TIP #6 - Build an Investment Snowball

Author

Quinn Oaks
April 15, 2023

Good morning!

Grab your red eye and enjoy.

This is tip #6 of nine tips I’m sharing over the next nine weeks. I hope you find something useful!

I’ve always been interested in investing, but I didn’t always have the money to invest.

Finding that extra $100 to start our debt snowball was brutal - then waiting impatiently for our debt to be paid off.

But then we needed an emergency fund, so we never relied on debt again.

Finally, it was time for investing - and building our investment snowball.

And if you thought being debt-free was great, then you’ll be in pure bliss when your investments start growing.

Now it’s a game - build the biggest investment snowball.

  • Where can I find an extra $10 or $20 a month?

  • How quickly can I build an emergency fund?

  • Can I get the entire employer match?

  • Can I fill a Roth IRA this year?

  • What if I try to max out my 401k?

  • Do I open a brokerage account for this extra money?

TIP #6 - Build Your Investment Snowball.

It’s time to create your own investment snowball.

Similar to the debt snowball, anything helps, and it only takes $1 to begin.

  • Finish off your high-interest debt.

  • Fill up your emergency fund.

  • Grab the free money from your employer match.

  • Take advantage of the tax benefits from a Roth IRA.

  • Max out your 401ks and Traditional IRAs.

  • Open a brokerage account for any extra.

Just begin the journey, then gamify it.

How quickly can you conquer each level of your investment snowball?

Ready? Set. Go!

In the next 30 minutes…

Start your investment snowball game.

  1. If you’re in the middle of your debt snowball, then keep on that journey. Add this extra money to the debt. Keep the focus and consistency.

  2. If you’re out of your debt snowball, then keep that snowball going - move all of the (now-no-longer-needed) monthly debt payments and fill up your emergency fund - or whichever step you’re on above.

    1. Where can you find another $10 a month?

    2. Can you put the money away every month?

    3. Do it!

Remember, intentional money equals intentional life.

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I hope you all have an amazing week!

Quinn