3 Worst Financial Mistakes That People in Their 30s Make

There’s no doubt that the 30s is filled with opportunities whether in the professional or personal sense.

Whether it is establishing your career, building a solid financial platform for the future or even having children, one can still make a number of financial mistakes that can cost you for years to come.

Having said that, here are 3 of the worst mistakes that people in their 30s can make:

#1: Carrying Credit Card Debt

While a credit card is good for shopping, it’s still a big mistake if you can’t pay the balance off in full at the end of every month. This credit card debt will remain for years and will drain your finances continuously. For example, a $1000 credit card when paid by making minimum payments will cost you an extra $1000 in interest itself.

#2: No Diversification of Income

While most people focus on their primary career and focus all their energies there, it becomes difficult when your employer suddenly decides to shut shop. Just in case something goes wrong, what will you do if you end up with a resume and work experience that doesn’t help you at all?

For this reason, it’s a good idea to diversify your income by starting your own business or even freelancing. There are plenty of things that you can do to earn cash at the side.

#3: Keeping Up Appearances for Friends and Family

There’s no doubt that you want to appear successful in front of your friends and family which could amount to having a nice home and car and so on and so forth. The only problem is that these things are expensive. Most of all, they’re not a sign of financial success at all because they’re stuck in items that either appreciate slowly or depreciate as soon as you buy them.