As part of a life skills program for young, single mothers, I was asked to teach a class on managing your finances. I distilled my advice into a series of tips, tricks and hacks that would help all young people take control of their spending and savings. This month, I’d like to close the loop with my best strategies for beginner investors.

First, some caveats. Before you even think about investing in the stock markettake stock of your finances general. For starters, you should look like one emergency fund which will ultimately cover your expenses. worth at least three to six months. Put that money in a safe place, like a bank account or money market fundwhere you can get your hands on it in a hurry if needed. The same goes for money you save for short-term goals, such as next year’s vacation or a down payment on a house. You don’t want to risk money you’ll need in less than five years.