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How to invest your first $500 to build wealth for the future, according to financial experts
Three personal finance experts share how to invest your first $500, starting with index funds. They also have ideas for investing smaller sums.
You keep putting off investing because you think you haven’t saved enough money yet, you’re convinced you don’t have the time to do it, and you’re not sure where to begin. But getting started with investing is a lot easier — and a lot less costly — than you might think.
How much money should you have available before you start investing?
You don’t need to put away thousands of dollars before you start investing. Personal finance expert Lynette Khalfani-Cox, CEO of The Money Coach, recommends new investors start with $250 to $500.
“This would give them a good foundation from which they can start building a more robust portfolio,” Khalfani-Cox said.
That said, these days you can get started with much less if needed.
“A lot of times now you can buy shares starting as low as $50, which is really great for new investors,” said Lauren Pearson, a financial planner and co-founder of The Wealth Edit, an online membership-based community…
