betterment

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My first $100K: How to start investing

how to start investing

You know how bloggers say they started their site because their friends kept asking for pointers? This post on how to start investing is exactly that.

I posted on Insta and Facebook about my first $100K invested in the stock market for my retirement – separate from the cash I’m setting aside.

This milestone happened yesterday! For the first time in my life, seeing six digits when looking at my accounts – finally – was exciting.

It didn’t happen fast for me. But once I buckled down, momentum built and I nearly doubled what I had in just the past year.

This pandemic, horrible as it is, has been an advantage for saving. I’m not traveling any time soon after my weird vacation earlier this month, can’t go to happy hour because bars are closed, and have most meals at home. So my “fun slash going out” and travel budgets are going directly to savings.

If you’re in a similar spot, this is an excellent time to begin investing for your future.

how to start investing

Money Alley is a great place to be

So here’s my mini-guide. Written especially for my friends and those looking for direction. 🤑

How to start investing

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Best IRA Accounts: 8 Companies Compared (Self-Directed, Apps, & Roboadvisors)

Update 8/3/18: Fidelity now has the cheapest fees and NO minimums to start investing. Check out my full write-up!

Also see: 

A couple weeks ago, I wrote about Acorns, an app I think is a great place to get started with investing (especially for millennials). Talking about investing is dicey. For one, because it’s personal (duh). For that reason, everyone has an opinion on it. And that’s where the confusion starts.

My view is: it doesn’t matter where you begin, so long as you do. You can always switch things around later. To that end, I feel Acorns has the most approachable interface for a beginner “despite” costing $1 a month. And there’s no minimum to start investing.

best ira accounts

The best time to plant a tree was 20 years ago. The second best time is RIGHT THIS SECOND. Start NOW!

That said, it’s an app and doesn’t let you choose your own funds (you pick from their portfolios). Same with StashWealthsimple, and Betterment. Of course, you’ll get the best deal with a self-directed account – but the minimums are dauntingly high for a beginner, with the exception of TD Ameritrade.

I’ll compare these companies for expenses, account and fund minimums, and quirky extras:

I am focusing on IRAs here – although they all have the option to simply be an investment account (which is why I excluded Robinhood – they do NOT have IRAs).

8 Best IRA Accounts Compared

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