How to start investing when you're a beginner and only have small amounts of money, a.k.a. you're "broke as a joke" was me many years ago.
I had barely little money to my name in my early 20's because I was blowing it on junk I didn't need.
Thankfully, I started an internship with a local investment firm and I started to learn a thing or two about investing.
This led to me making my first investment into a mutual fund which opened the door for so many things.
That's why I'm a HUGE advocate for people to start investing even if you don't have a lot of money to get started.
I started with only $25 per month into mutual funds.
Even though the mutual funds weren't that good (I found this out later on) I still learned a ton throughout the process.
➡➡➡And if you haven't started investing yet, here are some of my favorite online brokers to check out: ⬅⬅⬅
✅ Betterment - Best company if you don't want to choose the investments. They do all the pickin' for you!
🆓💲5️⃣ Stash - Stash only requires $5 to open an investment account. Best part is you get $5 for opening an account. #boom
These options let you pick the stocks, ETF's or mutual funds YOU want to buy. If you want more control ✊🏼 then these are the ones to pick:
✅ Ally Financial
✅ TD Ameritrade
Don't want to mess with the stock market? Then take a look at Peer to Peer Lending giant Lending Club:
✅ Lending Club
★☆★ Want More Good Financial Cents? ★☆★
💻 Check out my blog here: https://www.goodfinancialcents.com/
Listen to my podcast here:
Pick up my best selling book, Soldier of Finance, here:
Connect with me on Twitter:
My most favorite inspiration T-shirt line, Compete Every Day:
Hey Jeff Great videos. I’ve been wanting to better my financial situation as I’ve been living out of my car working 8-4:30 but really struggling to save. I am a high school drop out and lack confidence to take the step towards investing but your videos make me really want to start. I’ve been sharing your vids with all my loved ones. If there’s any advise you have for someone like myself or possibility for 1 on 1 coaching it’s greatly appreciated. Thank you.
I have social anxiety so I don't have a regular job. I make just enough to pay for my internet.
I almost can't afford 50 dollars a month extra but I might be able to just do that. And I have to work my butt off just doing that.
Jeff Rose - right now I'm doing what I can do but I'm still looking. This is how I actually pay for my internet.
Amazon's Mechanical Turk basically had me filling out surveys and various other odd jobs. Also user testing. Basically you test out a website or app and get paid for giving your thoughts.
I love user testing it's just I don't tend to qualify for a lot of them so it's not like regular work.
How do you see betterment as a good short term option. say you put 10,000 in over a year. and your up 11,000. yes they say they wont penalize you for your withdrawal, but youll get taxed. so at 10 percent taxed your back to square one, dont make since even if you do like a 5 year short term withdrawal you still get taxed.
Almost all of it. I'm from Australia and I came across your videos and kinda liking it. I started watching them (or listen while driving) and it starting to give me different perspective in terms of investing. I might consider ETF for diversification on my next investment. I also started reading books where I just purchased 'Rich Dad, Poor Dad' by R.K. as you mentioned one of the cheapest investments one could make but has huge benefit. Keep it up mate!
Hey Jeff I'm 36 with two kids (6 & 3) & I'm a felon who turned my life around but unfortunately I won't be able to get the same job opportunities as the rest of society. I realize this & I kno I need to start investing for my wife & I so we're not working like a slave at 65 plus I'd like to start teaching my kids early about investing for their future. I think I should start with mutual funds but what do I read, where do I start), to learn which are the Good, the Bad, & the Ugly?
Hey Jeff. Im Laura from Colombia. I just came across your channel because I have been researching about investments. Im 30yo and I have a bank debt of almost sixty thousand dollars. Three years ago I made a huge mistake and I trusted people who convinced me to "invest" in this forex exchange company that ended up being a ponzi scam. I didnt have the money to star so I went to the bank and took a forty k loan. Needless to say I lost it all so now I have to pay the bank back those 40 plus interests which add up to 60k. Im working my ass off just to pay that money back. I dont have any savings or any other income and its been killing me. I realized that I need another way of saving for my future as I cant save money from my salary so your channel appeared from heaven.
Thanks for your advice I will start investing in mutual funds and ETFs for the future. If I could I would take my first 100 dollars investment and I would take you out for a friendly dinner or coffee, but for now just reading your blog and watching your videos is good enough. Keep it up boy.
I'll be honest. I'm as good as broke and I'm between jobs. And I have no more than $1200 to my name. So I'm not qualified to be giving anyone advise on money. But according to Dave Ramsey, the rule of thumb is do NOT take advise from broke people. So if I'm ever gonna grow this $1200; I know what I'm NOT going to do.
Love the videos! Learning a lot. I worked at a job for almost 10 years and attempted to put some money into their 457 plan throughout those years. I have always been bad with money! I have about 8k in there but no longer work there because I am staying at home to take care of my son, soon to be sons this month! The wife is the breadwinner employment wise as my government job didn't pay much, in fact not enough to cover childcare...However, upon leaving my job, it's just sitting in my TRowe price account. To be more specific, it's the TRowe retirement 2050 plan. It has earned me over 11% over the course of the span of these 10 years. The question is that I can not add to this anymore. Would you recommend letting it sit? Withdraw it, pay taxes and use it to pay down debt first? Can you transfer it somehow to an individual account (index/mutual funds?) If not, would you recommend withdrawing it and reinvesting it? Just look for some solid advice! Hope you read this!
Ok I have finally done my emergency savings, budget, roth, 401ks, etc. Now what I don't have is an investment accounts due to the fear of fees. I want to start with one that is low cost like "Betterment" but not sure if I have to make monthly deposits for it to grow or if I can just make monthly deposits for a year then let it grow on its own.
Really enjoy all your videos Jeff! Your channel has definitely come a long way since you first started and you make things simple and easy to relate to for someone from almost any background. Keep it up!
On an unrelated note to this video, I’ve been investing in silver bullion for about 4 years and the price has dropped about 50% since then. What are your hones thoughts on precious metals as part of an investment portfolio, and where do you see them going?
Sorry I had caps lock on lol , but thank you for that I been confused just started my 401k and a 401k roth and wasn't sure what it was because they had me sign up online, but thanks again for that and your videos , you been a good help to having me think and start in my future more, thanks again.
I agree. It is internet jargon and a way to sound more sophisticated but I just thought I'd pick on you about it a little bit.
I've been on a sabbatical from the online World due to some things that have been going on with family but I have been continuing to watch and follow and looking really break back into it this year.
Investing is a real interest area of mine as books like Rich Dad Poor Dad Cashflow quadrant did turn me on to that idea many years ago but just now getting to the place where I can actually dive into that more. Definitely want to get back into the online world with online properties, businesses and one of my goals is to become a successful published author as well
Believe it or not I finished the second book from Robert Kiyosaki "Rich Dad Guide to Investing." Finished the book two weeks ago after finishing his best seller Rich Dad Poor Dad.
It's no secret that I am inspired to start investing and currently took the step to learn more and have my financial plan ready..
My current read is Business Adventure by John Brooks recommended by Bill Gates. Spending on a book worth every penny.
I recently started investing in Wealthfront. So far so good. I’m thinking of opening a Roth IRA acct. Do you think it’s better to open it with the same company (like Wealthfront) or “diversify” with a diff company like Betterment? I’m not asking you to decide for me just wondering what you think about that for beginners. You are very motivating. Thx for your videos.
Hey Jeff, unfortunately I am a current owner of a "penny stock", and lost 81% of its current value😭...i invested in it 6yrs ago. I was fortunate enough to make all my money back from individual stocks and ETFs this year in 2017! Great video Jeff, thumbs up!
Im going to be making a budget, and see how much I can begin investing, but im thinking about 20% on investing total, and also make an actual cash savings account, just incase, something goes wrong and I need cash.
Crevetta so letting the government pick winners and losers is still not s good thing and because people get rich or richer doesn’t mean poor people get poorer
Poor people in America have cars and cellphones and a better stocked fridge than I do
Great video Jeff! I just uploaded a video talking about the five stocks that I recommend for beginners. Although there is upfront money needed, I think that these five stocks are solid for the long term
You do not need to calculate payroll premium if your policy is on a stipulated billing cycle.
Sample Payroll Report.
However, if your policy is not yet on a stipulated billing cycle, this is typically what you will see when we send you a payroll report.
A split payroll report is sent when there is an Anniversary Rating Date on your policy, which is the month and day that rates, rating plans and rating systems are initially applied to a policy in force and each annual anniversary thereafter. Your payroll will need to be annotated for each period specified.
Sample Split Payroll Report.
We will need a complete employee job description before we add the classification to the policy. Please do not report payroll in the new classification until it has been reviewed and endorsed to your policy.
Job Duties Questionnaire.
We recommend you keep a copy of your previous payroll reports and payroll records for at least seven years, as you would your tax records.
Submitting Payroll Reports.
There are three different ways to submit your payroll reports.
State Compensation Insurance Fund P.O. Box 7441 San Francisco, CA 94120-7441.
Free payroll reports.