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Investing your money is an excellent way to grow and protect your money for the future, or simply grow your money today. If you’re ready to take the plunge and begin investing your hard-earned cash into an investment account, you may want to know the best way to do that. Here are three simple ways to start investing your money and see some returns.
Investment apps that you can access from your smartphone or tablet are among the easiest ways to get started investing. Mobile apps like Acorns work almost in the background for small dollar investments by rounding up your purchases to the nearest dollar to invest the change into your account. Many of the largest investment brokers also have mobile apps you can use to make investments on the go.
In addition to investing in your employer-matched 401(k) plan, opening an Individual Retirement Account at your bank or with an investment broker is a safe way to save money for retirement. If you don’t have access to an employer-matched plan or work as an independent contractor, an IRA might be one of the only ways for you to invest in retirement. If you don’t have a lot of income now but suspect you’ll have more in retirement, consider a Roth IRA where you pay taxes on the earnings now but have access to it tax-free in retirement. You can use one of the best online IRA services to set one up for yourself.
A robo advisor is a good choice for investors that want more support than they would receive if investing on their own but who don’t want to pay for a financial advisor. Robo advisors don’t have the large asset minimums that financial advisors have and can help to automate assets through computer algorithms. Sometimes a professional financial advisor oversees the process for everyone who’s signed up.
You don’t need a lot of money to get started investing. For some of these options, you can use your spare change from purchases on your credit and debit cards. If you have yet to start investing, consider one of these strategies to invest for the future.