As part of a life skills program for young single mothers, I was asked to teach a class on how to take control of your finances. I’ve distilled my advice into a series of tips, tricks and tricks that could help all young people. take control of your spending and savings. This month, I’d like to come full circle with my best strategies for novice investors.

First, a few caveats. Before you even think about it invest in the stock markettake stock of your overall finances. To begin, you should sow a emergency fund This will ultimately cover at least three to six months of your expenses. Hide this money in a safe place, such as a bank account or money market fundwhere you can get your hands on it quickly if needed. The same goes for money you save for short-term goals, like next year’s vacation or a down payment on a house. You don’t want to risk money you’ll need in less than five years.