The road to building wealth begins with asking one critical question: have you earned the right to invest?
Even the most ambitious savers need to go through a little bit of prep work before they start socking away cash into a brokerage account, an individual retirement account or any other long-term investment.
“Before you even consider putting an ounce of risk on any of your hard-earned money, you first want to earn the right to invest,” said Douglas A. Boneparth, certified financial planner and president of Bone Fide Wealth in New York.
Here’s what that means.
Before investing, you’ll need to think about what you hope to accomplish.
As a prerequisite, you must identify, quantify, and prioritize your financial goals.
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