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Educate Yourself. Start with the articles suggested above, then work your way through the Learning Station. Next, graduate to our list of advanced articles.
Get a subscription, or go to the library, to read magazines like Money, Kiplinger's, and Smart Money, which are full of useful articles for beginning investors. Finally, dig into some lengthier books on mutual funds and investing.
Follow this link to a list of some of Morningstar's most highly recommended reads. |
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Budget and Save. If you haven't given much thought to your finances beyond the next paycheck until now, this is the time to turn over a new leaf. Everyone can find somewhere to cut back, but you won't know where that is until you give your finances a once over. You might be surprised at how much you spend each month on meals out, magazines and newspapers, or impulse buys of clothing and CDs. |
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Build a Solid Foundation. While you're cleaning house, it's a good idea to inspect the structure. Here are two things you can do to ensure a strong financial base: reduce your debt and build an emergency reserve of cash (three to six months' worth of expenses). You don't need to do these all at once, but at least start a payment plan to put these steps in motion. |
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Invest Automatically. The easiest way to start investing is to have someone else do it for you. If you set up an automatic-investing plan, either into your retirement account or a mutual fund, you probably won't even notice the missing dollars from your checking account. And if your employer offers a match on your contribution, all the better: You'll be getting free money on top of what you put in. |
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