So you’ve just started a new job, or you’ve been working for a while and are tired of seeing all of the money you earn just disappear into the ether. You’re ready to start investing so that you can have your money make money. Congratulations! But now what?
In this next series of posts, I’ll go through the process, step-by step, to get you started in investing. We’ll cover finding money to invest, getting your finances in order, setting up your 401K account at work, starting an IRA, and then setting up a brokerage account and investing in a taxable account. To find posts in this series if you’re starting this late, or if you want to go back and review other posts in the series, just choose “How to Invest” from the sidebar.
The steps for investing are as follows:
1. Find money to invest in your budget.
2. Setup your personal cash flow.
3. Take care of critical savings things first.
4. Get set-up for retirement
5. Start saving for your first position.
6. Learn the investment choices that are appropriate for you.
7. Choose direct investing, mutual funds, or a combination.
8. Find a broker and setup an investing account.
9. Learn how to enter an order.
10. Understand some basics of taxes.
11. Pick your first position.
12. Continue to build your portfolio.
13. Learn to know when to rebalance.
14. Retire losing positions.
15. Diversify to preserve capital.
16. Start to use your investment income.
17. Protect yourself from market downturns.
We’ll cover each of these topics in the posts that follow. Again, just choose “How to Invest” from the categories on the sidebar to find all of the posts in this series. Be sure to check back often, and please let me know if you have questions on any of the topics by leaving them in a comment.
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Disclaimer: This blog is not meant to give financial planning or tax advice. It gives general information on investment strategy, picking stocks, and generally managing money to build wealth. It is not a solicitation to buy or sell stocks or any security. Financial planning advice should be sought from a certified financial planner, which the author is not. Tax advice should be sought from a CPA. All investments involve risk and the reader as urged to consider risks carefully and seek the advice of experts if needed before investing.