If you've had trouble saving money in the past, don't worry — you're not alone. Between paying for school, rent, everyday necessities and more, it's difficult to have more than a lump sum of $10,000 saved at a young age. In fact, Finder reported that the age range with the most in savings is 56 to 74, with the average person having about $40,463 to their name. Regardless of age, having a savings account is beneficial for those rainy days and unanticipated events that happen in life. But what about having money to invest?

Making the decision to start investing can be extremely valuable to your future. However, there are a handful of factors you need to consider before taking a deep dive into the world of investing.

Read on to learn more about the best time to invest, key factors that impact your investment choices, the benefits of investing and the reasons to work with a trusted financial professional.

When's the right time to start investing?

Listen: Investing isn't as simple as rolling out of bed and deciding your money should be used differently. It takes a good amount of time and planning to get the ball rolling.

Before you start investing, we advise getting your personal finances in order. Meeting with a financial advisor may be in your best interest. A professional can help you manage your money and give you tailored advice based on your current financial situation and future goals.

Beyond getting professional assistance, we recommend the following tips before you start investing:

• Get in control of your debt. Pay off any existing debts you have, or get them down to a lower, manageable level.
• Create a lump sum for an emergency. This fund should be available to you if an unexpected issue or emergency arises.
• Prepare and maintain a budget. How do you earn and spend your money at the moment? A budget can give you a better idea of how much of your earnings are disposable income that can be invested.

Once you have considered the amount of risk you're comfortable with, as well as your main future objectives and how long it will take to meet those goals, you can talk to your financial advisor about the different opportunities to invest your money.

What factors impact my ability to invest?

There are quite a few general components to consider when you start investing your money, such as:

1. Salary
In most cases, the more money you make, the more you can invest. Generally, a financial professional will recommend saving 15% of your salary at most, according to Investopedia. Once you have your sweet spot calculated, you can decide what stays in a savings account and what can be dedicated to an investment. 

2. Future plans
No matter how much money you want to earn, the amount of money you set aside to invest should be solely based on what you plan to do with the return in the future. This gives you a number to look forward to and can also act as a motivational tool.

What are the benefits of investing?

As stated by the Australian Trade and Investment Commission, Australia's ability to adapt to the world's economic crisis in the last year has put it on the map as one of the stronger, more flexible and resilient economies and markets. This makes it a great time for anyone to invest (as long as you meet the prior suggested eligibility criteria, of course). Some of the benefits of investing include:

• Giving your money the opportunity to make money. Whether you're purchasing stocks, buying managed funds or committing to an investment property, the money put into these scenarios creates a return on investment. It's all about growing your money — something that couldn't happen if you just let it sit in a savings account with the bank.
• Setting yourself — and your family members — up for success in the future. Investing can provide financial security down the road, whether that means having money to spend during retirement or giving it to your children after you pass, investing can come with a serious cash flow.

Looking for financial guidance?

At SmartMoney Wealth Management, we know the idea of investing can seem overwhelming during its initial stages. We want you to have peace of mind that you're making the right decisions at the appropriate time. We determine how much to invest based on the following:

• We first determine a client's income and further expand their expenses into must-haves and discretionary expenses. This helps identify surplus cash flow potentially available for investment.
• We then determine their future goal of how much income is required or total portfolio value and by when.
• Next, we reverse engineer how much the client should be putting aside on a regular basis and what the options for investment are.

Not only can you work directly with a financial advisor for tailored advice on how to invest, you can also get in touch with a professional investment manager who can help you choose how to invest your money, and will then buy and sell for you. Working with a highly qualified and experienced professional gives you the upper hand as a new investor; you gain expertise from a skilled and knowledgeable financial advisor who can help you make the best decisions for you and your family's future.

Interested in learning more? Contact us today for a free consultation so you can start investing your money the way you should.