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Eight Things to Do Before You Turn 30

Oh yes, I did all eight things before I turned 30, and I cannot be more grateful for taking the right steps early to lay out a good financial future. If you are young and suffering from financial problems, take a holistic view of your financial life and take action!

1. Identify your goals. Decide what you want and where you want to be in the future. You must identify what you want before you can map out a strategy on how to get there. Start by setting up a budget. (Trust us, it's a good thing.) Then learn how to save for different time frames.

2. Start an emergency fund. One of the smartest moves you can make is to have cash on hand to cover three to six months of living expenses.

3. Pay off credit cards. If you already have a credit card -- and you tend to carry a balance -- set a goal to wipe out your debt while you're still in your 20s.

4. Start investing. Complete steps 2 and 3 before even thinking about investing. Yes, the sooner you start putting your money in stocks and mutual funds the better, but what good is earning -- if you're lucky -- 10% if you're racking up 18% a month in interest charges? The only exception would be your employer's retirement plan. If you have a 401(k) or similar plan at work, start contributing as much as you can afford as soon as possible. If your employer offers a matching contribution, try to set aside enough to capture this free money.

5. Establish credit. For millions of young people just starting out in their financial lives, getting approved for a credit card, auto loan, mortgage or other line of credit can pose a challenge. Generally, you can't get credit until you have a history of repaying credit. Better to establish and build a credit report for yourself now before you need to borrow money.

6. Set up a strategy to pay off student loans.

7. Take calculated risks. "Most successful people got to where they are because they took a few risks to strive for their dreams," says Robin Ryan, career counselor and author of What to Do With the Rest of Your Life. If you shy away from risk, you may be limiting your rewards. This goes for several aspects of your life, including career planning and investing.

8. Travel. Okay, so this one isn't really financial, but, hey, sometimes you just need to get away -- to see something new and experience the adventures you'll be telling people about for the rest of your life. And taking the time to travel when you're young and single is much easier than when you've got a couple of cranky kids in tow.