The second step you have to take to get yourself moving forward financially is to learn to monitor your finances. Computers can really help us today if we let them. Put all of your bills on auto pay and scrutinize everything monthly looking for wasted expenditures. If you have a spend thrift in your life that won’t stop them throw them off the train — divorce them or cut them out of the family. Over time you will know how much you can set aside to invest in the stock market.
That amount may start out very small. I was just talking last night with a 78 year old friend of mine who is a stock market millionaire. He told me that when he started working in the 1950s $250 was a lot of money to earn in a week. Stock sold then, just like it does today, for $10-$15 in solid companies — he worked for a solid company. He told me that he and his wife believed in the stock market and methodically and with great discipline saved and invested each week into the stock market.
At the time other company employees who did not save and invest had a lot more money to spend on finer cars and furnishings. My friend’s wife was a little frustrated to see the Jones always ahead materially but her husband assured her that things would be different in the future. Sure enough they are stock market millionaires now.
I asked my friend what advice he would give you. He said that it is imperative to just get started saving and investing in you retirement plan at work up to the matching. If you have extra money open a Roth and if you have more than that then the minimum Roth contribution open a individual trading account. The main thing he wanted you to know is that you have to get started no matter how small it is. If you don’t you will never get ahead.