Only 54% of Americans invest in the stock market. That’s a shame, because stocks and similar investments are some of the best ways to enjoy becoming a millionaire come retirement time.
The only hard part about investing is the capital it requires to get started. After all, if you’re living paycheck to paycheck, investing in your future may not be at the top of your priority list.
Fortunately, there are ways to invest in your future that require little (and even no) money!
Below, I outline some of my favorite how to start investing strategies in hopes that you’ll try out a few of these methods yourself!
1. Enroll in Your Employer’s Retirement Plan
If you have a 9 to 5 job, one of the easiest methods on how to start investing is to enroll in your employer’s retirement plan.
Upon enrolling, a small percentage of your check will get shaved off each month. Your employer’s fund manager will invest that money, and it should grow substantially over time.
Many employers match employee retirement contributions which means that you get to enjoy free money!
2. Use Investing Apps
If you don’t have a retirement plan at work, you could instead start to invest through apps.
Apps like Acorns round up purchases you make to the nearest dollar and invest the additional money in the stock market. Other apps like Robinhood and Betterment allow you to dictate which stocks you buy in an easy to understand way.
Learn more about Robinhood vs. Betterment and other popular investing apps to start streamlining your investing strategies now!
Can’t afford a whole stock in a company you like? There are some trading platforms that let you buy fractions of stocks.
For example, if you wanted to buy stock in Apple but the price was out of reach at $100.00, you could instead buy half a stock for $50.00.
Stockpile is a popular micro-investing platform that’s worth trying.
4. Throw Your Money in a High-Yield Savings Account
A lot of people don’t think of savings accounts as a way to invest. This is because the interest rates they offer are usually pretty bad.
To the surprise of many though, some online savings accounts offer interest rates of over 2%! A quick Google search should help you find high-rate and reputable accounts that are worth opening.
Savings accounts are federally insured so you’re never gambling by investing in them.
5. Invest in Yourself
Take a course. Start meditating. Listen to a self-help audiobook.
Taking the time to invest in yourself can make a world of difference in the quality of your life and can also be 100% free!
Wrapping Up How to Start Investing
If you’re wondering how to start investing with little or no money, consider the suggestions I’ve outlined above. Each of them has the ability to give your life a big-time boost!
Looking for more inspiration? Look no further than our content on Beekman Beer Garden.
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