Four Steps for Women in Their 40s to Maximize Savings Returns

If you're a woman in your 40s and you want to earn over 45 times what you're currently earning in your savings account, you need to do the following four things today. I'm Tyler, a former financial advisor and portfolio manager, and now I make financial content for free so you don't have to pay for it.

1. Open a Brokerage Account

Choose a reputable firm such as Fidelity, Schwab, or Vanguard. It will take you five minutes to set up and it's free. You never have to use it if you don't want to.

2. Link Your Bank Account

Next, link your bank account to the newly created brokerage account.

3. Research Money Market Funds

Use NerdWallet or Bankrate to look up the best money market funds currently available.

4. Fund and Invest

If you already have your high-interest credit card debt under control, fund that account with $25 a week and invest it in one of those money market funds like Fidelity's SPAXX or iShares SGOV. These funds invest in short-term government securities like T-bills, are very safe, and are currently earning around 4.5%.

Conclusion

Reward yourself by going out for a nice cup of coffee, as you've just earned enough money in interest alone to afford it without guilt. If any of this is helpful, sign up for my free weekly newsletter by clicking the link in my bio, and each week, I'll send you over another money playbook that actually works.

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