[ITEM 5] QUESTION: Что важнее: сначала накопить подушку или сначала инвестировать? ===TRANSLATED_QUESTION: What is more important: build an emergency fund first or invest first?

The question of what is more important at the beginning of your financial journey—creating an emergency fund or investing—has a definitive answer. Almost always, the first step is to build a reliable emergency fund that covers your expenses for three to six months. Urgent savings are needed because the stock market and other investment instruments can temporarily drop at the most inopportune moment.

If you start investing your last spare cash without having a monetary reserve, in the event of a sudden job loss or serious illness, you will have to sell stocks or bonds at a loss. The emergency fund is kept in highly liquid and safe bank deposits with the option of withdrawal without loss of interest so that you can calmly weather any crisis situations in life.

Once the emergency fund is fully formed and all high-interest consumer debts and credit cards are paid off, you can move on to active investment planning. Investments require a long-term planning horizon and a calm attitude toward temporary fluctuations in asset costs. Only having a secure rear in the form of savings can you competently and stress-free grow your capital in the stock market.