Want to Start Building Wealth in Your 30s? Your Money Mindset Is Key

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If you’re like me, you spent your 20s not caring much about money. But then you reached your 30s and wanted to start being more responsible with your finances. That made you start to care a little more about money. And maybe with that, you started wanting to figure out how to start building wealth for yourself.

If this is you, let me start off by reassuring you. If you’re starting your wealth-building journey in your 30s, it’s definitely not too late. It’s true that, if you intend to use the stock market as a primary vehicle for building your wealth, you won’t be able to take advantage of the effects of compound interest that you could have if you had started investing in your 20s.

But the stock market isn’t the only way you can build wealth. Far from it. (And, also, you’re free to start investing in your 30s if you so choose. The effects of compounding will still apply.)

But the main reason I want you to understand that it’s not too late to start building your wealth in your 30s is because of the 5 Principles of Wealth-Building. This isn’t an official list of principles. It’s just that, as I’ve learned about what it takes to build wealth, I’ve realized that the process really comes down to five main principles. And the way I understand it, if you master these five principles, there’s no reason you can’t build wealth for yourself.

I’m only going to touch on these principles briefly in this post. I’ll go into them in more detail in another one. But after I talk about them, I want to then address how your money mindset is key when it comes to applying these principles to your own life.

Here’s a general overview of the 5 Principles of Wealth-Building:

Principle #1: Live below your means.

This essentially means that you spend less money than what you bring in. If you’re constantly spending everything you earn—or spending more than you earn—it’ll be hard for you to build wealth because you won’t have anything to set aside, which I’ll address in the second principle.

Principle #2: Save and invest.

This is where real wealth is built. To build wealth, you need to set aside a portion of the money you bring in for saving and investing. And the more you have to save and invest, the faster your wealth will grow.

Principle #3: Avoid debt and unnecessary expenses.

Try to pay off loans as soon as you can. And try to avoid debt, like credit card debt. Focus on making a habit of paying off the statement balance (not the current balance) in full every month. And something you definitely want to avoid is going into debt to pay for non-essentials, like luxury cars, designer clothes, and expensive vacations.

Principle #4: Increase your income.

When I say this, I don’t mean go get another job or go back to school, unless that really is your dream. But I’m talking about things like adding other income streams to what you already bring in—like passive income—so that you’re not just trading dollars for hours.

While receiving dividends from stock investments counts as a form of passive income, there are endless options for adding this type of income to what you bring in. And if you add to the income you have coming in and make sure to avoid lifestyle inflation (upgrading your lifestyle as your income increases), you’ll have more money to save and invest.

Principle #5: Become financially literate.

To build wealth, you’ll want to know how money works. Because the better you understand this incredible resource, the better you’ll be able to manage it, learn how to invite more of it into your life, and have it work for you.

3 Mindset Shifts to Start Building Wealth in Your 30s

Now that you have a better understanding of what it takes to build wealth, I hope you can see how it’s possible for you even if you’re starting in your 30s. But what you’ll want next is to have a good system in place for applying these principles. This is where your money mindset comes into play.

Your money mindset is essentially your thoughts and beliefs about money. And these thoughts and beliefs will dictate your behaviors and the actions you take with respect to money. So, if you want to start building wealth for yourself, here are some money mindset shifts you might want to make.

Shift #1: Think long-term.

One essential mindset to have when it comes to building wealth is to think long-term. When people live paycheck-to-paycheck, for instance—if they’re not doing it out of necessity—it’s likely because they want to spend the money they have right now. They’re not thinking about putting some aside for the future.

While I definitely don’t believe you have to deny yourself every pleasure or luxury to build wealth, you also can’t spend everything you make. Because, as I mentioned in principle #2, saving and investing is where real wealth is built. So, if you weren’t already thinking this way when it comes to your finances, start thinking long-term.

Shift #2: Set financial goals.

If you’re starting your wealth-building journey in your 30s, it’s possible you didn’t have concrete financial goals for yourself in your 20s. Or maybe you did, but you either struggled to reach them (money mindset issues would be at play here) or those goals didn’t include building wealth.

Regardless of your financial goal perspective in your 20s, as you build wealth you’ll want to start setting these kinds of goals for yourself. First, you might want to get clarity on what wealth looks like to you.

What does it mean to be wealthy? Is it having a certain amount in savings and investments? Is it having a certain net worth? Is it being able to afford a certain lifestyle? Is it being able to retire from the work you currently do or stop working out of necessity?

Before you embark on this wealth-building journey, decide what it means to you to be wealthy. And then have that be one of your goals. And then you can have other mini-goals along the way, like to bring in a certain amount of income every month or every year.

But one thing you’ll want to remember is that the goals themselves aren’t the point. They’re something you’re working toward, but the important thing is really who you become on the journey to achieving those goals. This is something I learned from the book Atomic Habits by James Clear.

To achieve a goal of, for instance, having a certain amount of money in savings, you might have to learn more about budgeting. You might have to show restraint when you’re tempted to upgrade your lifestyle as your income increases. You might have to learn some new skills, like how start a successful business or side hustle.

You use the goals to help you determine when you’ve arrived at a certain destination, but the journey is what really matters.

Shift #3: Forget what you’ve been taught about money.

Many of us were taught that success in life involves going to school and getting a good-paying job that we’ll work at until we retire. If that’s your dream, far be it from me to stop you from pursuing it. But I’ve found that this path isn’t always the most fulfilling one for people.

Instead, if you’re going to start building wealth for yourself, you’ll have to start thinking differently about money. You’ll have to understand that there are an infinite number of ways to make money.

You’ll want to learn about the wonder that is passive income, which is income that comes to you passively as opposed to you having to actively work for every dollar. (Despite what you may think, though, passive income often involves some upfront work. But then the money comes to you with little to no more effort on your part.)

And you’ll want to come to the realization that you don’t have to rely on just one source of income to make money. If you have multiple sources of income, that means you have more money coming in (principle #4). And if you reduce your spending to needs and occasional splurges, that means you’ll have more money to save and invest (principle #2).

Final Thoughts

Beginning your wealth-building journey in your 30s is a wonderful thing. At this time in your life, you might have some more clarity about what you really want. You might have some more discipline than you did in your 20s. And you might be in a better place mentally to do what’s required to actually start building wealth.

I firmly believe that if you apply the 5 Principles of Wealth-Building to your life, there’s no reason you can’t build wealth for yourself. But applying those 5 principles starts with your money mindset.

~ Ashley C.

P.S. If you would like to start transforming your relationship with money, feel free to subscribe to the Alternative Money Mindset newsletter. There, I offer tips and advice on topics like budgeting, paying back debt, and building wealth with love. Don’t miss out!

Note: The advice presented here is for informational purposes only. If you’re in need of professional financial advice, please see a qualified professional.

Last updated: July 18, 2025