Should I Invest?
Before getting started, it is important to consider whether now is the right time to invest.
Below, we will examine some of the financial conditions that may have someone prepared or unprepared to start investing so you can get a sense of where you stand.
When You Should
Ideally, you should start investing as soon as you can. If you have some money that you won't need to spend in the next year, invest it! The power of compound interest allows your investments to grow exponentially over time, so the earlier you begin, the better off you'll be. If you don't currently have money saved up to use, try to set aside a percent of each paycheck to invest so you can build your investments consistently over time.
When You Should Wait
If you're facing high-interest debt, such as credit card debt, it's often wiser to pay off the debt before investing. The high interest can outweigh the potential returns from investments, making it more financially beneficial to eliminate the debt. Additionally, if you don't have an emergency fund established, it's crucial to prioritize building one before investing.
