{ "media_type": "text", "post_content": "If you’d have to explain the 1x1 of investment to someone that doesn’t know a thing, what would you say? Where tf do I start? What apps do I use? How much money do I need? \n\nChecking in from Germany, so 401k etc. are not an option here.", "post_id": "61db16e78d287100358f1a07", "reply_count": 3, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

If you’d have to explain the 1x1 of investment to someone that doesn’t know a thing, what would you say? Where tf do I start? What apps do I use? How much money do I need? Checking in from Germany, so 401k etc. are not an option here.

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I like the way some Jewish families do it, allegedly. Apparently they set up 4 jars kids to allocate their allowance. 1/4 to spend, 1/4 to save, 1/4 to invest (double at the end of week), 1/4 to donate to community. I think this is the right starting point. The fundamental of investing is income management. Afterwards, you start to think for yourself on what you can or should do with the money saved/invested.

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1) pay yourself first: make a budget and allocate a dedicated amount each month for investing 2) if you’re new to investing, ensure first that you have a safety fund set-up (3-6 months living costs) 3) think about your investment goal and based on that decide on your investment strategy (e.g. for long-term investing you can look into all-weather portfolio and set up a savings plan vs. you want to invest in Real estate vs. you want to actively trade) 4) only buy what you understand—> Check out “finanzfluss” on YouTube - nice basic videos regarding investing 5) regarding platforms: from personal experience Comdirekt is the best; smartbroker (BNP Paribas) is cheaper but customer service is horrible!!) 6) lastly: for Germany, as you get started with investing don’t forgot that you can also declare it in your tax return (“Sparerpauschbetrag”)

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