Tired of missing out on the investing game? Or afraid you’re already behind in your retirement saving, even though you’ve just started your career?
Whether your interest is based on curiosity (Hey, investing seems fun!) or FOMO (I’m going to be old, broke and homeless!), there are more ways than ever to start investing.
WHERE DO YOU GET THE MONEY?
When you invest through your 401(k), the money comes out of your before-tax pay. You tell your employer how much to take from each check — and, if you’re lucky, they match your contribution. For example, you put in 3% and they match it, dollar for dollar, up to another 3%.
Money to invest on your own might come from savings, gifts, tax refunds, bonuses, inheritance or any excess cash after you pay your bills. Usually this is after tax.
HOW MUCH DO YOU NEED TO INVEST?
There’s usually no minimum to invest in your 401(k). Once your employer opens the account and you start contributing, you’re on your way.
You might need $500 or more to open an account at a brokerage. But some online brokerages and apps will let you invest as little as $5.
MANY HAPPY RETURNS