How To Save For Your First Investment: So you want to start investing, but you don’t know where to find that initial money needed for your first investment. If you’re starting from scratch, one of the biggest steps to take for that first investment is saving. So how do you get started? How to save?
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How To Save For Your First Investment
First, you need to open a savings account apart from your spending account.
Next, sit down and start tracking your finances. Create a simple spreadsheet and keep track of your expenses such as rent, utilities, car payments, food, and entertainment expenses. Set a goal of how much you want to save each month. Now start to see where you can make some cuts.
Call your car insurance, cell phone, and cable providers and see if they have better deals. See where you can cut your food and entertainment expenses.
Earning Additional Income In Order To Save
Now it is time to start earning more money. Start looking for that 2nd part-time job or hobby that helps you bring in more money. Pick up some jobs babysitting. Sell your goods on eBay or Etsy. Sites like upwork.com and freelancer.com let you earn money from home.
You can even become an affiliate for Invest Diva and earn up to 40% for referring our awesome services to your friends and family. Earning an extra $500 or $1000 a month can help you save that much faster!
Free MasterClass: 3 Secrets To Make Your Money Work For You
Last and not least keep your eyes open. Look for deals from your service providers, use coupons to save on food expenses, double check your home to make sure it is winterized to save on heating expenses. Chances are there are opportunities in your life to save money every day.
Now you are on your way to making your first investment! For more on how to make your money work for you, check out this 2-hour FREE MasterClass and reserve your seat for my next webinar.
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This brings me back to you. What are some of your money saving secrets? After you subscribed, head over to the comment section, give me a shoutout and let me know.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.
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