Yes. Yes. Yes.
It will be a little more difficult and your gains may not be as fast as a single person, however, you will be just as rewarded. Here are the first steps to start your journey invest with a family.
Create a super detailed budget. You need to track every single expense down to the penny. It is hard to imagine taking the time to write down all your bills, food, and fun. But it is ABSOLUTELY necessary. You can’t save if you do not know where your money is going.
Start small. Remember you are trying to build the habit of saving and investing. Even if you start with $50 a month, trust me, as your accounts go up, so will your willingness to save and invest.
Open a high yield savings account (HSA). This is to start your emergency fund. Remember to keep your daily saving and checkings account for day to day operations. I use Discover Bank HSA.
Open a TreasuryDirect.gov account. This is where you buy saving bonds and US Treasury Bonds.
Open a Stash account. The app Stash allows you to invest fractional shares of companies. This means that you can invest $5 into a stock of, let’s say, Walmart. You can add to this amount until eventually, you have full shares. It is a great way to take pocket change and start using your money wisely. My STASH account went from $35 the first month to $2600 by month seven. Very addicting.
Open a brokerage account. This is where you do all your heavy lifting in the stock market. Don’t open an account until you know what dividends and ETFs are. You need to have a strategy.
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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