1. Have a Spending Plan (Budget)
This provides room to invest consistently. Without getting a handle on spending you won't be able to invest as much as you need to achieve your investment goals.
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This provides room to invest consistently. Without getting a handle on spending you won't be able to invest as much as you need to achieve your investment goals.
2/
2. Build Your Emergency Fund
Save enough to cover unplanned or emergency expenses. This will prevent you from selling Investments too early to cover unplanned expenses.
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Save enough to cover unplanned or emergency expenses. This will prevent you from selling Investments too early to cover unplanned expenses.
3/
3. Avoid High Interest Rate Debt
Avoid/Substitute higher interest rate debt for lower ones OR avoid debt altogether. Negotiate rates between banks, sell unneeded assets to clear debt or deploy other strategies to save money.
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Avoid/Substitute higher interest rate debt for lower ones OR avoid debt altogether. Negotiate rates between banks, sell unneeded assets to clear debt or deploy other strategies to save money.
4/
4. Learn Your Risk Tolerance Level
Take an online quiz to determine your Risk Profile as an investor. This will help guide your investment decisions.
5/
Take an online quiz to determine your Risk Profile as an investor. This will help guide your investment decisions.
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5. Have a Goal
Goals should be SMART and should match your investment decisions.
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Goals should be SMART and should match your investment decisions.
6/
Thanks again to @simplifyingfin for sharing her insights.
Be sure to check her out on IG and Follow her here on Twitter.
Be sure to check her out on IG and Follow her here on Twitter.
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