El Dinero Report November 2020 | WEARESUMA

When to Start Investing

Do you know when you should start investing? It’s when you feel *la brisa* from La Rosa de Guadalupe 🌬🎶 En serio, it’s the moment you realize you have your finanzas in order.💰 The gang at Money Under 30 had these great tips for when to start investing.

 

Here are tips for a milagro to bless your purse.

1️⃣ Establish an emergency savings account. Save 6 to 9 months’ living expenses. This is not just rent and food but what you really need to live on! Don’t forget doctor visits, expenses, and going out. 🤔 Anything extra is good to invest.

2️⃣ No or low 💳 Sorry mij@ check out the high interest on 💳 debt you’re spending more than the 1% interest from your savings. Ojo 👁 the total interest paid could be between 10%-15%. That can end up being way more than what you make investing. 🤷🏽‍♀️

3️⃣ Start funding your retirement account(s). 💰A 401(k) plan at work 💼 is a savings account for your retirement. 

You contribute around 10% each pay period and many companies will match that.  Company matching is a gift. It’s free money!! If your company matches your 401k contribution, deposit the max. That’s essentially free money. If you don’t have the option at work or want to save more money for retirement, you can open a Roth IRA aka a savings account that you manage for your retirement.

If you have ✅ checked those things off your list 📝 and have extra cash on hand, start investing. Apps like Stash, Acorns, and Robinhood are a great way to start that new financial investment journey. 🤑📱

Are you ready to invest?

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