The steps I took before I started Investing in a Taxable Brokerage Account
1. Eliminate Debt
Try to eliminate as much debt as possible I know its hard but it needs to be done. This is specifically important if any of the debt has interest. Photo by Alice Pasqual on Unsplash 3. 401k/Retirement Account from Job/Roth IRA
You can contribute to both a Roth IRA and an employer-sponsored retirement plan, such as a 401(k), Simplified Employee Pension (SEP), or Savings Incentive Match Plan for Employees (SIMPLE) IRA, subject to income limits. Photo by James Hose Jr on Unsplash |
2. Emergency Fund
Build a 3-6 month emergency fund An emergency fund is money you set aside for life’s unexpected expenses, like car repairs, hospital visits and even job loss. This money gives you the power to hand over cash to cover the big and small surprises that come your way. Photo by Artem Beliaikin on Unsplash 4. Brokerage Account (RobinHood/Fidelity/Charles Schawb Etc.)
A brokerage account is an investment account that allows you to buy and sell a variety of investments, such as stocks, bonds, mutual funds, and ETFs. Whether you're setting aside money for the future or saving up for a big purchase, you can use your funds whenever and however you want. Photo by PiggyBank on Unsplash |
Disclaimer: The information provided on this website is for educational purposes only and should not be considered as financial advice. The content is intended to provide general information about investing and does not take into account individual circumstances. Visitors are encouraged to consult with a qualified financial advisor before making any investment decisions. The website owner is not responsible for any actions taken based on the information provided. All investments involve risk, and past performance is not indicative of future results. By using this website, you agree to the terms outlined in this disclaimer.