Getting in to investing can be challenging at first, especially if you do have a little extra money, but not enough to hire a stock broker or a financial advisor. Many people will tell you that you DO need to have tens of thousands of extra dollars sitting around to start, but that couldn’t be further from the truth. In fact, it’s actually better to start small as you are learning. That way, if you truly make a mistake, the loss is small. It can be hard knowing where to start, and many websites just make it more confusing. That’s why I love this simple guide by Stacy at Six Dollar Family. Here’s her tips on how to get started on investing your money:
-Participate in your company’s 401K or IRA- if you’re not already doing this, you may be missing out on large contributions from your employer
-Invest your money into a Money Market account, which is basically a higher interest savings account
-Use an app to start learning how to invest small amounts in the stock market, like Acorns, Robinhood, or Stash.
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