Sin planificación ni ahorro, las finanzas van a la baja desde la tercera década de vida.

Five financial mistakes when you reach 30

When you reach 30 years of age, you are looking for economic stability and you begin to think more about the future. It is important to avoid mistakes that can last a lifetime.

In practical terms, financial mistakes that are committed before the age of 20, in most cases, are not very important.

From 20 to 29 years old some decisions they can take up to a decade to correct. However, from the age of 30, financial mistakes they can weigh the rest of your life.

Belén Romero, advisor in personal finance, explained that reaching thirty presents challenges such as economic stability, decision to buy a house or not, and even have a plan for retirement.

«When you have just left adolescence, surely your thoughts are not in the line of how you will finance a house or how much you need to open your business; But the older you are, good economic behavior becomes important and decisions successful that do not generate unnecessary complications, “he said

Buy or rent a house

The problem is not having or not having a mortgage. As it is popularly said, “if you take a mortgage at least you have something for the future.” However, the important question is to know what level of financial weight you are willing and able to assume.

Each case is different, and when asked if it is better to buy than rent, the answer is that it depends on the type of life you have and your long-term plans.

The 2 options can be good or bad depending on how you do them. In this sense, the error The main thing is to look for a home above the real possibilities.

The payment for a house or apartment should be a maximum of 40% of your income in the case of ownership. In the case of rent, you should not pay more than 35%.

Decisions with the heart

The second error Most importantly, that many cases can last a lifetime, are those related to decisions emotional

Many relationship problems are related to money matters. Or there are other problems and because of money tensions increase.

A bad divorce can ruin you not only financially but mentally.

In couples it is necessary to be able to talk about money in all phases of the relationship. Before living together, before getting married, before having children, etc.

With a little education financial and established and agreed rules can avoid problems and misunderstandings in the relationship.

A related issue is the debts that are often assumed to organize the wedding and honeymoon. The budget should be realistic and thinking first about what are the main priorities for the couple to settle down.

If they are going to get into debt, it is always better that it be on issues that help them achieve financial stability, and not just the celebration of a day or a few days.

Set aside training

At 20, a error It is common to spend too much time studying and little working. But at 30, the problem is the opposite

Constant preparation and learning are essential to be prepared for all the contingencies that may come: changing jobs, starting a business, getting more opportunities for growth and higher income.

Usually, it is said that children are better at learning a new language. Your memory may be better or your brain may be more willing to learn. But any adult can outperform any child if he spends at least the same amount of time. The child who does 3 or more hours of English a week from the age of 3, at the age of 10, surely has a great command of English. Any adult with 3 hours a week for 7 years is sure to do too.

The same thing happens with professional careers; Either you spend the rest of your life dedicating a little time each week, better each day learning new things or you get stuck. In 10 years any newbie will know more than you.

Don’t think about retirement

If at 30 you are still not saving some of your money for retirement or for the future, you will have great difficulties to face the years of old age, where medical expenses increase and you no longer have the constant flow of a salary.

Affiliation to social security is a benefit that reaches less than 40% of people with employment in the country. Furthermore, the IESS is a politically managed institution that is always on the verge of underfunding.

That is why it is important to look for options such as retirement insurance or power money in an investment fund.

If you only allocate between $ 20 and $ 30 to invest for retirement, in 20 to 25 years you can accumulate a significant capital ($ 80,000 to $ 100,000) to face old age.

Not having insurance against unforeseen events

One of the main objectives is to build your own security network. Everyone thinks that nothing is going to happen to them, but accidents and bad things happen every day.

Thus, it is essential to have some type of insurance, either life or health and even for the car. In addition, you must also have an emergency fund; that is, money saved just to be spent in the event of an unforeseen event.

On average, insurance reduces between 30% and 80% the cost that has to be made when an illness or an accident occurs. This means that in economic terms it is one of the best investments to avoid excessive expenses. (JS)


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