There are plenty of places to start investing with as little as $500. Even far less.
Numerous investing apps and robo-advisors will put your money in the stock market starting with just $5. You even have enough money to open a brokerage account with some firms.
Investing in stocks is a good way to grow your money for a longer-term goal because you’ll have time to recover from dips in the market.
“You need to be OK with losing the money you invest, at least in the short-term,” Rabinovich said.
If you do feel comfortable putting a some money in the stock market, here’s how to decide what investing platform is best for you.
With some robo-advisor platforms, you can invest a small amount of money in a portfolio that considers some of your preferences, like how much risk you’re comfortable taking on.
Investing in a few single stocks is more risky than investing in an index fund or ETF, which spread out the risk.