio on autopilot. By implementing these two strategies I’ve built a portfolio of over $1 million. I walk you through this in detail in part 3 of the Bible Money Makeover. Check it out.
5) GIVE TO SOMEONE IN NEED ON A REGULAR BASIS
It’s easy to become selfish in your 20’s. Try to resist the urge. Real joy doesn’t come from accumulating money. Real joy comes from using money to uplift someone else. Make a decision that within the next 30 days you’ll give some portion of your money or time to help someone in need. Hopefully, the feeling you receive encourages you to do it again.
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