📈 A Weekend Challenge for You
👋 Hi finance enthusiasts and fellow investors!
Yesterday, I had an interesting chat with a friend about investing.
He's a sharp guy, almost a doctor, but guess what? He was pretty clueless about investing. Not his fault, really. After all, they don't teach this stuff in school, do they?
So we sat down together and I tried to explain it to him. We started with the basics, including the "compound interest effect". No idea what this is? I got you:
We even dived into how investing in real estate could be a game-changer in building his wealth.
We also touched on ETFs and the basics of getting started. And you know what? He told me he finally got it! :)
But here's the kicker: This kind of knowledge is what separates the high earners from the true wealth builders. Sure, earning a lot is great, but if it all goes out as fast as it comes in, you'll never stop working.
I believe in this:
If I work hard for my money, my money should work hard for me too.
Today's newsletter is short, but with a clear mission: Get you to START.
Financial education is vital, and I’m here to get as many of you on the investing train.
It doesn't have to be crypto (though that's one way). The key is to just get started.
Why not this weekend? (Rethorical question - this weekend is the day you finally start!)
The information provided in this newsletter is for educational and informational purposes only and should not be considered as financial advice.
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Your Simple Guide to Start Investing:
1. Savings Check:
Got 3 months of living expenses saved?
Yes: Fantastic! Proceed to the next step.
No: Time to save up! Start tomorrow, aim to boost your income, and hold off on investing until you've reached this goal.
2. Tackle Your Debts:
Have any high-interest debts (excluding low-interest loans like mortgages)?
Yes: Focus on clearing these debts first. High-interest debts can eat into your potential investment gains.
No: You're in a good spot! Move on to deciding where to invest.
3. Deciding Where to Start:
Crypto Curious? Set up an account on a reputable crypto exchange (for example Coinbase or Kraken). Complete the necessary KYC steps. Begin with a small amount, perhaps your first BTC purchase. Remember, a small start is still a start – think $50-100.
Interested in Stocks/ETFs? I recommend starting with an ETF. Open an account with a NEO broker available in your country (just google “Neo broker {Your country}”). Similar to crypto, begin small, but begin NOW.
This weekend could be the turning point in your financial journey. Ready to take the leap?
Best,
Stefan
Co-Founder of CryptoExplorer & InvestmentExplorer (coming soon)
PS: If you have any questions, just hit "Reply" and ask me - I am happy to help.
PPS: My friend has already opened a brokerage account - if he can get started, so can you!
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