Do you want to invest on the stock market? Here’s why you should invest in yourself first

Julie Brownlee, Fsp Invest, 12 Feb. 2015

Tags: invest in yourself, how to invest in yourself, financial independence, personal finance, personal wealth

Putting your money to work on the stock market is a great way of growing your wealth over the long-term. But if your finances aren’t in the best state now, this may not be the best thing to do with your money at the moment.

So how can you invest in yourself first and give yourself the best shot at long-term financial security and independence?

Read on to find out…

Before putting your money elsewhere, you need to invest in yourself first

Putting money to work on the stock market is tempting, but if you have a number of financial commitments, now might not be the best time. The stock market is risky after all.

You need to prioritise your finances and primarily invest in yourself.

So where should you start?

How to invest in yourself in four steps

Step 1: Pay off any debts you have
Otherwise interest payments on your credit cards, store cards and short-term loans are just eroding your wealth.

Step 2: Have an emergency fund in an instant access savings account
This should cover you for a minimum of three months of expenses. This means if you lost your job or have to get repairs done to your house, you can use this cash.

Step 3: Explore additional ways of making money on top of your current job
There are so many things you can do that will generate cash. If you’re struggling for ideas, have a look at this book, Home Business Tycoon, which is brimming with ideas for starting a business from home.

Step 4: Start investing
Once you have done steps one and two, look to investing. Investing through a stock broker requires a large lump sum. If you haven’t got at least R10,000 to invest in the stock market for the long-term, then explore other ways of investing.

For example, investing in unit trusts is an easy and accessible way to invest in the stock market. You can invest on a monthly basis from as little as R200 a month depending on the fund.

It takes time to grow your wealth and it’s vital to invest in yourself first before looking elsewhere.

So there you have it, why you should invest in yourself first before investing on the stock market.

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