What is a recommended first step in starting an investment program?

Performing a financial checkup is an essential first step in starting an investment program because it allows you to assess your overall financial health and readiness to invest. This process involves evaluating your income, expenses, debts, and savings to understand your current financial standing. By conducting a financial checkup, you can identify how much money you can allocate to investments, ensure you have an emergency fund in place, and establish clear financial goals that will guide your investment decisions.

This foundational knowledge helps create a realistic investment strategy that aligns with your risk tolerance and time horizon. Without first understanding your financial situation, you might invest recklessly or take on more risk than you can handle, potentially jeopardizing your financial stability.