010 - What Everyone Needs To Do First To Start Investing

We know it might be exciting to jump right into opening a brokerage account. But until you evaluate your income and expenses and figure out how much you can afford to invest, you could be setting yourself up to lose money. <br/><br/>Things will end poorly if you have to pull money out of investments when the markets turn down. So make sure you have your essentials and bills accounted for first. Whatever is left can be used for discretionary spending and investing. <br/><br/>If you invest before playing with the rest of the money, you'll always be growing your account. And once you see how quickly your investments grow, it actually gets fun. <br/><br/>You can track your expenses using apps (Mint, EveryDollar, etc), spreadsheets, or just plain old pen and paper. What whatever is easiest for you so you can keep with it. Once you have your data, you can start taking action. <br/><br/>Awareness is key, because you can't invest money if you're in a deficit each month. And pay attention to how much high interest debt (like credit cards) is draining your wallet.   Feel free to reach out to us in between podcast episodes. We're here to help you achieve your income goals so that you can start living your passions a lot sooner. <br/><br/>If you ever need clarity on an investing term, check out the glossary. <br/><br/>Questions and comments can be sent via any of our socials, website, or directly through email. Instagram Facebook Get Coaching with Tim so your new portfolio can start generating income within 30 days. tim@incomeinvestingfornomads.com Episode music was created using Loudly.