Investing can be one of the best ways to grow your wealth, but if you're just getting started, itโs easy to make a few missteps. Letโs dive into some common mistakes that new investors makeโand how you can avoid them! ๐ก๐
1. Investing Before Youโre Ready ๐ธ
Never invest until you're financially and mentally ready! Before putting your money in the market:
Pay off high-interest debt first (like credit cards ๐ณ). If youโre paying 18% interest, it's hard for investments to beat that.
Have an emergency fund with 6-12 months of expenses ๐. You donโt want to be forced to sell your stocks in a crunch!