Investing: Set it and Forget it!

Investing:

**: bottom line AKA the point

The day is October 15, 2021. As of today, 4,300,000 Americans quit their jobs in August and inflation has reached 5.4% and there is no sign of stopping.

These are staggering numbers. If you are like me, it has me on red alert.

With people not working and price of goods and services increasing that means that the value of the dollar is decreasing and people will eventually run out of money. I can only image how people feel who do not have the ability to work (i.e. the elderly).

They spend their entire lives working a 9 to 5 job preparing for retirement. They hope what they are doing is right and they will be taken care of financially once they retire. Yes, social security is a thing but in the age of Baby Boomers, it is not much of a pay check.

Retirees are on fixed income and with inflation rising it will make their budget even more tight.

Whether you like it or not, you will eventually be retired and be in this same boat, if you are not already.

Along the lines of a popular Chinese proverb that says: “The best time to plant a tree was 20 years ago. The second best time is now.”

This can relate to investing. Whether you are investing now, just getting started or know nothing about it; now is the time to start!

One of the hardest things when doing anything new is getting started. First ask yourself why you are investing. Are you investing to save for retirement? To save for a rainy day? Or is this a way to create income? Once you have this in mind it will be easier to get started and to know what to invest in.

Here is a list of how to start investing into the stock market:

1) Make sure you have a bank account. (Checking or Savings)

2) Find a brokerage firm. (Ameritrade, Merrill Edge, Vanguard, E-trade, etc.)

3) You will want to create an account with the brokerage firm and connect your bank account to your new brokerage account. (money market account)

4) Once these accounts are linked you will need to fund (transfer) money into the money market account. Now that money is in the account you are free to start investing.

5) Find a stock, bond or index fund that you like and contribute your desired about into the fund.

6) I would recommend setting up an automatic contribution so you can “set it and forget it”

7) Wait at least a year before withdrawing your earnings. (as of now, there is a huge tax break for long term investment profits)

One of the biggest and easiest things to do in investing is to automate your investments.

**Set up automatic contributions and forget about it!

Follow these steps now and your future self will thank you!