Don’t dabble in cryptocurrency if you’re not already maximizing your retirement accounts. Boats and timeshares will cost more than they’re worth in the long run. Buying a home that puts you in too much debt isn’t a good property investment. Whether you’re new to investing or have been at it for decades, deciding where to put your money requires careful consideration. What appears to be a promising investment could actually turn out to cost more money than it’s worth – or even cause significant financial losses. Business Insider asked certified financial planners what things people invest in that aren’t doing them any favours. Here are nine things that you might think will make you rich, but experts say could end up costing you. Cryptocurrency Some crypto enthusiasts like venture capitalist Tim Draper believe that cryptocurrencies could replace cash in 10 years. Other experts say the market is approaching a “death … [Read more...] about 9 things that seem like a good investment but are actually losing you a ton of money
Invest with small amounts of money
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Get There Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Michelle Singletary by Michelle Singletary Email the author April 30 Email the author The Social Security Administration increased benefits by 0.3 percent in 2017. (Bradley C. Bower/AP) A key part of your retirement planning should be an understanding of your Social Security benefits. This monthly check is a safety net, and the timing of when you start taking benefits can be a game changer. “If you have average earnings, your Social Security … [Read more...] about What you don’t know about Social Security could cost you a lot of money
Published April 28, 2018 Markets Motley Fool Facebook Twitter Comments Print The IRS recently released Individual Retirement Arrangement (IRA) data for the 2015 tax year, and there's one shocking statistic that stands out: Only 8% of eligible taxpayers chose to contribute to an IRA of any kind. Continue Reading Below This includes traditional and Roth IRAs, as well as SEP-IRAs and SIMPLE IRAs. And keep in mind that this is the percentage among taxpayers who were eligible to make IRA contributions. If you consider people who weren't eligible to make IRA contributions -- this generally means those without any earned income -- the figure drops to an alarming 6%. Here's a rundown of the data, the excuses people commonly give for not contributing, and if you're part of the 92%, why you should consider an IRA contribution of your own in 2018. Here's how many Americans contribute to IRAs Just over 13,000,000 taxpayers contributed to IRAs in 2015, the most … [Read more...] about Only 8% of Americans Are Making This Smart Retirement Move
Published April 06, 2018 Markets Motley Fool Facebook Twitter Comments Print Q: I don't have lots of money to invest, and I can't commit a consistent amount of money to an "auto-invest" program. What's the best way for me to get started? Until recently, commissions alone made it difficult to invest with little money. To get a diverse portfolio of stocks (at least 10), you would need to spend $100 or more in trading commissions, which is impractical if you only have a small amount to invest. Even buying a single ETF could be impractical without a lot of money. Additionally, mutual funds often have minimum investments of $1,000 or more. Continue Reading Below Over the past few years, the concept of commission-free ETFs (exchange-traded funds) has really caught on. They're a great way for investors to get into stocks without a large commitment and without excessive fees. Many of the leading brokers have ever-growing lists of commission-free ETFs to choose … [Read more...] about Ask a Fool: What’s the Best Way to Invest Without Lots of Money?
Business Insider has been in touch with a 28-year-old lawyer who has deep regrets about his decision to go to law school. He agreed to answer questions about the burdens of law school debt, and about what he’d do differently if he could. This law school graduate’s answers are sobering. He attended a school that’s one of the top 20 in the country, according to U.S. News and World Report, and yet he struggled to find decent work. He believes his law school tricked him into thinking he’d easily find a prestigious job after graduation. “I consider law school a waste of my life and an extraordinary waste of money. I feel like I was duped and tricked,” he says. “At the end of the day, it’s my own fault for being a sucker and I learned an extremely hard lesson.” These days, he makes $US45,000 and has $US200,000 in education debt. He lives with his parents in Virginia, doesn’t have a car, and doesn’t even date. In his free time, … [Read more...] about ‘I Consider Law School A Waste Of My Life And An Extraordinary Waste Of Money’