Happy New Year Money Guy Show Family! There has never been a better time to buy into the market and start investing than right now! Between investment options and low-cost investments, you have an opportunity to supercharge your finances by investing.
Unlike earlier years, today you have access to different financial products that simply weren’t available before. And If you have less than $250,000 in investable assets, you probably don’t need a financial advisor just yet. Meaning, you can jumpstart and build wealth on your own for now. If you have more than $250,000, then it’s probably time to consider hiring a co-pilot to avoid making financial mistakes and maximize your investment returns.
Either way, no matter where you are in your financial journey, today’s episode shares the 9 steps you can take to invest $1,000 right now! Imagine the impact properly investing $1,000 can have on your growth potential. We talk about that and so much more in today’s show.
Here is what you’ll learn in today’s episode:
- How to jumpstart a successful investment strategy
- The 9 Steps to Invest $1,000
- Step 1: Put it into your emergency fund if you don’t have it funded yet
- Step 2: Go get your free match from your employer-sponsored retirement plan
- Step 3: Bury the Zombie Debt {check out this past episode!)
- Step 4: Shore up your emergency reserves with 3 to 6 months of living expenses in an FDIC-insured high-yield savings account OR funding your Health Savings Account (HSA)
- Step 5: Load up on your tax-favored account i.e. put it in your Roth IRA and Health Savings Account
- Step 6: Supercharge your retirement and max out your retirement accounts
- Step 7: Save 20% of your total income every year for your future so you can build financial independence
- Step 8: Pay down your mortgage
- Step 9: If you’re already financially independent and doing all of the above, invest in the lives of other people!
- How to specifically invest your money depending on which step you’re on in your financial journey
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