Where to start when first investing?
I am currently trying to start investing, but I am not to sure where to start.
Don't have a ton of income at the moment, wouldn't say I am living paycheck to paycheck, but I am not wealthy either.
I do not have a 401K or IRA account. I believe that is a good first step to open one and have been interested in starting one but I am not too sure and I can't decide on which brokerage or between a Roth IRA and a regular IRA.
I am looking to invest not just for long term savings, but also short term savings as well.
If anyone whose invested can help me out it would be much appreciated. Thank you.
short term investing, in this market is gambling. I'm not going to offer any advice on that.
Long term. Tony Robbins wrote a great pair of books on this. "Money master the Game" at 600 pages, and a condensed version "Unshakeable" at 270 pages. Chose according to your reading habits, they are well worth the time!
The basic premise is this. Steady contributions into UNMANAGED, NO MAINTENANCE FEE Mutual funds. Mutuals are designed to follow or beat the trend of the market, which is historically always up long term. always.
Initially I setup my brokerage account with Schwab, which is free, and is accompanied by a free checking account. has excellent tools and is easy to use and understand. I can transfer funds in and out with my local credit union very easily too with no fee, and there are very low transaction fees when I trade..
The mutual I invest in is SWPPX, which is also a Schwab product, so Schwab doesn't charge me for these transactions. SWPPX also has no limitation on buy in, so I can put in $2 or $2,000 at a time if I want. I highly recommend the Schwab products, but look to the Nerdwallet investing page to see if any brokerage has awesome deals for account openings right now.
Have fun, invest wisely, and heed my advice. never invest with money you don't have, hunting for short gains is gambling, and the house always wins..
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