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Having an idea for investing in stock market ? Insurance you may need

Having an idea for investing in stock market ? Insurance you may need 2017 | step 1 your rainy day fund and why this should be your very first step prior to beginning your investment journey so a lot of the information I'll be covering is from Dave Ramsey's financial piece this is a course I took many years ago and I still use it to this day I still follow the basic principles I have a rainy day fund myself and we're going to be covering that we're going to go over why I should

be your goal and what the goals are why it should be a priority what is the rainy day fund why you should be saving it once you what you should do once you hit your goal and then some of the next steps so of course if you're brand new to my channel I do make stock market financial and investment videos daily so do consider subscribing so again it's only six slides so very quick five to ten minutes at Mack so the very first

step you should be taken prior to your investment journey is setting a goal for yourself did you know that the Federal Reserve wage is $7 or the federal reserve minimum wage is $7.25 that is $15,000 in 1850 and thousand and eighty dollars per year so knowing this information you may be out there and you might be making minimum wage or you might be making more so if your income is under $20,000 make a goal of $500 for yourself for the year otherwise make a

goal of $1,000 for the year and of course I do have a picture of the gate because without goals you have nothing to strive for I i myself take it as a priority to create short-term goals you know two or three short-term goals that can be accomplished within three to six months and then some long term goals that can be accomplished within two to five years so these are always goals that you should have written down and this should be your primary goal if you

don't have $500 as the savings of in your savings and savings fund or $1000 in your savings fund this should be for your first priority so priority saving needs to be your number one I already pay yourself first if you're under $20,000 pay yourself 5% of your net income if you're over $20,000 or other and of course then you need to be paying yourself at least 10% of your net income after taxes each month example if you make a thousand dollars in a month

5% would be $50 10% would be $100 and quick math fifty times twelve is six hundred dollars you could be saving yourself in a year so it's very easy just wallet you know just put it away $50 a month could be six hundred dollars of savings in a year and if you put away a hundred dollars in a month and twelve months that's twelve hundred dollars that you just set yourself up for your future and rule of thumb always pay yourself first then your bills what is

your emergency fund think of your emergency fund not as an investment or money that you'll use to invest but use it as your insurance when stuff hits the fan this is your money to cushion your blow do not touch the spun for regular purchases your emergency fund is your first priority do it quick before considering investing what is what why are you saving you are saving for yourself your family your future you know so why will you be saving this

money for you'll be saving it for your needed purchases your down payment on your mortgage for a brand-new house if that's something you like to have a vehicle for work these will basically be needed of needed necessities to provide for yourself and your family number two should be your emergency fund if you're laid off if you're fired if you get into an accident you can no longer work this rainy day fund will give you a chance and some breathing room between just

having to stress out and go looking for another job right away if you are fired you can take you know one week or two week what you're getting I don't know what it's called when you're laid off you get some sort of paste then you do have a bit of a cushion and number one you should be saving for your wealth building long term investing because this is your first step once you have that thousand dollars in the bank you can begin your long term investing

afterwards and building for your retirement hitting your goal so once you hit your goal this has been your initial savings this is your first baby step into your financial future your step one should be a thousand dollars in the bank or five hundred dollars if your household income is below twenty thousand dollars now of course if you want to increase your percentages that you're paying off to yourself and you want to save a thousand two thousand you

know up to ten thousand dollars in your savings account for your rainy day fund go for it because what is your next step are you ready your next step should be three to six months of expenses now I know that sounds like a lot and you heard that right you have saved five to a thousand dollars now but keep going do not stop now you have the pattern down you can continue you have this pattern you can continue to work on paying yourself five.