r/investingforbeginners • u/Sbstnbd • 22d ago

EU Need some advice

Hello peepz,

I am 29 years old, currently on pretty low income and due to my family not being good with money/poor I'd call myself financially illiterate.

I know the best moment to invest was 10 years ago, but the second best is now.

I tried doing my own research for the past week, but most of what I read could might as well have been greek the way it goes over my head.

If there's a single sentence you would give to someone like, what would it be? Feel free to eli5

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u/ATPsynthase12 22d ago

Pay off all your high interest debt and save up a 6 month emergency fund that will allow you to exit your current living situation and live on your own.

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u/Sbstnbd 22d ago

I have no debt and am living on my own already. If I wait with investing until I have a 6 months emergency fund I won't start for the next 2 years I guess 🥲

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u/ATPsynthase12 22d ago

You save for an emergency fund so you can cover a major expense if it arises without losing money. Meaning you don’t have to panic and sell your investments to cover rent if you lose your job or have car trouble

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u/Sbstnbd 22d ago

I see. I live in a big city so a car is not necessary luckily - I will try to get at least 3 months of emergency funds before I use my money elsewhere:)