How much money do I need to start investing?
There’s an old saying, “it takes money to make money.” But no matter how much you have in your bank account, there’s a way to start investing today.
Investing is one of the best ways to grow your money over time. However, a common belief that prevents people from getting started is that you need a large amount of money to get in the game. The truth is, the actual amount you need might be less than you think.
Yes, it’s a good idea to make sure you’re also managing any debt you may have and building your savings. But no matter what amount you currently have in your bank account, there’s a path for you to begin.
Here’s how much it takes to start investing, and the steps you can take to make it happen.
How much do you need to begin investing?
Since investing is not a one-size-fits-all game, how much you’ll need to start depends on who you invest with. Technology has made it easier than ever, no matter what your financial starting point is.
In many of these instances, the minimum deposit amount is not the only cost you need to consider. Make sure to consider costs like management fees and/or sales commission fees, and other costs associated with the provider you work with. Do your research so you know all the associated costs.
How much should you invest?
While you can invest any amount, how much you should invest depends on your financial situation. If you don’t yet have the money required to cover a minimum deposit or fees associated with investing, you need a plan to get there. Or, if you have a large amount of debt or haven’t built up an emergency savings fund yet, those tasks should take precedence over investing.
These three steps can help prepare you to start investing wisely:
Your investing strategy doesn’t need to stay stagnant; it can and should vary depending on your age and/or what stage of life you’re in.
Investing can seem intimidating, but once you assess your current financial situation and research your options, you can carve out your own path. And consider reaching out to a financial professional if you have questions on getting started.
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Offered by U.S. Bancorp Investments
U.S. Bank and U.S. Bancorp Investments are not affiliated or associated with any organizations mentioned.