5. How to Make Your Money Work for You

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Having a good-paying job is great. It allows you to pay your rent or mortgage, pay your bills, go out to enjoy yourself, and build a little savings. Having savings is a good way to start building your wealth, but not the only way. The best thing you can do is to have your money work for you. The most basic way this can be done is to put your savings into a high-yield account that pays the best interest. Shopping around at different financial institutions would be a good idea so that you get the best interest for the amount of money you have to invest. Additionally, new technology, in the form of investment applications, have made it easier, and more convenient to begin building your finances.

With new technology, all you need to start is an investment app, and a smartphone. These apps can help you get started investing, track and project your investments, and establish a goal. The more traditional ways to save are simple. Most investors suggest you first have six-months' worth of savings in your account before you begin investing. The best way to start saving is to put away a portion of your pay. If, for instance, you save just $10 per week, at the end of the year you will have saved more than $500. Another smart investment option is to enroll in your company's retirement plan. Many companies will match your investment dollars with their own. This can be a powerful way to invest in the future and have a nice retirement income when the time comes.

Mutual funds are also attractive to new investors. These funds are low-investment start-up programs that require between $500 to $5,000 initial contributions. These funds automatically invest your money based on market trends.




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