When is the Right Time to Start Investing?
When is the right time to start investing? Now! But first here are a few items you should have in order.
1. Create a realistic budget you can stick to [the B word].
2. Stash in cash at least 3-6 months of fixed living expenses.
3. Pay your CCs and clear any high-interest consumer debt.
4. Don’t leave free money on the table. Make sure you contribute up to your employer match on your employer-sponsored retirement plan like a 401(k).
Listen, life is a balancing act so you don’t have to have all these ducks in a row to get started. However, those CCs, they need to be paid off—the average interest rate is 17%.
Once you’ve checked most of these off, feel free to start investing in the stock market.
Found this tip helpful? Come back each day for more of Greenwood Daily.
Found this tip helpful? Come back each day for more of Greenwood Daily.
About the Host
Rianka R. Dorsainvil
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.