--- title: Personal Finance Fundamentals I Wish I'd Followed at 30 description: Your 30s are when you really start planning for your future. Physicians that wait too long look back on their years just out of residency with these regrets. image: https://www.tmait.org/hubfs/Personal_Finance_Fundamentals_30.jpeg --- - [800-880-8181](tel:800-880-8181) - [CONTACT US](https://www.tmait.org/contact) - [SELF-SERVICE PORTAL](https://tmait.aebsys.com/#/) [![](https://www.tmait.org/hs-fs/hubfs/TMA%20Insurance%20March%202019/Image/logo.png?width=197&name=logo.png)](https://www.tmait.org/) Topics All Accident Insurance Accidental Death and Dismemberment Auto & Home Insurance Auto Insurance Business of Medicine Business Overhead Expense Insurance Comparing Insurance Providers COVID-19 FAQs Critical Illness Insurance Dental Insurance Disability Insurance Employed Physicians Family Featured Financial Advice Group Benefits Group Coverage Health Insurance Homeowners Insurance HSA Independent Contractor Independent Physician Individual Coverage Insurance For Good Insurance for Women Insurance Review Key Person Insurance Life Events Life Insurance Locum Tenens Medevac Insurance Medical Insurance Medical Practice Medicare Medicare Part D Medicare Supplement Medigap Nearing Retirement Office Overhead Expense Insurance Open Enrollment Personal Umbrella Insurance Pet Insurance Practice Management Practice Managers Practice Owners Prescription Drug Coverage Renters Insurance Residents Retired Physicians Retirement Short Term Disability Short-Term Medical Insurance Supplemental Hospital Indemnity Insurance Term Life Insurance Travel Insurance Vision Insurance Women Physicians Young Physicans Young Physicians ![](https://www.tmait.org/hubfs/Personal_Finance_Fundamentals_30.jpeg) [Residents](https://www.tmait.org/blog/topic/residents) # Personal Finance Fundamentals I Wish I'd Followed at 30 2 May 2016 Teenagers and college grads expect to “have it all together” by their 30s. It’s ok to be a kid in your 20s — even in med school — but when the infamous 3-0 rolls around, it’s time to focus on building a solid foundation, climbing the ladder, and settling down to start a family. Few thirtysomething physicians, however, find themselves in ideal financial circumstances. Most entering residency find that their money management skills are lacking somewhat more than they thought. All of sudden they can’t make enough dough to keep up with their wants and needs at the same time, and so many get blown off course just when they need to start tacking into the wind. ## Major Financial Milestones for Millennials Even with your 20s behind you, it probably feels as if you’ve only just managed to get a foothold in your career. Understandable for physicians, who enter their profession later than most graduates. But as your career starts to take off, take steps to capitalize on your prime-earning years so you can look forward to a comfortable career leading up to retirement. Our 30s is the time to take on responsibilities and make serious commitments to yourself, your job and family. Commit to your financial future by formulating a plan for retirement. No need to become a financial expert overnight, but you do need to get a handle on how much you are making, spending and saving and whether your savings are growing enough to meet your future goals. Start a retirement savings plan as soon as you can. Begin learning about the different retirement accounts and options available to house your savings. With time on your side, [compound interest](https://www.investor.gov/tools/calculators/compound-interest-calculator) combined with a steady savings program can grow into a considerable sum over a span of several decades. Here are three more tips young physicians can bank on: ### Tip #1: Pay Down Your Debt Start saying the long goodbye to your student loans. Promptly pay them down or seek forgiveness programs. When your educational outlay shrinks enough, you can begin building wealth. Pay off your credit cards, or at least transfer your balance to a card with zero percent interest. Once you pay off the principle, continue using your cards to build credit, paying off your full balance each month. ### Tip #2: Stop Living Paycheck-to-Paycheck and Save for a Rainy Day Start putting money away little by little. It won’t be pleasant, but it will pay off in the end. Stash away as much as you can until you have created a three-month emergency fund. This will ensure breathing room if you find yourself unable to work for a period of time. Make sure to keep some money accessible. Retirement accounts are not a good place to turn for emergency funds. Your IRA, for instance, charges a sizable penalty if you attempt to make a premature withdrawal. **RELATED: **[**10 Important Statistics in Honor of Disability Insurance Awareness Month**](https://www.tmait.org/blog/10-important-statistics-in-honor-of-disability-insurance-awareness-month) ### Tip #3: Protect Your Image, Protect Your Income In the social media era, most Millennials are aware that they need to protect their brand — and by “brand,” we mean professional reputation. Make sure your image is positive so that it will not damage your earnings potential. Even a small social slipup can cause financial hazards. **RELATED: **[**Social Media and Its Critical Impact on Your Future Medical Career**](https://www.tmait.org/blog/social-media-and-its-critical-impact-on-your-future-medical-career) ### Financial Maturity Is Its Own Reward A little planning goes a long way. In time, you will build a strong credit history so you can borrow money at more favorable interest rates when the need arises. You’ll also learn to anticipate and budget for recurring annual expenses such as household and vehicle repairs. Saving, too, for the occasional splurge will become easier. Your 30s are when you take charge of your life and plan for your future. Avoiding financial mistakes will help you get where you want to be. If you found this article helpful, may we suggest: - For more on **how to get on your feet financially just out of residency**, read [**Loan Repayment vs. Investment for New Physicians: Understanding Your Options**](https://www.tmait.org/blog/loan-repayment-vs.-investment-for-new-physicians-understanding-your-options). - For more on **the big surprises you get once you enter medicine**, read [**What You Were Never Told About Life After Medical Residency**](https://www.tmait.org/blog/what-you-were-never-told-about-life-after-medical-residency). - **For more on **alternative ways to become a financially sound physician**, read [**Doctorpreneurs: Why All Physicians Are Entrepreneurs at Heart**](https://www.tmait.org/blog/doctorpreneurs-why-all-physicians-are-entrepreneurs-at-heart).** ** [ Residents ](https://www.tmait.org/blog/topic/residents) [, Employed Physicians ](https://www.tmait.org/blog/topic/employed-physicians) [, Young Physicans ](https://www.tmait.org/blog/topic/young-physicans) ** [Independent Physician](https://www.tmait.org/blog/topic/independent-physician) [**Previous Entries](https://www.tmait.org/blog/how-to-set-meet-financial-priorities-at-any-age) [Next Entries**](https://www.tmait.org/blog/5-tips-for-taking-aim-at-texas-physician-student-loan-burdens) ## Recommended Posts ### [Dental Insurance and the Habits It Helps Shape](https://www.tmait.org/blog/dental-insurance-and-the-habits-it-helps-shape) ### [Unexpected Doesn't Have to Mean Unprepared This Summer](https://www.tmait.org/blog/unexpected-doesnt-have-to-mean-unprepared-this-summer) ### [When “Easy Online” Life Insurance Wasn’t So Easy](https://www.tmait.org/blog/when-easy-online-life-insurance-wasnt-so-easy) ### [One Plan for the Year—Travel Insurance That Covers Every Trip](https://www.tmait.org/blog/one-plan-for-the-year-travel-insurance-that-covers-every-trip) ### [Disability Insurance—Without Gender-Based Pricing Discrimination](https://www.tmait.org/blog/disability-insurance-without-gender-based-pricing-discrimination) ### [Mind the Gap: Why Your Employer’s Disability Coverage May Fall Short](https://www.tmait.org/blog/mind-the-gap-why-your-employers-disability-insurance-coverage-may-fall-short) ### [When Your Family Depends On You: Disability Insurance for Physicians](https://www.tmait.org/blog/when-your-family-depends-on-you-disability-insurance-for-physicians) ### [How TMA Insurance Trust Reinvests in You](https://www.tmait.org/blog/how-tma-insurance-trust-reinvests-in-you) ### [Dental Insurance and the Habits It Helps Shape](https://www.tmait.org/blog/dental-insurance-and-the-habits-it-helps-shape) ### [Unexpected Doesn't Have to Mean Unprepared This Summer](https://www.tmait.org/blog/unexpected-doesnt-have-to-mean-unprepared-this-summer) ### [When “Easy Online” Life Insurance Wasn’t So Easy](https://www.tmait.org/blog/when-easy-online-life-insurance-wasnt-so-easy) ### [One Plan for the Year—Travel Insurance That Covers Every Trip](https://www.tmait.org/blog/one-plan-for-the-year-travel-insurance-that-covers-every-trip) ### [Disability Insurance—Without Gender-Based Pricing Discrimination](https://www.tmait.org/blog/disability-insurance-without-gender-based-pricing-discrimination) ### [Mind the Gap: Why Your Employer’s Disability Coverage May Fall Short](https://www.tmait.org/blog/mind-the-gap-why-your-employers-disability-insurance-coverage-may-fall-short) ### [When Your Family Depends On You: Disability Insurance for Physicians](https://www.tmait.org/blog/when-your-family-depends-on-you-disability-insurance-for-physicians) ### [How TMA Insurance Trust Reinvests in You](https://www.tmait.org/blog/how-tma-insurance-trust-reinvests-in-you) ### [Dental Insurance and the Habits It Helps Shape](https://www.tmait.org/blog/dental-insurance-and-the-habits-it-helps-shape) ### [Unexpected Doesn't Have to Mean Unprepared This Summer](https://www.tmait.org/blog/unexpected-doesnt-have-to-mean-unprepared-this-summer) ### [When “Easy Online” Life Insurance Wasn’t So Easy](https://www.tmait.org/blog/when-easy-online-life-insurance-wasnt-so-easy) ### [One Plan for the Year—Travel Insurance That Covers Every Trip](https://www.tmait.org/blog/one-plan-for-the-year-travel-insurance-that-covers-every-trip) ### [Disability Insurance—Without Gender-Based Pricing Discrimination](https://www.tmait.org/blog/disability-insurance-without-gender-based-pricing-discrimination) ### [Mind the Gap: Why Your Employer’s Disability Coverage May Fall Short](https://www.tmait.org/blog/mind-the-gap-why-your-employers-disability-insurance-coverage-may-fall-short) ### [When Your Family Depends On You: Disability Insurance for Physicians](https://www.tmait.org/blog/when-your-family-depends-on-you-disability-insurance-for-physicians) ### [How TMA Insurance Trust Reinvests in You](https://www.tmait.org/blog/how-tma-insurance-trust-reinvests-in-you) ### [You Treat Illness, But Can You Afford It? 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