You’re in your 30s, staring down student loans, credit card debt, and retirement savings that feel light-years away. The average millennial carries $40,438 in student debt and $30,558 in non-mortgage debt, but here’s the truth: you can still build a $100K net worth this decade—even if retirement feels like a mirage. Let’s break down actionable steps from real millennials who’ve done it.
1. Slay Debt with a War Plan (Not a Wishlist)
Debt isn’t a life sentence. Two battle-tested strategies:
– The Avalanche Method: Wipe out high-interest debt first (credit cards, personal loans) to save thousands in interest long-term.
– The Snowball Method: Knock out small balances first for quick psychological wins (ideal if demotivated).
Post-debt, redirect payments to savings. Ex: *Katie paid off $8K in credit cards using avalanche tactics, freeing up $400/month for investments.*
2. Automate Like a Robot
“Paying yourself first” isn’t a cliché. Millennials who saved $100K+ did this by:
– Setting up auto-transfers to high-yield savings accounts (aim for 3-6 months’ expenses).
– Maxing out 401(k) matches (free money) and investing in low-cost index funds (historically 7-10% returns).
– Using apps like NerdWallet to track spending versus budgeting manually.
> *”Automating my savings forced me to live on what was left—not the other way around.”* – Carly, saved $100K by 26.
3. Side Hustle Like a Millennial (Because Inflation Isn’t Helping)
Your 9-5 alone won’t cut it. Leverage gig economy opportunities:
– Freelance skills (up to $5K/month on platforms like Upwork).
– House hacking (rent out a spare room or Airbnb).
– Part-time work (weekend jobs, tutoring, or pet sitting).
Ex: *Grant Sabatier (Millennial Money) hit FI at 30 by stacking side gigs, from blog revenue to consulting.*
4. Live Lean Without the Misery
Frugality ≠ deprivation. Adopt *Mr. Money Mustache’s* philosophy:
– Cook 90% of meals (saves ~$300/month vs. dining out).
– Ditch payment plans for cars/phones (buy used, pay cash).
– Negotiate bills (internet, insurance) annually using competitor rates.
> Bonus Hack: Use travel rewards credit cards strategically for vacations (saved $10K+ on flights/hotels).
5. Exploit Every Tax Break and Employer Perk
Most millennials leave $1,300/year in unclaimed 401(k) matches. Optimize:
– HSA/FSA accounts: Save pre-tax dollars for medical costs.
– Mega Backdoor Roth IRA: If your 401(k) allows after-tax contributions.
– Commuter benefits: Use pre-tax income for transit costs.
Start Now, Retire Before 50
Saving $100K requires consistency, not perfection. Even $500/month invested at 7% returns grows to ~$82K in 10 years. Add side hustle income? You’ll blow past the goal.
👉 Today’s To-Do: Pick *one* step above. Automate a $50 transfer, call to refinance debt, or browse side gigs. Small wins snowball—just ask the 28-year-old who retired to travel Southeast Asia.
Your 40-year-old self will thank you.