Video Duration: 1 minute 36 seconds
Where to Start Investing
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You might be interested in investing your money, but don’t know where to begin.
Well, it’s easier than you might think, and you don’t have to be an expert to get started.
Choosing Your Account Type
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The first step is choosing the account type for your investments. The easiest way to start is to think about your goal. What are you investing for?
Is it for retirement or education expenses?
There are investment accounts designed for those long-term goals that come with potential tax benefits, but they may have limitations on how much money you can put in and when you can take money out without taxes or penalties.
What if you’re aiming for a new house or that dream vacation?
You can use a regular investment account to invest toward those goals.
These accounts have no limitations on when or how the money is used. But, they don’t have the same tax advantages that come with the retirement and education accounts we mentioned earlier.
Purchasing Your Investments
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Once you’ve determined which type of account may be right for you, the next step is purchasing your investments.
There are plenty of investment types available. Some examples include stocks, bonds, mutual funds and exchange-traded funds or E-T-Fs.
Some factors to consider when choosing your investments include your goals, comfort level with risk, and your time frame.
Before You Invest
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Investing comes with risk of loss on the amount you invested, so take some time to learn more about the different ways to invest and the risk involved.
Before you begin investing, you should also make sure you have an emergency fund, are able to pay your bills each month, and have manageable debt.
Once you’re ready to start investing, explore your options on this page.
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