3 steps to determine whether you've earned the right to invest investinyou (In partnership with acorns.)
Your journey on the road to building wealth begins with one question: Have you earned the right to invest?
"Before you even consider putting an ounce of risk on any of your hard-earned money, you first want to earn the right to invest," said Douglas A. Boneparth, certified financial planner and president of Bone Fide Wealth in New York.Before investing, you'll need to think about what you hope to accomplish."When do you want to achieve them, and how much will this cost?" asked Boneparth.
When you reconcile your budget with your actual cash flow — that is, you've made an honest assessment of your spending — you can determine how much you can actually save each month.Go back to your list of goals and pluck out the short-term objectives you'd like to achieve. "You don't want to put any risk on these goals," said Boneparth. Instead, sock away this cash in a checking account, high-yield savings account or a money market fund.
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