Begin Financial Success with These Tips
When you’re first starting out it is detrimental that you have some kind of capital AKA money handy or liquid. Having money in a savings account with around $1,000 to $2,000 is very essential. Having 3 to 6 months worth of expenses saved up is the next step up. You want to tackle your high interest debt though after the $1,000 or $2,000 saved. Start saving and paying off debt then you start investing.
Save up $1,000 to $2,000
Nearly 43% to 53% of Americans do not have enough money to cover $1,000 worth of expenses in case of emergency. That means 110 million to 135 million people can’t cover $1,000 worth of expenses in case of an emergency. Nearly 3 out of 10 Americans don’t have any savings at all.
It is very essential for you to have $1,000 to $2,000 saved up in case of an emergency. Let’s say your kid breaks their arm or you get a flat tire, so you don’t go into debt you can pay with that $1,000 or $2,000 saved up.
Once you have $1,000 or $2,000 saved up start tackling the high interest Debt
Always make your minimum payments but once you save some money if you can then start going after your high interest debt. You can do the debt Snowball method where you pay the lowest amount of debt in a single credit card or loan first so that once you pay off the full amount of the lowest credit card or loan you feel good. It’s psychologically proven it makes you want to pay off the rest of the debt and it feels good when you pay off some of it. The debt Avalanche means you go after the high interest debt first and pay off the highest standing balance or highest interest so that the interest payments shrinks along with your balance.
Once you save a bit and start attacking your debt saves 3 to 6 months worth of expenses and start investing.
You really want to save three to six months worth of expenses just in case you lose your job so that you won’t be left hurting if you don’t have a job. You want to do that as fast as possible but at the same time while you’re saving and if you’re debt is all paid off you can start investing.
Start investing after you’ve saved up money and paid off your debt
Once you’ve saved up enough money to feel comfortable in case of emergency or for a big purchase or an investment also don’t forget if you lose your job, those are the reasons why you saved that money. After all that and you’re done paying off your debt start investing into stocks, ETFs, real estate. The thing that made most people wealthy in this country and world are stocks, real estate and businesses.
If you need more help or want to learn what to invest in schedule a Financial consultation with me Financial Gregory and learn how to manage your money or how to invest.
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