- Getting 2019 started right concentrating on three key steps.
- Results may vary depending on your investing style.
The new year is on its way and you are ready to get serious about investing in the stock market! Now you can either jump right in and invest, or you can take necessary precautions and plan for success.
It took me some time to really get a grasp of how the stock market works and what investing style worked best for me. I look back and wish I wouldn’t have rushed the process at first, and because I did it cost me hundreds of dollars. So learn from my mistakes and check out these financial tips before you dive right in this year.
Minimize your expenses and relinquish your debt.
Be Aware Of Your Spending Habits
This is the most challenging part of all, but if you are afraid to check your personal bank account on a daily basis, don’t invest in the market. Learn to manage your personal finances, minimize your expenses and relinquish your debt. Being responsible for your spending habits is a must if you want success with your investments.
Life catches us by surprise often…
I was told by a wealthy businessman to always have at least $1,000 emergency fund on the side of your investing endeavors. And once you have started with that, build it to $2,000 (and so on). If you have a family, your emergency fund may need to be $3,000 – $10,000. But, if your main source of income stopped today, how long could you survive from your current savings?
Life catches us by surprise often, so it’s best to have a side savings fund to be prepared- sudden surprises such as car repair, house repair, etc. It’s not recommended to have all of your savings placed in the stock market. If you placed it all in a brokerage and suddenly needed the money, it could take several business days to complete the transactions (fees could be involved). You may also consider holding your securities long-term for tax purposes.
Concentrating on these two tips will help you to become a better investor in 2019. Be patient and learn from others. It’s very common for investors to have come excited, but have a strong game plan and keep your eyes open to new opportunities.
Please see About Me & Disclaimer for additional information about Black Tea.
I am not a certified professional, nor responsible for any of your gains or loses. I’m simply a passionate stock investor who loves to share my experience with other women/men who want to learn general information about the market. May I encourage you to study and evaluate before you make any purchase or sale in the stock market. We are a participant in the Amazon Affiliate Services LLC program, an affiliate advertising program designed to provide means for us to earn fees by linking to Amazon.com and affiliated sites.