Where can I start investing?
We know that getting started on investing can feel overwhelming, but in this post, you’ll learn how to get started.
You can begin investing through retirement accounts (the most popular being a 401k or 403b), Individual Retirement Accounts, and Brokerage accounts.
A 401k is an employer-based account that allows you to have a percentage of your paycheck go directly into an investment account which your employer can also agree to match or pay part of the total contribution.
Individual Retirement accounts (or also known as IRAs), on the other hand, vary depending on when you decide to pay taxes on the money added.
For traditional IRAs, you don’t pay for taxes at the moment, until your money is withdrawn in retirement.
While with Roth IRAs you do pay for taxes on the money you add and none when withdrawn. The maximum contribution for both of these accounts in any given calendar year is $6,500.
We recommend you assess these accounts and proceed with the one that best fits your financial situation.
Recuerda, the earlier you start investing in your future, the more interest your money will gain.
¡Sí se puede, mi gente!