Did you know? Most people accumulate 90% of their net worth after age 40. This is why it is important to be financially savvy in your 20s and 30s, to get the ball rolling for that wealth accumulation in your 40s.  Today’s post explores 6 money traps to avoid in your 30s.

1. Expensive Car

While cars are seen to be a normal expense in many other countries like the US, cars are definitely a luxury item in Singapore. We’ve seen the reactions of the stars of Fast & Furious to prices of cars in Singapore, and chuckled at their stunned faces. It doesn’t help that COE premiums are reaching record highs. To combat this, there’s a new counting method, such that the COE quota for August to October will be 11.5% less. Fundamentally, cars are a big-ticket item that needs...