Being in your twenties is a different life phase than being in your thirties. In your twenties you’re trying to figure things out and making mistakes is entirely acceptable and generally expected.
But being in your thirties is different. It’s time to step it up and be a full-grown adult who makes important life decisions.
Here are 4 things you need to sort out in your life once you hit the big 3-0.
Get Life Insurance
Life Insurance is simple. Upon your death, an insurance company pays what is known as a death benefit to whoever you choose to receive it, your beneficiary.? Plus choosing the best company for life insurance means in addition to paying out a death benefit, the policy can also include a savings element or cash value that is accessible to you while you’re alive.
Deciding on when to get life insurance coverage depends on two things; whether or not you have dependents who you want to take care of in the event of your death and your age.
Getting life insurance means your dependants or the persons you name as your beneficiaries (wife, children, parents, close friends) get paid money they can use to take care of things like paying off a mortgage so they can remain in the same home and community, replacing the income gap so they can maintain their standard of living without you, paying college or other education expenses for children, or paying for funeral expenses and any other expenses which may arise.
Secondly, your age, along with your health and other considerations, affects the cost of insurance. The fact is that life insurance is cheaper the younger and healthier you are. This is because as you age, health problems are more likely to crop up which could increase the cost of coverage. A serious medical condition could even make you uninsurable. Getting coverage at thirty is also often cheaper not just because coverage is cheaper, but also because you can probably afford more as you age.
Some reasons why you need to sort out life insurance now rather than later include:
- You have children or a partner you’d like to provide for financially in case the worst happens
- You don’t want your family to be burdened with burial or cremation expenses
- You have co-signed debts, for example, private student loans or a car loan, that you don’t want your co-signer stuck with if you pass away
Take Your Health Seriously
When you turn 30 your metabolism starts to slow down, and the aches and pains begin. Climbing the stairs is no longer a piece of cake. Neither is sitting down for long hours or actually scarfing down an entire cake. You’ll pay for it in fat deposits and back pain.
Suddenly, things like eating healthy and exercising are no longer things you do to get the right pictures for social media, but necessary lifestyle changes that are paramount to your health.
Switching to fruits and vegetables gives your body a fighting chance against diseases and not only does physical activity keep your weight in check as your metabolism starts to slow down but it keeps your aging clock from ticking too quickly. Also, reducing your risk of everything from heart disease and diabetes to cancer and strokes.
Start Paying Off Your Debt
Living even an average life is expensive and as such it’s very unlikely that you reached your thirties without accumulating any debt at all.
In your twenties, it’s easy to disregard debt and tell yourself there’s more time to pay them off. But the longer you wait, the longer interests accrue, the more spending happens, and the harder it is to pay everything off. At thirty, it’s time to seriously start sorting out your finances by doing things like:
- Working with an expert to come up with a plan on how to go about paying off your debt credit cards or student loans
- Creating a budget to limit spending so there’s more money to channel into clearing debt
- Speaking to your bank about best practices
Deciding on the right career is a decision that rarely happens in earlier years. In your twenties there’s a lot of uncertainty, so most people take the first job that pays well. At thirty, things are likely more stable, you know yourself better, and it’s the time to ask yourself if you’re happy with the current trajectory of your career.
If you’re not, it’s far from too late to find something you’ll really enjoy doing until retiring. If you are indeed happy, come up with a plan to continue working toward the very top of your career.
Whether it’s going to the doctor more regularly, clearing your debt, or exploring life insurance policy options, thirty is the age to start sorting out your life.