The No-Excuse Method of Saving!
If you contributed just $500 a year (about$41/month) to an investment account for 18 years (assuming a 6% return), you’d have about $15,000! That may not seem like a lot of money, but think what you or a college-bound child could get with that money. It might buy a first semester at a state college, a car or seed money for a business. The possibilities are endless. But where do you start if you don’t have much money or are living paycheck to paycheck?
I started with the app Digit right from my phone. I simply connected Digit to my main checking account where it automatically “sneaks” a few dollars away from me every once and awhile into an FDIC insured account. From this account, I can access the money in less than 48 hours should I need it back into my main checking to spend. They take $2.00 here, $7.00 there and so on (they promise to never send you into overdraft.)
After a few months of saving, I finally needed it back. Why? My 6 year old told me she wanted some Air Jordan’s and Barbies for her birthday. Well, you know America’s Favorite Financial Sweetheart (that’s me) can’t have that! I told her I would do one better: I’ll give you a check for $500 to invest in the companies that produce those items. Now….where to find $500? That was easy, I had about $494 in my Digit account. I sent a quick text to Digit to execute the transfer (we used phone deposit to get it into her account) and BAM! Mini-me has the money she was promised! Now we’re off to acquire some positions in Nike and Mattel or whatever we think will be a suitable investment for her.
Unsure of how to invest or open a trading account for you or your kids?
Free Resources to Start!
Get your free DIY investing guide with a “cheat sheet” resource, free videos to help you open a brokerage account and recommendations for further reading so that you can being to invest and build wealth!
A few resources:
- How to open a brokerage account (full video tutorial)
- How to Invest in Individual Stocks (video)
- TradeKing Advisors– Don’t want the hassle of picking stocks? Let TradeKing.com create & manage your portfolio for you!
- Start Investing Now- FREE 4 Part Video Series
- How to Start Investing for Beginners
- How to Become an Agressive Saver