Getting Serious About $$$ On President’s Day
I decided to take on New Leaf Financial Advisory as a sponsor, because there were so many money questions that my readers would ask me. I sent these onto Hilary and Patti of New Leaf and we have been ticking them off our list each month. One of the most common questions I receive, is…”How can I invest if I only have a little bit of money to do so?”. I sent this inquiry onto my two money honeys and following is what they sent me back. I have to say it is a really wonderful start. I am so happy to share it with you. Remember, New Leaf Financial is offering a special to NS Lifestyle readers, a New Year Financial consult session for only $150. Please contact New Leaf Financial Advisory to book your consultation today!!!
image dividenddiplomats.com
3 Easy Ways to Start Investing with Little Money
1) Invest in workplace plans like 401Ks.
These investments can be made directly from your paycheck. Importantly, if your company has a matching program for its employees, you will want to try to at least contribute up to that level since this is “free” money. For instance, if your company matches the first 3% of your contributions to your 401K, you should aim for contributing at least that much so you can get the match.
2) Considering investing with a “robo-advisor”.
Robo advisors can be an ideal place for the new investor to start out. By answering questions online, the robo will create a rather simple asset allocation strategy for the investor and get them invested rather quickly. The services are generally a low cost and straightforward way to begin investing. However, robo-advisors don’t offer much in the way of financial planning or support, so as your life and needs evolve you may need to consider finding more specialized planning that addresses your unique needs.
3) Auto deposits to a discount broker (e.g Schwab)
Use these deposits to set up auto purchases of low-cost index mutual funds. Brokers like Schwab & TD Ameritrade offer a list of funds that can be purchased without any transaction fees or minimum purchase amounts. You can start with as little as $50 – $100 per month and buy one or two funds which spread your investments across the broad US stock market or global stock markets.
This post may contain affiliate links. This means if you click a link and purchase something, I may get a small commission from it at no cost to you. I only feature things that I truly love and I hope you do too!!!
Posted in General. Bookmark the permalink.
This site uses Akismet to reduce spam. Learn how your comment data is processed.