which step do you all the materials you need for investig
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Answer:
1. Create A Budget.
I know, I know. Nobody likes the B word. I’m sorry. You simply can’t get to where you’re going until you know where you are.
In order to start investing, you first have to understand how much money is coming in and control how much is going out.
Before you invest a penny, you’ve got to figure out how much you need to spend to survive each month, and how much is left. Investing, when started early enough, takes shockingly little money to build a fortune. However, the more money you put to work for you, the more will build and grow for you.
Once you’ve determined how much you need to survive, look at the difference between that and what you’re actually spending.
Figure out where you’re wasting your money and make a plan to reduce it.
2. Create an emergency fund.
Many experts recommend keeping 3-6 months worth of expenses in an account that is very easily accessible, like a savings account. If you have nothing saved, start with getting to $1000 and go from there. Running around with nothing to fall back on if you lose your job is a great way to start a new career in panhandling.
Having no emergency fund is half a step from losing everything.
A job loss, major illness, or death of an earner could quite literally have you on the street without emergency savings. If your job is extremely secure or you have family you know for sure would support you in hard times, maybe a full 6 months of expenses saved isn’t necessary, but it won’t hurt.
3. Pay off high interest debt.
If you’ve got credit card debt at 17% interest, that’s costing you far more than what you would probably make in stock market gains. Focus on paying that off first.
If you’ve got student loans charging you 4%, that’s less concerning. Learn how to build a healthy credit score in Build Your Credit From Scratch In 6 Steps with Zero Debt.
4. Contribute to your 401k.
If your employer offers a 401k or other workplace retirement plan with a match, sign up for however much they’ll match. Many employers will match the money you put into your 401k 100%; some match 50%, up to a certain percentage. The money you put into the account reduces your tax bill, which is always a good thing!
Your employer has already calculated your 401k match in the cost of having you work for them, and it’s part of your pay. Take it; it adds up quickly!
It comes right out of your check before taxes, and you probably won’t even miss it.
It’s usually a good idea to also open an IRA for retirement contributions above your 401k match. Money from your employer’s match is one thing, adding more and limiting your investments to their fee-filled choices is quite another. I dug in to 401k fees and was quite disturbed by what I found. Read more in 401ks Are Where Dreams Go To Die.
5. Establish your financial goals.
There are many goals that can be achieved through investment.
Maybe you want to create another passive income stream.
Maybe you want to create a nest egg for your kids when they grow up.
Maybe you want to be able to pay for college for your children or grandchildren.
These are all great goals. However, I want you to set them all down for a minute if you are not prepared for retirement!
You cannot wait to start investing for retirement.
Retirement always comes first. There are no loans or grants for retirement. Investing works best when your investments are given plenty of time to grow. I hate to tell you this my friend, but once you reach retirement age, your time is limited.
And to clarify, I mean your time is limited as far as your money growing in your investments. The sad reality is that too many retirees outlive their retirement savings.
If you’re want to retire comfortably, it’s important to maximize your retirement saving strategy.
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