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Investing 101 Introduction: A Pathway to Financial Freedom

It’s tough to balance a chronic illness with life demands, but somehow life finds a way.

(I know, I know. That was a terrible place for a classic Jurassic Park quote, but somehow it’s still fitting.)

In reality, you’re a warrior: a chronic illness warrior. Somehow, you do it all, and you and I know that life is tough even WITHOUT having to balance a chronic illness.

I get it, the last thing on your mind is probably your investing strategy. You have 1,000 doctor’s appointments, and you can’t quite remember when you last took your meds…

Speaking of which, I forgot to take mine. Hang on…

Where were we? Ah, yeah…

Your chronic illness takes a beating on you, and sometimes it’s incessant and unending. Sometimes your dreams feel impossible, especially when simply getting out of bed feels like you completed a marathon.

Yes, there are days when it’s a struggle, and there will be days when you feel like giving up. It’s totally understandable, and you absolutely deserve grace. 

You also deserve success, and success doesn’t get handed to any of us. You have to fight for it.

What does this have to do with investing 101, you might wonder? Keep reading on and you’ll find out.

In this investing 101 article, I’m going to provide you with 5 tips you can use to build a successful investing strategy, even as you balance the demands of your chronic illness.

Investing 101 Ch. 1: Why Invest at All?

Investing is another tough battle. It’s different than managing a chronic illness, and arguably probably not as challenging, yet there will be days when you feel like you’ve lost more than you gained.

Convincing you yet? I imagine not.

However, when managed wisely, investing can provide a pathway to financial freedom. It takes time, effort, a decent strategy, and grit. Investing is risky and it can be scary, at least initially, yet it can provide immense value.

That value can give you the freedom to choose how you spend your time. You can choose to work in a career, or you might decide to retire early. Even if you don’t dream of an early retirement, financial freedom can still benefit you in many ways.

Investing isn’t the only way to achieve financial freedom, but it can help considerably if you utilize an effective strategy.

Investing 101 Ch. 2: 5 Simple Tips For Building A Successful Strategy

Convinced yet? Here are a few investing 101 tips to help you begin building a successful investing strategy:

1. Start investing as soon as you can.

It might be challenging to set money aside when you’re paying hefty medical bills, but the earlier you start investing, the more time your money has to grow.

Did you know? The S&P 500 averages a return of roughly 10% year over year.

That return of 10% vastly outcompetes savings accounts. Remember though: that 10% is only an average. The S&P 500 does experience years with negative returns, so if you plan on investing in stocks, you’ll need to be able to stomach the inevitable downturns.

Even if you haven’t started investing yet, there’s no need to stress! It can be tough to have the extra income to invest when you’re paying for medical bills (plus everything else. Invest when you can and let go of the rest.

Even a small amount each month adds up over time.

2. Set realistic goals. 

Consider what goals you hope to achieve with your investments.

Do you dream of achieving an early retirement? Paying for a down payment on a house? Saving for your child’s college education? 

Determine what goals your new investing strategy will support.

Once you’re clear on your goals, you can develop a strategy to support your biggest ambitions.

Psst… if you need a handy tool to help you keep track of the progress you’re making toward your investing goals, I recommend using ClickUp.

3. Diversify your portfolio. 

To manage your risk, you’ll want to put your money into a variety of investments. Consider a healthy balance of stocks, bonds, and index funds.

Psst… if you’re looking for some initial ideas about which stocks to start investing in, I recommend reading The Bogleheads Guide to Investing.

4. Rebalance your portfolio regularly. 

Over time your investments will grow, and you may need to rebalance your portfolio. It’s good to actively monitor your investments to ensure they still align with your goals. 

You may need to sell some of your winners or buy more of your losers. Or even buy more of your winners and sell some losers, depending on your goals.

5. Don’t panic. 

It’s natural for the stock market to go up and down. What’s important is that you stay calm and stick to your investing plan. Stick to your well-thought-out plan and you’ll be in good shape for the long run.

It might feel overwhelming when you first start investing, but over time it will feel more natural.

Follow these tips, and you’ll be well on your way to building an investing strategy that supports your financial goals.

Additional Investing 101 Tips

Here are some additional tips for chronic illness warriors who are just starting out in the world of investing:

Speak to a financial advisor. 

Need some extra support? A financial advisor can help you create an investing plan that is tailored to your specific needs and goals.

Read books and articles about investing. 

You can find loads of investing information just about anywhere. Read books and articles to learn more about the different types of investments and how they work.

Psst… if you want to understand the ins and outs of stock market investing, I recommend reading A Beginner’s Guide to the Stock Market (contrary to its name, it’s actually a pretty comprehensive investing book).

Start small. 

You don’t need to have a small fortune to start investing. Even $50 adds up over time.

Be patient. 

Healthy investing strategies are a long-term game. While day trading gets a lot of glory, it’s akin to gambling. Play the long and slow strategy, and let your money grow over time.

With appropriate planning and effort, you can build a successful investing strategy. In so doing, you can build a healthier financial future for yourself. 

Think following these investing 101 strategies will FIRE Your Life? Check out the posts page for more ways you can FIRE Your Career and achieve financial freedom.

FIRE Your Career: Achieve Financial Freedom Through Your Career & Spend MORE Time Doing What You Love.

investment strategy, achieve FIRE financial freedom mom of young children 9

Recommended Reading:

5 Simple Tips to Help You Start Investing in the Stock Market

Products and Resources I Recommend in This Article:

ClickUp (my recommended project management tool)

The Bogleheads Guide to Investing (best intro to investing book I’ve read)

A Beginner’s Guide to the Stock Market (advanced / comprehensive investing book)