For example, if you’re like me, you travel a lot. I live between the United States and Italy a good part of the year. For me, I made sure I invested in buying quality health insurance that covers me both ways.
If you are traveling even for a short time, make sure you have travel insurance, especially right now in times of COVID, you never know. You want to be ready. You don’t want to end up with crazy expenses that you could otherwise avoid.
But on a different note, and I think these are really basic financial planning things to focus on right now, but still very important to name.
I think now, more than ever, inflation is at record highs. This certainly plagued the stock market. Focus on reducing any outstanding debt you have, whether it’s credit card debt or a student loan, whatever the case may be.
You don’t have to pay off your debt overnight, and most people aren’t able to do that, but constantly reduce it while adding to your nest egg by making sure you have solid savings. You don’t necessarily need to be debt-free to invest in the stock market.
I know it’s a common question, but if it’s a choice between the two, I think it’s really important to keep reducing your debt, and you can also build and start building a stock portfolio solid with only a few hundred bucks here and there constantly invested in some really big ventures and adding to that over time.