Show 61 - Before You Invest, Do This!

In this episode, I talk about what to do before you start investing. There is a lot that goes into it.

11/27/20241 min read

Listen to the Podcast:

Investing is the exciting part of wealth creation, but it isn’t the most important. Like a beautiful building, the unseen foundation is the most important part. Without a strong foundation, a building will crumble--the same can be said of an investment portfolio. In this episode, I go over the most important foundational things you need to know before starting your investments.

Show Notes

Email at shaun [at] teachermoneyshow.com if you have any questions

Work with me for coaching

Financial Advice with Nectarine
(I am an affiliate of Nectarine, so I will be paid if you use this link. This is a conflict of interest)

Recommended Books (Amazon Affiliate Links)

The Simple Path to Wealth by JL Collins

Key Ideas

The steps to take before investing:

  • Build an emergency fund

  • Eliminate debt

  • Set goals

  • Set a timeline

  • Determine your risk tolerance

  • Build a budget

  • Automate your saving (and investing)

  • Learn about investing

  • Get help if needed

Bonus Tip

Here is a bonus tip I didn't get to in the episode.

  • When setting your goals, remember to keep a complete picture of your finances in mind. If you have a pension, that will offset any money you need in your own portfolio. If you want to retire early, don’t neglect retirement accounts entirely since you’ll eventually reach retirement age! And remember that the worst case scenario is you go back to work to supplement your retirement. Don’t be afraid to dream a bit!

Show Transcript

Show Transcript