Best Way To Invest $500 2024 | How To Invest $500
Hi, I’m Chris Winter and in this video, I’ll be going over how you can invest $500!
This video is part of my “How to Invest” series, so make sure to check out my other videos in this series at different price points! $500 is a good amount to get started and allows you to have a significant start in your investing journey.
So let’s jump straight into the things you can do:
Invest in an ETF
Want to experience the potentially huge returns of stocks but scared to hedge your bets on one or two shares?
Then ETFs are perfect for you. In an ETF, the money you invested in is diversified to many, many assets, making it a much safer option of investing compared to a singular stock.
The greatest investor of our time and the one they call the Oracle of Omaha, Warren Buffett claims that ETFs are the best way to earn passive money.
Buffett recommends the portfolios that follow the S&P 500 are the easiest, safest, and most accessible ways of investing.
He even won the famous bet back in 2008 where an investment portfolio manager who picked various specific funds lost to Warren Buffet over a 10 year span.
The S&P 500 Index fund returned 8.5% on year of year average or 125% total vs the portfolio’s manager of 3% year over year on average or 35% total return.
Start Investing in an IRA
If you don’t need $500 right now but want to invest in something that can really grow exponentially by the time you retire, then start investing in an IRA or an Individual Retirement Account.
It goes without saying that this one is for the people who want a long-term investment and it’s probably the best tax advantage account for you.
A traditional IRA gives you an upfront tax deduction, but you'll pay taxes when you take distributions or cash it out during retirement.
On the other hand, a Roth IRA earns you no tax benefit today, but when you start withdrawing your funds, it’s completely tax free.
Whether you choose a traditional IRA or a Roth IRA, both are easy to open, taking 15 minutes or less via an online broker like Vanguard or another one of your choice.
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I’m Chris Winter and on this channel I make finance videos on:
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