Issue link: https://read.dmtmag.com/i/630222
The Art of Manliness Continued JOBS for TEAMS | 22 www.jobsfor teams.com or perhaps an opportunity comes up to travel for three months. Your emergency fund can help you take advantage of those opportunities. In short, six months of cash in the bank is one very effective way of becoming more antifragile. For extra personal finance points, try to save one year's worth of in- come by the time you turn 40. 2. Pay off all-non mortgage debt. In your 20s you paid off all your credit card debt and started a debt re- payment plan for your student loans. In your 30s, the goal is to stick to that plan — keeping credit card debt at bay and paying off all your non- mortgage debt. Be aggressive with it. Slash your expenses with frugal living, earn extra money through side hustles, and divert as much of your savings and income as possible to- wards eliminating your student loans and any other debt. If you don't think it's possible to pay off your debt while trying to support a family with an average income job, just read the experiences of folks who followed Dave Ramsey's Total Money Makeover program. You'll find several examples of families of five or six, where the husband was the sole full-time income earner, who still managed to pay down down six-figures of debt in just a few years. It just takes dedica- tion and sacrifice. 3. Increase retirement savings to at least 15%. Hopefully by now you have some sort of retirement account set up and are making regular contributions to it; you won't be one of the 40%(!) of Baby Boomers who have noth- ing saved for their golden years. As you pay off more of your debt, start shifting some of the money that's no longer going to loans to your retire- ment account. Most personal finance experts agree that in your 30s you should be saving at least 15% of your income for retirement. If you want to make sure you have plenty, aim for 20%. Don't know what to invest in? Check out our post on index funds — the best stock market investment option for just about everyone. 4. Get your estate planning in order. You're going to die someday. Could be in 50 years or it could be tomorrow. Whenever it happens, your estate will have to be set in order and distributed to your survivors. If you want to control how your stuff gets doled out when you're gone and make the process as hassle and conflict-free as possible for your loved ones, you'll need to have a will or a trust in place. Wills and trusts are particularly important if you have children. If you and your wife both die, who do you want to take care of them? How do you want the money in your accounts spent to raise them? In addition to a will or trust, your estate plan should have documents like an advance directive and durable power of attorney. Instead of your family arguing about whether to pull the plug on you when you're in a