In fact, investing is sitting right under your nose. If you have a 401(k), you already have your toes in the water. Roth or traditional IRA? You guessed it, you’re an investor. is expanding that portfolio to include index funds and other investment types so you don’t have all your eggs in the proverbial basket.
Step 1: Invest to build wealth, don’t wait for wealth to invest
You have to get over the thought that investing is reserved for the wealthy. Nonsense. Investing is a component in your journey to wealth. And if that’s not enough to convince you, surely the fact that you can start your portfolio with as little as $50 per month will get your attention. That’s $12.50 a week. It’s one less impulsive order on Amazon per week. It’s the money that gets “lost” in your handbag when you’re carrying some cash. You know, the money you don’t miss when it’s gone? Just think, $50 per month, invested right, could be a serious game-changer for some.
Step 2: Use the Ladder of Personal Finance
Investing that $50 seems easier said than done, right? Where do you even start?
Ramit covers that for us with his Ladder of Personal FinanceInvesting money for beginners might seem daunting, but knowing where to start is a great first step to getting over investment jitters.
Five basic steps allow investors to start and build on their investment portfolios.
Run 1: 401(k)Wealth is about finding low-cost investments and if they happen to have other advantages too, all the better. A 401(k) is a great way to boost your investments.
- Some employers offer…