Top wealth building tips for 30-somethings

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We've previously given you tips for building up long-term wealth when you're in your early 20s. What about those who have passed their first decade of adulthood, however?

When you're in your 30s, you're still young enough to get a good wealth building strategy off the ground. But because you're past your 'irresponsible years', your priorities and the way you go about it may be a bit different. Here are some suggestions for all those 30-somethings out there.

Pay off your mortgage faster

If you're over 30, there's a likelihood that you've put a deposit down on a home and are in the course of gradually paying down your mortgage. Take this time to get a head start on your home loan - you might consider making additional repayments, or even changing the loan term.

If you put the hard yards in now, you'll be thanking yourself later when you can leverage your equity to fund further investment. This can be an especially good tactic if you're yet to have kids - you can put more of your budget toward chipping away at your mortgage.

Look for ways to lower your tax

Typically, your 30s are the decade where you're going to start earning more than ever. As such, it's a good idea to look into tax planning strategies to make sure you're not paying more than you have to. If you have investments, for instance, you might consider income splitting with a spouse who earns less. Alternatively, look into what kind of tax deductions you can claim - whether you're a worker, investor or business owner, you'd be surprised at what you're entitled to.

Get insured

In the midst of the storm of new milestones you're likely to reach in your 30s - marriage, home ownership, starting a family - it can be easy to forget about insurance. You're so busy juggling your many expenses that it comes as something of an afterthought.

Instead, you should be seriously looking at income protection insurance and other types of cover. The further along you are in your wealth journey - and the more responsibilities you have - the more important it is to protect yourself.