Eliminate Regret in your 30s and 40s

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Most people regret how much money they wasted in their 20s.

Getting investing right early can help you build tremendous amounts of wealth in your 30s and 40s.

Here are 10 money lessons everyone should learn by 30:

1. Asset allocation vs. Asset location. Asset allocation is your mix between stocks, bonds, real estate, etc. Asset location is splitting those assets into different types of accounts such as tax-advantaged, non-tax-advantaged, retirement, etc. to maximize tax efficiency.

2. The most underrated asset to invest in isn’t stocks, real estate, or crypto. It’s yourself. I've never regretted an investment I made in myself, and neither will you.

3. Delayed gratification. The most important factor in long-term successful investing is patience and delayed gratification.

4. Negotiation skills. Whether it's negotiating a business deal or negotiating your salary, learn how to negotiate.

5. You can save too much money. You don't want too much money sitting in cash, CDs, and money markets. It doesn't do you any good over the long haul. You need to put that money to work and invest it. Aim for 6-12 months of living expenses saved up.

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6. Good debt vs. Bad debt. Good debt is a 3-5% mortgage. Bad debt is an 18% APR credit card with a hefty balance. Don't find yourself in loads of consumer debt. Be strategic and smart about the debt you take on.

7. Strategic tax planning. You must understand the basics of tax deductions, tax-advantaged accounts, and the tax benefits of owning a business.

8. The power of compounding. The more years you have to let your money sit and grow, the more you'll earn in compound interest. The worst thing you can do is interrupt the compounding.

9. Credit cards get a bad rep because most people can’t control their spending. Credit cards are a tool.

They can be used to create something beautiful (free vacations). Or they can be used to destroy (compounding high-interest debt).

10. Budget with purpose. You don't need to track every penny, but always have an awareness as to where your money is going each month and determine wants vs. needs.

There you have it! 10 money lessons everyone should learn by age 30.

Thanks for reading!

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