Crucial Steps Before Investing
Crucial Steps Before Investing
Many investors are ready and willing to throw there dollars around without establishing a solid foundation for there personal finances. Taking just a few key steps will make your hard-earned money a lot more likely to come back to you. Skip these crucial steps and you're setting yourself up for failure. Trust me, I learned the hard way.
(1) Pay Off Debt First things first, pay off your debt, especially debt that incurs interest. If not, the interest from your debt will be eating away at whatever gains you're experiencing with your investments.
(3) Learn, Research, Prepare This step is just as, if not more important than the others. You MUST do your due diligence. Don't, then someone is waiting to take advantage of you. Investing is a game of winners & losers and not doing your homework will have you taking L's by default. Some things to consider are choosing an investing strategy, studying past performance, researching current events, and determining your risk tolerance.
(4)Stop Saving, Start Investing All that's left to do now is to start putting your extra money towards your chosen investments instead of your savings.
This is not financial advice
