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Let’s debunk the myth that you need some miracle inheritance in order to start investing. The truth is, you can start investing with just a few hundred dollars — and the sooner, the better — thanks to another basic investing concept known as compounding. Compounding interest is what happens when you reinvest your earnings and earn dividends on your dividends. Dividends are the distribution of profits by a corporation to its shareholders.
Think of it as a snowball that grows bigger and faster as it rolls its way down a mountain. The sooner you get started (even with a small amount), the quicker compounding interest could become your reality.
But what does getting started actually look like? Once you have funds ready to invest, there are a variety of different ways to dive in. For those who are comfortable picking their own investments, a self-directed investing account might be a good choice. If you want the best of both digital resources and one-on-one guidance to help you pursue your goals, you could leverage a service like Merrill Guided Investing with an Advisor. As your financial needs or goals become more complex, or you want to increase the amount you invest, you can work with a financial advisor for individualized support.
There are many ways to gain access to the educational tools to help you become more confident about managing your money and investments. Whether you need a single account to grow your wealth or several accounts to support multiple objectives, they help define the investing experience that works for you. Clearly, investing is a bit of a strategy game—and working with an advisor can help you get clear on your financial circumstances, your appetite for risk, and your future goals.
“Don’t be afraid to lean into professional expertise as you’re learning,” says Gellene. “Advisors are there to help and can provide personalized advice and guidance unique to your specific needs.”
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