What it Means to be Financially Smart in your 20’s, 30’s, and Beyond

I couldn’t be MORE excited to dive into this month on the Thrive For[e]ward podcast and share what you can do through the decades in regards to your financial health and wealth. Today, we are specifically talking about your 20’s and 30’s but if you are older and haven’t addressed these topics and to do’s, I invite you to listen and learn! We are never too old to rewrite our money story and create healthy financial habits.


In YOUR Early 20’s …

This is a period when you are starting to create independent financial decisions. You are starting to take more ownership into your life such as new job and career, possibly marriage, renting or owning a home, and even starting to think or have children.


So, what should you be focusing on?


Create Your Financial Independence

  • Establish banking relationships. Research and ask about lower ATM fees, transactional fees, etc.

  • Create a savings account. It’s key to start saving now for not only emergency situations but even fun money which includes travel and those “extras.”

  • Establish Credit.  This is not a bad thing, and the reality is that we live in a society that we do need to establish a healthy credit habit. Your credit is important and referenced when buying/leasing a car, home, and more. Remember … with credit you want to make sure you have the funds to pay off debt. IF you can’t pay it off right away don’t swipe the card.


When you are starting your new job and career it can be very exciting! You are coming into money, but just because you are earning it, doesn’t mean you should spend every penny you make.


Follow the 50/30/20 Rule

This is what I share with my clients (at all ages.)

  • Transportation and housing (this is debt) should be around 30% of your income, 20% is what you should save, and 50% is what you live off of.  


Save for Long Term

Too many times, I see that people down the road that didn’t establish their retirement early on. If you are working and even if you are still in school, please make sure you try to save into a long-term vehicle.


How do I prioritize what I need to pay vs spend?

This is a challenge when you have student loans, etc. Do your research, explore options on what a new employer might forgive your loans or take them on.


Don’t Compare

I know it’s hard but don’t compare yourself to others, especially during this time. But, remember not everyone will make the best decisions or manage their money well. You need to know your worth, determine your goals and focus on your future.  

·      TIP: Listen to “Are You Trying to Keep up with the Joneses?” 


Into your 30’s

As you enter your 30’s (and maybe some of this already happened in your 20’s) you are continuing to grow in your career and might be expanding or just starting your family… or you might have decided not to have children, but either way these tips are applicable.


Creating a Financial Plan

  • Continue to Save. As you advance in your career and make more money, how are you adding that to your savings account? Look at your cash flow … what goes IN and what goes OUT. No matter where you are you should be doing this.

    • Ask yourself: What are the areas that are in your cash flow you can pay off anything extra?

  • Tap into Employer Benefits and Get Insurance.  What might now be available to you as your lifestyle changes? You want to think about what is available to you if you can’t provide for your family. These are not easy or fun thoughts but if we care about those we love we need to ensure they are taken care of if we weren’t here.

  • ·Hire a Board of Directors. I often refer to this board as your personal team. This would include an investment planner, an estate attorney, and tax advisor. Don’t wait until you get close to retirement to do this. The reality is that you can start now. They can also help you create or reevaluate your investment strategies.


I hope you found this information helpful! Please stay tuned for our next episodes this month where we continue our conversation about what you can do through the decades regarding your finances. Remember YOU ARE WORTHY OF WEALTH!





 If you are interested in learning more about Forethought Planning and how we can help you on your journey, please schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process. 

Investments in real estate may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Other risks can include, but are not limited to, declines in the value of real estate, potential illiquidity, risks related to general and economic conditions, stage of development, and defaults by borrower.


Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services. Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issuers for non-financial reasons and, therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

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