Maybe you landed the killer promotion or destroyed some debt, and now you finally have free cash flow.Congratulations! Now it is time to learn how to invest money like a boss.
Now you're ready to save and invest. But you're not sure how to invest your money. I have good news.
I'm going to introduce you to six basic steps on how to invest your money. It will be unlike many other “how-to” articles on investing.
Before you think about investing a dime, we need to set the foundation. Without it, having a successful investment strategy will be difficult, if not impossible.
The first step you need to take before investing your money is setting some primary financial goals. This is typically the first step in every financial planning process out there.
Talking about budgets is about as much fun as having a root canal. But saving and investing consistently will be challenging if you don't know where your money is going. I'm not suggesting you need to be slaves to your budget—quite the contrary.
Your budget tells you how much you can save and invest. That's the foundation that must be in place to ensure you can contribute a consistent amount to grow your wealth.
Most people considering investing their money should look at retirement accounts first. Remember, this is after you've set your budget, created your emergency fund, and determined how much you can invest each month.