By age 30, you should master these 7 money skills if you want to become wealthy in your 40s and 50s

By age 30, you should master these 7 money skills if you want to become wealthy in your 40s and 50s:

1) Create a budget:

• Track your spending for 1 month to see where your money goes

• Make a list of your monthly income and expenses

• Cut back on unnecessary spending

2) Pay off high-interest debt:

• Start by paying minimums on all debts

• Get credit cards paid off to save on interest

• Put extra money towards the debt with the highest interest rate

3) Save for emergencies:

• Save $500-$1,000 for unexpected costs like car repairs

• This prevents relying on credit cards when emergencies hit

• Keep it in a high-yield savings account for emergencies only

4) Build your emergency fund:

• This protects you if you lose your job or have other money problems

• Save 1 month’s worth of expenses as your initial emergency fund

• Slowly increase it to 3–6 months’ worth of expenses

5) Make a retirement plan:

• Contribute at least up to your employer match in 401k if offered

• Start saving now so money can grow over the long run

• Open an IRA if you don’t have access to a 401k

6) Cut unnecessary expenses:

• Consider moving to a less expensive area

• Shop sales and use coupons for groceries

• Cancel unused memberships and subscriptions

7) Increase your income when possible:

• Take on a side gig or freelance for extra money

• Upskill yourself to get better-paying jobs over time

• Ask for a raise at your job if you’ve taken on more duties

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