How to know that you’re ready to invest #shorts

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Transcript

00:00when should I actually start investing? This is the million dollar question and I'm going to give

00:04you a clear roadmap that balances protection and growth. So step one, save up to one month's worth

00:10of your living expenses. Think of this as your financial breathing room, just enough to help you

00:15sleep at night while you tackle the next steps. This isn't your fully funded emergency fund yet,

00:19but it's just your first line of defense. Then move on to step two, paying off the high interest

00:23rate debt. Target any debt with interest rates above 8%. That 20% credit card debt, it's literally

00:30draining your wealth faster than you can build it. So paying these off is essentially giving yourself

00:35a guaranteed return equal to the interest rate. And then step three, build and invest simultaneously.

00:41So once you've got that first month's worth of your living expenses saved and you've got your high

00:44interest rate debt handled, you could then start moving on to multiple fronts. Continue building

00:49your emergency fund towards your target and that's usually three to six months worth of your living

00:53expenses. And you can start investing for your long-term goals at the same time. So maybe 70%

00:57of your surplus goes towards finishing your emergency fund while 30% goes towards working

01:01for your investments. The exact split depends on your comfort level and timeline.

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