Opening Your First Investment Account?  Here’s What You Need To Know

One of the smartest money moves you can make during your lifetime is opening your first investment account. It’s a big step to make and there is a lot of information out there that can be a bit overwhelming.

Investment Account Checklist

Emergency Fund:

The reason for this is when you start investing money, you don’t want to pull any money from your investments. It takes away from your gains and long-term compound interest.

Investment Account Checklist

Understand the basics of investing:

Opening an investment account and investing money without understanding the basics, is like jumping out of a plane without a parachute.

Investment Account Checklist

Pay off high-interest credit card debt:

If you owe money on high-interest credit cards, the wisest thing you can do is to pay off the balance in full. And as quickly as possible.

Investment Accounts for Beginners

1. What are the fees?

What are the fees? What I mean is: account maintenance fees, index funds or mutual funds management fees, rollover fees, etc.

Investment Accounts for Beginners

2. The types of funds & accounts offered

When deciding on the best investment account to go with, you should also take a look at the types of funds they have as well.

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