Don’t make these 6 money mistakes in your 30s, says former JPMorgan retirement expert. (via CNBCMakeIt)
Here are six key financial mistakes I've seen folks in their 30s make, and why you should avoid them:Having an emergency fund is key to avoid debt later in life, when retirement goals should be front and center.
It's wise to put your emergency fund in a savings account, not an investment account, so you can access it immediately and not have to worry about a downturn in the markets affecting how much money you have.Many people don't like to buy insurance because it means paying for something they hope to never use.
In fact, it might make sense to only make the minimum payments on lower-cost loans until you get rid of the high-cost loans. The faster you can pay those off, the more money you'll have to put towards other financial goals that become increasingly important as you progress in your 30s.Given the crazy increase in house prices this year, the temptation to stretch and take on a bigger mortgage than you expected is high.
If you work for an employer with a 401 or 403 plan, save at least enough to get the employer match. It's the only guaranteed return on your savings you'll ever get. If your job doesn't offer a 401 plan, set up an IRA that will automatically move money from your checking account on payday.
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