This is a very simplified checklist you can use to start your investing journey
- Do you have a regular source of income?
- No: focus on getting a job or doing something which generates some income.
- Yes: proceed to next step
- Is your income greater than your expenses?
- No: reduce expenses and/or increase income
- Yes: proceed to next step
- Do you have an emergency fund?
- No: save some cash to sustain you for at least three months
- Yes: proceed to next step
- Do you have debt?
- Yes: reduce debt exposure or get out of debt
- No: proceed to next step
- Do you have sufficient capital?
- No: invest in simple things like unit trusts
- Yes: proceed to next step
6. Are you looking for passive income or growth or both?
- Passive income: consider investing in treasury bonds
- Growth: consider investing in land
- Both passive income and growth: consider investing in rentals, starting a business, or buying shares shares
This checklist can serve as a basic guideline for anyone to assess their readiness and objectives for investing. It’s crucial to note that individual circumstances may vary, and professional advice should be sought for specific situations.
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