Simple Steps to Begin Investing
Start Building Your Wealth Today
1. Open a high-yield savings account for emergency funds - aim to save 3-6 months of living expenses in an account earning competitive interest rates. Two great options: eTrade Premium Savings Account offering up to 4% APY, and American Express High Yield Savings with 3.70% APY - both free accounts to help earn passive income on your savings.
2. Invest in a Traditional or Roth IRA for tax-advantaged growth.
Best brokerages to open an IRA: 1. Webull, 2. eTrade, 3. Schwab, 4. Fidelity or your local Bank.
3. Maximize your 401(k) contributions, especially if your company matches.
4. Open a Brokerage account to invest in Stocks, ETFs, and mutual funds.
Best brokerages to open an account: 1. Webull, 2. eTrade, 3. Schwab, 4. Fidelity or your local Bank.
Why ETFs, Mutual Funds, and Target Date Funds?
These investment options offer diversification, low risk, and professional management.
✔ ETFs track indexes like the S&P 500 for steady growth.
✔ Mutual Funds are actively managed to optimize returns.
✔ Target Date Funds adjust automatically as you near retirement. I have T. Rowe Price Retirement 2045 Fund (TRRKX) in my Retirement Accounts. I simply contribute a little to both, monthly. They pay me Dividends.
Dividend Investing: A Reliable Strategy
Buying dividend stocks like AT&T allows you to earn passive income while growing your portfolio. The flex is, to buy at least 1 AT&T each time you get paid. This stock rarely goes above $29. The cheaper this is, the more you buy. The more passive income they will pay you for owning their shares. #Trust the Process...