Many people believe that it’s only possible to invest any money if you have a lot of it. That’s really not the case, though. Even if you have just a small pot of savings at the minute, there are ways you will be able to use that money and help it grow in size and value. You just need to know what to do with it.
So, are you ready to take your small pot of savings and put them to work for you? Here are some ways you can turn that tiny pot into something more substantial.
Use Robo Advisors
There are a few online platforms that will manage your money for you. These are known as “robo advisors”, and to get things started, they will begin by asking you a quick survey. This survey will figure out what your current tolerance for risk is, which will be used to figure out where to invest your cash. If you are completely new to robo advisors, you might want to use the Wealthsimple sign-up bonus so that you can get a certain amount of cash managed for free. This is a great option if you don’t want to be so hands-on when it comes to managing your money.
Use A Wealth Management Firm
There are also traditional wealth management firms who will be able to invest your money for you as well. Some people prefer to put their cash in the hands of a real person rather than a robo advisor. Once you choose a financial expert, you will be able to book a meeting so that you can discuss your current financial status and where the best place for you to invest would be.
Save A Small Amount Each Week
Of course, you can’t invest any money if you don’t have any savings. If that’s the case with you at the minute, you should start to put a small amount of money away into a savings account each month. Even if it is hardly anything each week, it is still worth doing as it will eventually add up to become a sum that can then be invested.
Start Thinking About Retirement
When it comes to securing yourself financial freedom, there is no better way to do that than by thinking about retirement. It is crucial that you invest some money for retirement so that you can continue to enjoy a comfortable life once you finish work. One of the best things you can do is to set up a pension. If you pay into one at work, it’s still a good idea to consider setting up a private one so that you can boost these savings. By the time you leave work, you will have certainly accumulated a substantial amount of savings!
As you can see, it doesn’t matter how small your savings are. You’ll be able to invest them and make something great out of them. And best of all, you just need to use some of the ideas listed above to get started.
*This post is collaborative content.