What is the biggest mistake when trying to save for investing?

[Christopher Krueger]

What are some of the worst ways to spend money when trying to save for investing?

[Jacob Ritter]

Hey, Christopher!

I think some of the worst ways you can spend money are many. The most common way I see people misusing money is when they spend it mindless or on things that they don't truly value. This can be very subjective, so you will have to evaluate what you truly value and whenever you spend money (whether it be $100 or $1,000,000) that it has some true, impactful purpose behind it.

People also aren't methodical when it comes to saving money. You need to make sure you pay yourself first, not as a last resort if you have any money leftover at the end of the month. My typical rule of thumb is make sure you get two things on auto pay - bills and savings. 50% of your money should go towards necessities, 20% towards savings which leaves you 30% for fun money. The more you can lower the necessities and fun money and increase your savings the better, but don't neglect yourself in the process. Hope this helps!

Feel free to reach out personally if you have any other questions. Best of luck, Christopher!!