Grow Your Money

Investing Basics

Investing can help you save money for your long-term goals, whether you want to have a down payment on a house, pay off your student loans, start your own business or afford a comfortable retirement. Before you start investing, though, you need to ensure you are on solid financial footing. Consider these questions:

  • Do you have a budget? Are you able to stick to it?

  • Are you already saving money? Do you have an emergency fund established with at least 3-6 months of operating funds? Are you in the habit of consistently saving, instead of using credit, for personal goals like vacations?

  • Is your debt under control?

  • Are you carrying adequate insurance? Where applicable, do you have health, auto, homeowners/renters, disability or life insurance? Visit Your Money Counts for more information on insurance.

When you're ready to start investing, you may feel overwhelmed by the decisions you have to make. Do you invest in stocks or bonds? What are the benefits of mutual funds? How much should you contribute to a retirement plan at work? You can get a feel for the lingo of business and investing by reading magazines and newspapers like The Wall Street Journal, the Financial Times, Barron's, Money, Fortune, etc.

Attend the Building Wealth and Making Money workshop to learn more about basic saving and investing tools. You can also review these investing resources to help educate yourself about your options.