The first stage is to get a padding for emergencies. Life can bring ups and downs or you have to experience some rough and patchy phases to lead a smooth life. Decent people always have a plan for every situation, so be smart and get ready for the most unexpected challenges. We all are taught to save money by our parents, as children, we contributed a part of our pocket money in the piggy banks. Such great times. Bring back that discipline and focus to follow this routine and establish a strong emergency fund. You take out money only when the situation goes out of control.
Begin your investment journey with smart and clever planning. There are so many factors that affect your investment decisions which is why you must have a proper strategy that protects you from any type of difficult financial situation. Start with the low risk investments as being a beginner you may have so many doubts and queries. Any reluctance in making your initial investments will go with time and experience. Keep gaining knowledge from the experts and family member who have decent knowledge about this field. Still worried about loosing money? Consult a financial advisor.
Get more active and aggressive in your planning and investing after developing a good understanding and knowing the insights of the investment world. People of age group 30-40 enter this stage and continue to invest for a long period of time to gain more returns. This stage is well known as systematic investing where you take right decisions at the right time. Basically, you save both time and money that are counted as the most precious thing in investing. Now, if you feel you have extra money after implementing all the planned decisions, get started with strategic investing i.e managing your portfolio and handling risks.