5 ways to invest your money

People often ask – I’m ready to invest, now what?  Here are 5 ways you can get going.

  1. Setup a Discount Brokerage account. Ask us for more information on where to do this!
  2. Setup an account with a RoboAdvisor. These are popping up all over, and give you a chance to track the indexes while paying much lower fees than most mutual funds.  These can be easier to setup than the other options, but you won’t have the face-to-face interaction (this is where a fee-only advisor can be helpful)
  3. Speak to a financial planner, investment advisor, or other financial professional.  Be sure to test them rigorously before moving forward. There are resources available to help you with this!  Some of these professionals will have minimums – often in the $100k-$500k range.
  4. Look at investing through your Group Plan at work if you aren’t already!  This could reduce your tax deducted at source – meaning you won’t have to wait for that refund!  Don’t delay in taking advantage of matching programs.
  5. Visit your bank.  You’ll likely end up with bank manufactured mutual funds, and the level and quality of advice will likely be quite limited.  That said, you can find some decent options with good pricing.  It can be easier to setup than some of the other options.

Once you get things going, be sure to have a review strategy in place!  I often have clients review their investments around the time of their birthday each year.  After all, being one year older should equate to being one year closer to financial independence.  And, you’ll only know if you are if you review your situation.  If you’ve not progressed, figure out why, identify what resources you may need to get back on track, and pursue!

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