61: Before You Invest, Do This!

In this episode of *The Teacher Money Show*, I go over the essential steps to prepare for investing, offering practical advice to help teachers build a strong financial foundation before diving into the world of investments. Explore the show notes at: https://www.teachermoneyshow.com/show61 Become a guest on the show: https://www.teachermoneyshow.com/guest Leave a voicemail question: https://www.speakpipe.com/teachermoneyshow Recommend using Fidelity (affiliate link): https://fidelity.app.link/e/oCNKRWIuoNb 💡 **Key Topics Discussed:** 📌 **Build Your Emergency Fund:** Start with at least $1,000 or your highest insurance deductible, and work toward saving 3-6 months of living expenses. Not following this advice bit me pretty hard early on, so learn from my mistake! 📌 **Tackle High-Interest Debt:** Paying off credit cards and other high-interest debt is a priority before investing. These debts can undermine your financial progress by outpacing potential market returns. You want compounding working for you, not against you. 📌 **Set Clear Investment Goals:** Understand the importance of defining your objectives—whether it's retirement, education, or financial freedom—and choosing investments that align with your goals. 📌 **Understand Risk and Budgeting:** Discover how to assess your risk tolerance, create a budget, and identify funds for consistent investing. If you don't know how risk-averse you are, try something moderately risky with a small amount of money to see! 📚 **Resources Mentioned:** - *The Simple Path to Wealth* by J.L. Collins (https://amzn.to/3CFyrYK affiliate link) - Get financial coaching with me by going to https://teachermoneyshow.com/coaching 🔔 **Subscribe for more tips on financial literacy and wealth-building strategies tailored for teachers!** #InvestingBasics #TeacherMoneyShow #FinancialLiteracy #EmergencyFund #DebtFreeJourney #InvestingTips #WealthBuilding