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<\/p>\nMany people put off\u00a0investing because they think you need a lot of money\u2014thousands of dollars!\u2014 to start investing. This just isn\u2019t true.\u00a0You can start\u00a0investing for as little as $50 per month. The key to building wealth is\u00a0developing good habits\u2014like regularly putting money away every month. If you\u00a0make investing a habit now, you\u2019ll be in a much stronger financial position down the road. You won\u2019t miss the relatively small amounts you put away now, and you\u2019ll thank yourself later. Don\u2019t believe me? Here are five ways you can start investing with very little money:<\/p>\n
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Saving money and investing are closely connected. In\u00a0order to invest money, you first have to save some up. That will\u00a0take a lot less time than you think, and you can do it in very small steps. If you\u2019ve never been a saver, you can start by putting away just $10 per week. That may not seem like a lot, but over the course of a year, it comes to over $500.<\/p>\n
Marcus Bank currently offers a strong 2.25% APY on its online savings account. There is no minimum deposit required and no monthly maintenance fees associated with a Marcus Savings Account so the yield is earned on all balances.<\/p>\n
Roboadvisors were created to make investing as simple and accessible as possible. No prior investment experience is required and set-up is easy. Let their automated intelligence track your investments in the background, and pay lower fees in the process.<\/p>\n
Wealthfront:\u00a0One great roboadvisor that I recommend to first-time investors is Wealthfront. Their fees are reasonable at 0.25%, but the kicker is that you can get your first $5,000 managed free (specific to MU30 readers). So if you\u2019re looking to start investing with little money, Wealthfront could be the way to go. You will need $500 to get started though with Wealthfront so keep that in mind.<\/p>\n
M1 Finance:\u00a0If you don\u2019t have that $500 starting balance, there are still great options for you in the roboadvising space.\u00a0M1 Finance\u00a0charges no commissions or management fees, and their minimum starting balance is just $100. You can choose from one of their pre-made diversified portfolios or customize your own by purchasing stocks and ETFs through their platform.\u00a0The user interface is super easy to use.<\/p>\n
Betterment:\u00a0If you\u2019re starting out with less than $100, you may want to consider Betterment, which has no minimum starting balance whatsoever.\u00a0Like M1, it\u2019s also great for beginners as it provides a super simple platform and a hassle-free approach to investing.<\/p>\n
Swell:\u00a0If it\u2019s important for you to invest in a socially responsible way, try Swell Investing. They also have a low minimum (just $50) and never invest in industries like oil, tobacco, weapons, or private prisons. Instead, they have tailor-made portfolios for renewables, green tech, disease eradication, clean water and more.<\/p>\n","protected":false},"excerpt":{"rendered":"
Many people put off\u00a0investing because they think you need a lot of money\u2014thousands of dollars!\u2014 to start investing. This just isn\u2019t true.\u00a0You can start\u00a0investing for as little as $50 per month. The key to building wealth is\u00a0developing good habits\u2014like regularly putting money away every month. If you\u00a0make investing a habit now, you\u2019ll be in a […]<\/p>\n