Moving from saver to investor is a big step. Even though you’ve selected the brokerage company ^[2] that works best for you and your situation, there are still some other considerations.

^[3] Should You Start Investing?

It’s crucial to only invest ^[4] money you won’t need in the immediate future. Investments fluctuate in value, so you don’t want to find yourself forced to sell at a time when the value of your investments has temporarily declined. To determine whether you have enough money to begin investing, follow these steps:

Review your savings goals and habits

Consider investing only if you have already established an emergency fund ^[5] and have achieved your other major savings goals, such as saving for a first home ^[6]. Most people don’t start investing substantial amounts of money until they own their own home. One exception to this is retirement investing: smart people start investing for retirement as soon as they start working – usually through IRAs or workplace sponsored retirement accounts, such as 401(k)s or employee stock purchase plans.

Start your Scottrade portfolio today and get your investment plan in gear! ^[4]