Dustin Wolk, a certified financial planner (CFP) and wealth advisor at Crescent Grove Advisors, offered some practical pointers. Wolk said that before making actual investment selections, you should start “with a comprehensive snapshot of [your] current financial situation, identifying income streams, monthly expenses — both fixed and variable — and existing debts, including mortgages, car loans and high-interest credit card balances.”
From there, Wolk advises his clients “to determine if they have set aside cash reserves or emergency funds to cover three to six months of living expenses and whether they have an existing investment portfolio.” After this review, you can decide how much money you should contribute to an investment app or other investing platform.
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