Ask a goalgami Expert:Answer

Have a financial question?SUBMIT>


How much money do I need before I can begin investing?


Not much at all. It may be better for the long run, in fact, if you save a little each month throughout your career than invest a lump sum and nothing more. (Of course, doing both is even better.) You may need a little to prime the pump, but only a little. Many mutual funds have minimum investments of around $500, and they allow additional investments of as little as $50. Your best option may be to find a broadly diversified fund or two that have strong long-term track records. You can invest in them directly through a monthly savings plan, which many fund providers offer, or by opening an account with a discount brokerage that features free mutual fund trading.

-Conrad de Aenlle