For some reason, conversations about money seem taboo among most women. However, sharing the wealth creates financial literacy and makes way for others to create a legacy of financial freedom most of us dream about.
No matter where you are in your career path, it is never too early to start investing. In fact, ordinary people become wealthy by making the decision to do a little bit as they go.
If you are ready to start investing, there are a few prerequisite steps you should take. First, you'll want to learn the full gamut of benefits offered by your job. Sit down with your manager or human resources representative to get the rundown on whether your company offers a 401(k) plan, as well as the contributions made by the company to that 401(k).
Next, it's a good idea to understand various investment options offered outside of work and determine which ones are a good fit for you. Below are 7 types of investments all girl bosses should know about. These investments build upon each other to give you a better understanding of the big picture.
Put the knowledge of each one together and you're one step closer to learning how to invest like a boss.
1. Savings Account:
Savings accounts are used to store cash while also earning interest on the money deposited into the account. Usually, the interest rate provided by the bank is no more than 2%. When used over the long-term, savings accounts grow your money while also helping you put funds aside for important matters that arise in the future. Experts encourage individuals to save 3-6 months of expenses in a savings account in case of an emergency.
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Originally published on January 1, 2019