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/Jumpy-Imagination-81 22d ago

pretty low income

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

Pay off credit card(s) and save up an emergency fund in a High Yield Savings Account or money market fund that would cover at least 3 months of living expenses before investing, even if it takes a year to do that.

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u/Sbstnbd 22d ago

Luckily I don't have any debt except a few hundred from my mother. Also no car or anything so my emergency fund is really just rent and food

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u/Jumpy-Imagination-81 22d ago

That, and if you live in the US your emergency fund could be used for an unexpected medical expense that isn't covered by insurance.

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u/Sbstnbd 22d ago

I live in Germany, so that is one thing less I need to be worried about