How Much To SAVE Before You Start INVESTING

Believe it or not, there's a limit to how much you should be saving -- that is in a traditional or even high yield savings account. That's because true financial security comes when you invest and build your wealth exponentially over time. In this video, I talk about the limitations of saving, how much you should save, and other strategies for prioritizing your saving & financial goals. 00:00 Start of video 02:40 The limitation of saving 03:10 4 ways to lose your savings 05:34 Why Bob can't save his way to retirement 07:28 How much you should save 07:54 5 steps to calculate your savings number 08:02 Know your numbers 08:43 Live within your means 09:15 Build your emergency fund 10:11 Think about your short-term goals 11:58 Pay off high interest debt 12:27 How to prioritize savings & debt 13:05 Where does saving for retirement fit? 14:25 What to do after you've hit your savings number 15:14 Ways you can approach investing 👋 CONNECT WITH ME: ➤ https://www.wealthforwomenofcolor.com ➤ https://www.tiktok.com/@wealthforwomenofcolor ➤ https://www.instagram.com/wealthforwomenofcolor ⚠️ AFFILIATE DISCLAIMER: Some of my videos and descriptions may contain affiliate links and sponsored content. This means I may earn a small commission if you use these links, at no extra cost to you. With that said, I only recommend products or services I have personally vetted or used, and that I think may be helpful! ⚠️ CONTENT DISCLAIMER: This content is for educational and informational purposes only and is not intended as a substitute for legal, tax, accounting, or investment advice. When individualized advice is required, always consult a professional for guidance tailored to your specific situation. While Lissa holds certifications as a financial planner and counselor and is committed to making financial education more accessible, she does not provide specific professional advice through this channel or any Wealth for Women of Color content. Wealth for Women of Color is an educational platform and business. #personalfinance #wealthforwomenofcolor #financialeducation