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How to Invest Your First $1,000
It’s already an achievement to save $1000 dollars but if you’re like most people it might seem like a scary time to start investing.
Too many people think you need to be rich to start investing but the reality is that investors can build long-term financial flexibility by investing small amounts of cash over time.
There are a number of possibilities to invest in and it might seem overwhelming but hopefully can narrow down some investment options that can help you get started investing your first $1,000.
Number #1 — Invest in yourself
Take that class you always wanted to take or buy that course you can help you in your career.
Consider investing that $1000 in yourself to start your business, get an education, or get a real estate license.
Number #4 — Start with Debt
There probably isn’t anything that you can invest in that will generate more funds than your interest debt will take from you.
Debt should be considered an investment in that the more you bring down your monthly payments the more funds you can put towards other investments to generate more income for your future.
Number #3 — Invest in an IRA
If you don’t already have a workplace retirement plan or any plan that doesn’t allow you to add money to it, consider an individual retirement account.