This is a question that pops up over and over again, both in reader questions to me and in questions I see on countless personal finance forums.
A person has stabilized their finances and has a solid job. They’re spending a little less than they earn, don’t have a whole lot of debt, and are starting to build up some money in their checking and/or savings accounts. They’re aware that people can get better returns on their money than they can get in their savings accounts by investing, but they don’t know where to start.
What should a person do in that situation?
X steps to take before investing for the first time
1. Cover your bases
Before you consider investing your money, you should make sure you have several financial basics in place first.
First, you should be up to date on all of your bills. If you are currently making late payments on any bills, you shouldn’t be thinking about investing. Rather, your goal should be to ge… Read More