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Steps
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- Select an investment account
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- Choose hands-on or hands-off investing
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- DIY investor? Use commission-free ETFs
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- Keep cash invested for 5 years or more
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- Need the cash sooner? Consider these
If investing feels like a rich person’s game, it’s not your imagination: Many investments cater to the wealthy. But there are plenty of ways to invest with a smaller amount like $500.
After all, regularly investing those small chunks over a long time horizon just might be the single best path to building wealth — especially if you have high-interest credit card debt paid off and you’re contributing enough to earn any available 401(k) match from your employer.
With brokers and robo-advisors requiring low minimums, it’s possible for anyone to get in on the action. Here are five points to consider when investing $500.