A Few Tips on Preparing to Invest As A Beginner:

    Previously, we discussed how investing is one way black famililies can work towards generational wealth. We then got a quick vocab lesson on select words that are important for us to be aware of. Today, we'll briefly discuss some first time tips for investing.

  •  Create a financial plan. You have to have your finances in order first before you can find excess money to use for investments and savings. It's recommended you have sufficient income coming in. Get an idea of what your goals are and write them down. So have an idea what you want to invest for and figure out ways to cut back on spending or even what ways you could possibly bring in more income.
  •  Start "Paying Yourself  First" this means you take some of your income and give it to yourself to put up.
  • Work on paying your debt down and eliminating it. It's recommended to work on one balance at a time. Try writing down what bills you have to pay and how much spending you're doing so you can keep track.
  • Learn the differences between savings(money available when you need it) and investing( taking a risk at losing money in order to increase it). Keep money separate for both. 
Examples of Savings: Savings account, checking accounts, CD's (certificate of deposits)

Examples of Investments: Bonds, Stocks, Mutual Funds, Real Estate, Commodities.

  • Learn as much about  different businesses as possible that you are interested in investing into so you know what you're putting your money into.
I'm going to leave a link to a really good governmental site on investing and getting started. I got a lot of information from it and plan on printing it out to use regularly. You can save the file as a pdf onto your computer or device. I know the tips seem general, but that's because in order to get into investing you have to get a strong foundation yourself. There's way too much info to fit into these blogs but I'm hoping to give people an  idea so they can go from there on their own.  It may seem overwhelming but you're going to have read through info and gather data in order to know how to navigate investing. I still will be covering a few more investment topics in the coming days and hopefully it gives you a sense of how  to get started on this journey.


Sources: 
https://www.moneyunder30.com/how-to-invest-in-the-stock-market
https://finance.zacks.com/advantages-disadvantages-investing-stock-market-personal-finances-5014.html
https://smartasset.com/investing/investing-for-beginners

The pdf file:

https://www.sec.gov/investor/pubs/sec-guide-to-savings-and-investing.pdf



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