Investing is the kind of thing that the longer you wait to get started, the more opportunity for future returns you could be giving up.
Investing is the kind of thing that the longer you wait to get started, the more opportunity for future returns you could be giving up.
If you cannot invest because you can’t afford it then there are some other steps you work on first. Every move you make today is something future you will thank for. There are some important points you must consider and get ready to start investing:
Track your money and make a plan
You don’t have to track eve single piece of money you spend you need is a high-level plan so that you know what’s coming in, and whether you’re working toward your goals. There’s no perfect answer for how to find more money in your budget for investing and saving. But you must start where you are and if you can ‘pay yourself first
Start your emergency fund
From cell phones dropping to medical emergencies, financial emergencies happen, and it happens more usual nowadays. But if you’re financially prepared for them then that’s when your emergency fund takes the stage. You should have at least saved for three to six months. Start with a goal of 1 or 2 months' pay to give you a little cash cushion in the meantime call it an emergency fund.
Pay off debts
There are many different types of debts. There are credit card debts, student loan debt, etc which are usually at high-interest rates. You must pay it as soon as possible you can. If some debts are left with high-interest rates, then it would become difficult for you to focus on investment as you have high debts.
These are a few points you should consider before making any investment if you cannot afford to invest.
Disclaimers
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
The securities quoted are for illustration only and are not recommendatory.
Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Details of the advisor
Advisor: Ankur Kapur
SEBI RIA No.: INA100001406
BASL Member ID: BASL1337