{"id":42,"date":"2018-07-31T15:31:27","date_gmt":"2018-07-31T15:31:27","guid":{"rendered":"http:\/\/insiderwealthalert.com\/?p=42"},"modified":"2018-07-31T21:14:58","modified_gmt":"2018-07-31T21:14:58","slug":"how-to-start-investing-even-if-you-arent-rich-yet","status":"publish","type":"post","link":"https:\/\/www.insiderwealthalert.com\/how-to-start-investing-even-if-you-arent-rich-yet\/","title":{"rendered":"How To Start Investing Even If You Aren’t Rich Yet"},"content":{"rendered":"
There\u2019s a rampant myth that you need a lot of money to start investing in stocks, mutual funds and Exchange Traded Funds (ETFs). This falsehood may play a part in why so few people actually own investments. You will never get rich by stashing your money under a mattress or in a bank account. In order to build wealth, you will need to invest your money over time.<\/p>\n
You can get started investing with small amounts of money:\u00a0<\/strong>When I was just out of college, and before I even had a full-time job lined up, a good friend encouraged me to open a Roth IRA. I took his advice and set up an automatic contribution of just $25 per month. That\u2019s less than $1 per day. If you\u2019re reading this you can find a way to come up with $1 per day. No matter how small you start, the most important thing is to get started. You can always increase the amount you save over time. I\u2019m saving way more than $25 per month now. But it took time to grow my savings rate to its current level. I was amazed how I didn\u2019t miss the money and you most likely will be as well.<\/p>\n Get your 401k match at the bare minimum \u2013\u00a0<\/strong>You\u2019ll want to kick yourself later on in life if you don\u2019t get your full company match each and every year. This is like a raise without doing any extra work and can range from two percent to sometimes as high as 15% of your annual salary depending on your employer. The money comes to you pre-tax and, depending on your age and how you invest, could turn into huge sums of money later in life. Did I mention that the matching portion is like free money from your employer? You\u2019d have to be crazy not to do everything in your power to get every single cent of it each and every year. In addition, you\u2019ll receive a tax deduction for the money you put in thereby lowering your tax bill!<\/p>\n