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7 Tips for Investing When You Don’t Have Much Money to Start

While investing isn’t right for everyone, it is a tried-and-true method of building wealth over time. Many people have the mistaken impression that investing is only for the super-rich, but that isn’t the case. Even if you only have a small amount to get started, you can absolutely invest. Follow along with these seven tips for investing when you don’t have much money to start. Start Small With Investing Apps Some brokerage accounts require a $100 minimum balance or more to get started, but modern investing apps let you open an account with no minimum. An app like Acorns let you start investing with only $5. App Robinhood is a brokerage with no trade fees or commissions so you can buy and sell stocks in small lots without losing a large portion of your investment to fees. Also, some larger brokerage firms allow you to open retirement accounts with a…

Simple Tips to Avoid Credit Card Debt

With credit card offers making up a huge chunk of junk mail, it’s all too easy to say yes to yet another deal that may trigger a downward cycle of debt. It’s a fact – the best way to secure your financial future is to avoid credit card debt. Used properly, credit cards offer many advantages including convenience, a record of your purchases, protection against fraud, building a positive credit history, and perks including free travel, discounted merchandise and more.   Used to excess, a credit card is nothing more than a high interest loan rather than a substitute for cash. This is how many consumers get into credit card trouble: As debt builds, they take out yet another card that offers a balance transfer, low monthly payments, no interest for a defined period and other attractive perks. Yet caving into such offers practically ensures debt for years to come as…

Banks Versus Credit Unions?

Banks vs credit unions? You probably put more thought into choosing where to have dinner than deciding which financial institution to use. If you’re like most people, you made the choice a long time ago, and it’s working out for you. You may use the big bank near your home with ATMs across the country. Or maybe it’s the friendly community bank with a few convenient branches. Or, if you have access, possibly through where you work, perhaps it’s a credit union.   Well, there may be greener pastures for your greenbacks, or greater conveniences and better offerings someplace else. Banks and credit unions offer basically the same products and services—checking and savings accounts, personal loans, credit and debit cards. The differences between the two (or three, if you throw in online banks) lie in the interest rates, fee structures, and both the volume and variety of products offered. Interest…

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