How can a self-employed single mother begin investing with $100 to $700?

I am a self-employed single mother with six children. I am interested in beginning investing. Is it smart to invest with limited income, or is investing only recommended for people who are affluent? I can invest $100 to $700. Where should I start?

Sort By:
Most Helpful
4 days ago
0% of people found this answer helpful

First of all, great job living within your means so you have extra monthly money to invest.  Step one is to make sure you have at least 3 months' of living expenses set aside in a savings account.  That will provide a cushion if your income is less than expected.

Next, you can consider a self-employed retirement account.  This allows you to put money aside and deduct the savings from your taxes.  The investments can generally start small in these account.  If you are a solo business owner with no employees a SEP IRA or Self Employed 401(k) are cost effective retirement accounts that you can open.

Another option is just a regular Individual Retirement Account (IRA) or Roth IRA.  These accounts also give you tax benefits for investing.

A chart that I like to compare the different small business retirement account options is on  Here is the link.

Hope that helps!


16 hours ago
17 hours ago
4 days ago
4 days ago