I Still Have No Clue!
Okay so you know your numbers…check, have a budget…check, have a savings plan…check, spending’s under control…check, know basic investments…check, know basic account types…check. Now how do I actually get started?! Here’s two important “To Do’s”:
1. Get Started!
Make sure you have the accounts open that you need: savings account, general brokerage account, retirement account.
A bank savings account or the cash account of your general brokerage account is the best place for your savings account (rainy day fund). It’s just cash!!!
As I said previously, a brokerage firm, like Fidelity Investments, Charles Schwab, etc. is the best place for your general brokerage account. Go online or call the company’s customer service number and ask them to help you open the account. You can find a local representative if you prefer to open the account in person.
Direct your money according to your savings plan!!! What percentage goes into savings, the brokerage account, and your retirement account?
If your company offers a 401k or 403b (these are retirement accounts), make sure you contribute. If your company offers matching, contribute at least the amount they match.
If your company doesn’t offer a retirement plan, open a Traditional or Roth IRA at the same brokerage firm that holds your general brokerage account.
Read more in my book, "A Woman's Place is in The Market"! It's available for sale at Amazon: https://www.amazon.com/Womans-Place-Market-Caren-Laverty/dp/1945091754/ref=sr_1_1?ie=UTF8&qid=1528668089&sr=8-1&keywords=caren+laverty or at Barnes & Nobles: https://www.barnesandnoble.com/w/a-womans-place-is-in-the-market-caren-laverty/1128709743?ean=9781945091759
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