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I'm 46 years old and have no savings, but I have $1,000 to start investing; where do I start?

Do I put my $1,000 into a single safe bond, split it into two different investments, or should I place it all in a money market account? With such a tiny seed, where do I plant it to grow a tree? I'm an accounting student and plan upon graduation to invest 50 percent of my income starting with my first job. I will be able to do this due to my husband's income. What's the best plan for starting this late in the game? Should I use short-term bonds?

Financial Planning, Investing, Bonds / Fixed Income, Starting Out
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2 weeks ago

Congratulations on beginning to save AND on graduating! With saving for retirement your primary objective, you really need to work with a CFP® to develop a financial plan focused on retirement. Unfortunately, due to regulations we cannot give specific investment advice.

Start saving in a regular savings account until you have a financial plan developed. If your bank has financial advisors, schedule a meeting with them.

Before giving any investment advice, they will require you to complete a risk assessment. Once they have this information, they'll put together an investment plan using mutual funds and ETFs to meet your risk profile.

You'll need to save a lot to make up for the missed years, however, your plan to invest 50 percent of your income may meet your needs - the financial plan will calculate that information for you. You may need to save money in both a retirement account and in a regular taxable account (retirement accounts have limits on contributions). Congratulations again on your new financial focus! 

3 weeks ago
5 days ago