S1, Episode 3: How to Start Investing 101

The main question that I always get is "How do I start Investing?"

My answer is always simple… First ensure that you have a solid foundation, with a strong savings account. Savings is the foundation to investing… without a strong savings your entire investment portfolio can come crumbling down if an emergency pops up and you need to immediately liquidate your investment for cash.

“Be selfish and pay yourself first,” is one of the oldest sayings in the book. “You cannot pour from an empty cup/glass” is the quote that is used frequently with self care/love but it can also be used towards your finances. All these concepts and sayings may sound very simple but believe it or not most Americans don’t pay themselves first!

• 69% of Americans have less than $1,000 in a savings account.

• 80% of Americans live paycheck to paycheck.

All these statistics were gathered by CNBC, Forbes, and GoBankingRate, last year in December 2019, prior to COVID-19, when we were considered to have a relatively strong economy and consumer confidence was up. 

Even in a good economy the statistics still reflect a lack of ability to save in America and we are also the 12th richest nation in the world by per capita GDP. Why is that?

Regardless of the reasons just know, it’s never too late to start getting good with money.

Tune in to the latest podcast episode to learn more about how much of your income should go towards your savings account, ways to ensure you save consistently, and the types of savings accounts out there that can ensure further growth on your money!