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Contrary to what many think, you don’t need to be wealthy to start investing. More and more every day, people are taking responsibility for their own investments. And in today’s online world, it’s more accessible than ever.
A few dollars and a few days’ wait is all it takes to get started with many beginner-friendly investment accounts. There are a handful of robo-advisors and brokerage accounts you can open for as little as $1 and offer fractional shares. This means you can buy a $10 piece of Amazon stock instead of paying $2,000 for a full share.
The biggest obstacle is often the wait time for the brokerage or adviser to verify your identity and for the bank to transfer your initial deposit. Though some brokerages like Robinhood have begun allowing instant deposits that enable you to invest around $1,000 immediately while your deposit is processed.
Almost any robo-advisor or brokerage account will accept recurring bank transfers that build your portfolio gradually every week or month.
Regardless of whether you opt for a robo-advisor or brokerage account, there are two things to think about when getting started: your actual investments and the kind of account you’ll keep them in. Accounts offer different benefits.
The second thing to consider is what to invest in. In general, here’s what you’ll find:
But there are exceptions. Some mutual funds or ETFs may have minimum investments, so your choices might be limited if you have very little to invest.
This, too, depends on your investment goals and strategy.
*Signup bonus information updated weekly.
You can start investing with a little money — as little as a dollar in some cases. If you’re aware of the risks and don’t invest more than you can afford, you have the chance to start growing that portfolio sooner than you may have thought. Decide which approach to investing you want to take, then compare robo-advisors, stock trading platforms or other services.
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