Start with income, then open a checking account for monthly bills and a savings account for 20% of each paycheck. Build a $3,000 emergency fund, then invest monthly in an S&P 500 index fund through a low-cost brokerage.
If you are just beginning your financial journey in life, following the steps in this video can make the difference in your being wealthy or living paycheck to paycheck. If you will begin your relationship with money the right way and be consistent, your journey will be successful. It starts off with a job or a business and bank accounts. Open a checking account and a savings account at the same time. Your checking account should only hold enough money to pay your bills every month. You can figure out how much you need in there by looking at your last 3 months of spending and taking the average. You want to be putting at least 20% of what you make into that savings account every If you can't do that, you need to look at getting your spending down. Build up your savings account to at least $3,000 and then keep that much in there at all times. As the amount in that savings account begins to increase, open an online brokerage account. Find one with low commissions and no minimums. A good way to begin investing is to buy shares monthly in an index fund that tracks the S&P 500. Do that consistently for a year and then you'll be ready to look into other forms of investments. Now, follow me.
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