What Investing $5 a Day Looks Like After 150 Days
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
- Have you ever wondered what the power of consistent, small investments can do for your financial future? Join me in this video as I explore the impact of investing just $5 a day over a period of 150 days!
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Timecodes:
0:00 - Intro
0:10 - Purpose of the Challenge
1:04 - Can I get Rich?
2:32 - 30 Day Update
6:28 - 150 Day Update
8:23 - Lessons Learned
#finance #financialeducation #financialplanning #financialfreedom #budget2024 #budget #savingmoney #investinyourself
DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
If you’re interested in jumping into the challenge check out this ETF database to research the fund that you would like to invest in. etfdb.com/
As an avid investor, I often mull over how accomplished investors are able to amass fortunes through their investment endeavors. Presently, I hold equity exceeding $545K from a recent home sale, yet I'm uncertain about my next investment move. Should I consider buying stocks at this time, or should I await another opportunity?
That’s great that you have that much cash on hand. My suggestion would be to sit down with a financial advisor that can help you to develop a plan to meet your long term goals.
Fidelity also allows investors to buy fractional shares.
Yes, I’m sure that there are a few brokerages out there that allow this. I always tell people to find the best brokerage that works for their particular needs.
How much do you put into your IRA if you do have one?
I’m not eligible to contribute to a traditional IRA, so I invest in my company’s Roth 401k. I invest 10% of my income into that particular account. I also have a personal investment account that I contribute to on a monthly basis as well.
@@ClarencePatrick, you’re ineligible to contribute to a traditional IRA? I thought the only requirement was earned income. I know there are income limits for the Roth IRA, but I use the backdoor method to convert it.
My income exceeds the maximum amount allowed in order to participate in the program. My company doesn’t offer a backdoor Roth, so I contribute into the Roth 401k, which is fine because I also like to invest in my personal brokerage account, which allows me to access funds whenever an investment opportunity arises.
@@ClarencePatrick , my income also exceeds the limit, but an IRA account is outside of your employer. You open it through a brokerage like Vanguard, Fidelity, Schwab, etc. It’s a tax-advantaged account you can have in addition to your employer-sponsored 401K…this is tax code, so your employer doesn’t get a vote. I personally have a 401K, IRA, and HSA…all tax-advantaged. I max out all three. And, because I have a lot of discretionary income after maxing these accounts, I have a taxable brokerage account, which does not have contribution limits so I invest as much per month as I want.
There aren't income limits for eligibility to contribute to a Traditional IRA.
I'll say you missed more than a few days. $5 a day would be $750 invested before any ups and downs or DRIP.
Keep in mind that the market isn’t open on weekend and holidays, which means I’m not investing on those days.
@@ClarencePatrick That's fair enough and something I didn't immediately think of when I commented as I'm working on a $5 a day into an investment.
@@MsMotherWolf No problem at all. I appreciate the question, and the engagement. Thanks for watching!