Thu May 23 2024, by Tyler Gardner
3 Steps for Women in Their 30s to Grow Wealth Beyond Savings Accounts
If you're a woman in your 30s and you want to earn 45 times more than you're currently earning in your savings account, then you need to do the following three things right now.
1. Open a Brokerage Account
Open up a brokerage account with platforms like Fidelity, Schwab, Vanguard, or Robinhood. It’ll take you about five minutes, and you never have to use it if you don’t want to. Fund that account with $20 to $25 a week.
2. Research Money Market Funds
Take five minutes to visit one of the following websites: NerdWallet or Bankrate. Look up the best money market funds. These funds invest in short-term and relatively safe securities and are currently offering about 4.5% on your cash.
3. Invest Wisely
If you already have your high-interest credit card debt taken care of, then put that $20 to $25 into the money market fund. This surely beats the 0.01% you’re making right now on your savings account with institutions like JP Morgan or Bank of America.
Once you've done that, congratulations! You’re now an investor and one step closer to financial freedom.
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