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How college graduates can get started investing (part 2)
See where you can cut back. So you’re probably scratching your head wondering where will you find the extra dough to invest. It’s actually not as hard as you think.
First, track your spending to see where your money is going then see what you can cut back so you can afford to invest say 50 or 100 dollars a month. You may be surprised to see how much you really spend. After you start tracking your expenses it’s much easier to understand just how you’re spending your money.
Does your workplace offer an employer-sponsored retirement plan such as a 401k? If so, that’s a great way to get your feet wet with investing. All you need to do is enroll and decide what percentage of your salary you want to contribute and be sure to take advantage of any matching contributions otherwise that’s money you’re leaving on the table.
If you just graduated college, we feel you, but you don’t want to wait 10 plus years to pay off your student loans or until you’ve made a major dent in your credit card debt to start investing. Instead strike a financial balance. You can pay down your debt and invest. Come up with a plan to pay off student loan debts and credit card debts and invest a little each month. Even if it’s just a few hundred bucks a month, it will help get you into the habit of growing your money.
Look closely at fees. If you don’t examine fees it could cost you. With everything else you buy, shop around for the best possible price. Why not do it with the investment services you use? That’s right, even a fraction of a percentage could eat up into your investments. So know the total fees you are payin with any investment service you use.
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