The Sugar Daddy Podcast
Ready to normalize talking about money? Then welcome to The Sugar Daddy Podcast. Every episode will get you one step closer to your financial goals. Whether that is learning how to invest, budget, save, retire early or simply make better money choices, Jess & Brandon have got you covered in a way that's easy to understand, and easy to implement. Tune in as they demystify the realm of dollars, so it all makes cents, while giving you a glimpse into their relationship with money and each other.
Brandon is an award winning licensed financial planner, and owner of Oak City Financial, with over a decade of experience and millions of dollars managed for his clients all over the United States.
New episodes published the first three Wednesdays of every month.
The Sugar Daddy Podcast
87: Why Waiting to Invest Is Keeping You Broke
Think you need to be debt-free or have a fat savings account before you invest? That myth is keeping you broke. In this episode, Jess and Brandon break down why starting now—even with just $5—is more powerful than waiting for the "perfect" moment.
They call out outdated advice that tells you to wait, and show you how to grow wealth while paying off debt. You’ll learn why index funds are your low-risk, high-impact secret weapon, and exactly how to start investing—even if you're overwhelmed or on a tight budget.
This isn’t about hype. It’s about time, math, and using both to your advantage.
Hit play and take the first step toward financial freedom—imperfect action beats perfect planning every time.
Visit prenups.com/sugardaddy to learn more about fair prenups that help couples plan for a healthy financial relationship.
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This episode is sponsored by Prenupscom. The truth is, every married couple has a prenup a set of rules that defines your legal and financial relationship with your spouse. You either choose your own rules or use what your state gives you. At Prenupscom they write prenups that actually help couples stay married. Their specialty is fair prenups that help couples plan for a healthy financial relationship. Don't let the state decide your marriage rules. Make your own. Visit prenupscom. Slash sugardaddy to learn more. That's prenupscom. Backslash sugardaddy and get the prenup that helps you stay married. Already married, no worries. They do postnuptial agreements too. That's what Brandon and I did after eight years of marriage. Think investing is only for people with six figures in the bank. That's what they want you to believe. Today we're breaking down how to start building wealth with what you have and why waiting until you're rich enough is the fastest way to stay broke. We hope you tune in Sugar Daddy Podcast yo Learn how to make them pockets grow.
Speaker 1:Financial freedom's where we go. We hope you tune in.
Speaker 2:Hey babe, what are we talking about today?
Speaker 1:Today we are talking about why you need to start investing right now or yesterday, instead of waiting until you can invest hundreds or thousands of dollars.
Speaker 2:Yeah, I would say that's one of the biggest things that I do come across for people is that they are waiting till they're completely out of debt, waiting till they have more money saved up.
Speaker 1:Waiting for the raise, the promotion, the bonus.
Speaker 2:Always waiting for a quote unquote the perfect opportunity to start investing when there is no perfect opportunity to start investing, Just today.
Speaker 1:Today is the day right.
Speaker 2:Yeah, and I would also say that was one of the main gripes that I have when it comes to Dave Ramsey's method.
Speaker 1:Oh, we're going there early.
Speaker 2:Yeah, I mean Dave Ramsey's method has you pay off all of your debt outside of your mortgage before he recommends that you start investing, and I think that's a huge miss. Why. Well, as we've talked about before, one of the biggest benefits to investing is time time in the market. The more time you have on your side for investing, the better the outcome is going to be, because you have compound interest on your side and you have a longer period for it to work for you.
Speaker 1:Right. We've even seen models online where people will show okay, if you start investing less, but you have more time, versus doubling or even tripling that amount, but you have less time, your outcomes are always going to be more favorable when you started earlier, even with less money.
Speaker 2:Oh yeah, like I said, the number one benefit is time. The longer time that you have to be in the market, the better the outcome is going to be, the more money you're going to have at the end of the day.
Speaker 1:Okay, so why do you think people wait to invest?
Speaker 2:Well, honestly, this is what we've been told for years on end. Is that? Oh, you know, we need to wait to invest. Also, you know, prior to technology becoming better, you know, don't do a lot of hurdles in order to just invest it wasn't quite as simple as it is now, where you can simply do this online, as compared to before, you actually had to do it through a person.
Speaker 1:Right.
Speaker 2:So our parents experiences at a younger age when it comes to investing is all that they have. Parents' experiences at a younger age when it comes to investing is all that they have. So, essentially, when we're asking them about investing at a younger age, this is where they're coming from and this is why they think it's a lot harder of a hurdle for you to start investing.
Speaker 1:Well, and then let's not even forget to mention women when it comes to finances and investing, owning our own things right. Like you couldn't open a credit card by yourself, or a line of credit until what was it like 1974?
Speaker 2:I think it was 1974, 1975 was when women could have credit cards. Yeah, it was only about 50 years ago. Yeah, I mean that's insane. Which is crazy because that's only nine years before I was born.
Speaker 1:Right that women could go and open their own bank accounts. I mean that's without the signature of their husband or father. I mean that's mind blowing.
Speaker 2:And I'm not going to glaze over the truth that financial services has not made it easy for people. You know, I would even say today, a good portion of the financial services industry doesn't focus on the everyday person. You know they focus on the rich, the wealthy because they make more money that way. So you know they are going to focus more on them when there should be more of a focus on the everyday person because that's the largest demographic. On how you can invest, what are the strategies, what is the you know easy way to get just into doing it to begin with. So a good portion of it is also on the financial services industry itself.
Speaker 1:Well, and we've even had guests on the podcast who've said hey, the reason I know how to do this now is because I was turned away from a financial advisor or from a wealth advisor, or whatever we want to call people like you, right, which is I mean. Yes, there are obviously firms and people who only work with individuals who have a certain net worth, but that's so discouraging, like you said, for the average person who's like no, I want to figure this out, I want to do better, I want to build my family's wealth, but I'm literally getting turned away.
Speaker 2:All right, real quick. I want to speak to the person listening who feels like they can't work with a financial planner yet because they're carrying a lot of debt. First of all, I see you and I need you to know. You're not broken, you're not behind. You're just in a tough season. I created something just for you because I've had people reach out who are serious about changing their money story. But the full financial planning package just wasn't the right fit yet. So I built a new service through Oak City Financial that's focused completely on debt reduction no fluff, no shame. You'll get a one-time planning session, a personalized payoff strategy, your own financial dashboard and monthly coaching. If you want extra support while you climb out, it's $300 to get started and $100 a month. If you want that ongoing guidance, that's it. This is about helping you get unstuck, not making you feel like you failed. If this sounds like what you've been needing, go ahead and schedule a call with me. The link is in the show notes. Let's take the first step together.
Speaker 1:So that's something to consider too.
Speaker 2:I mean, that's part of why I have my service model, because the traditional service model for financial advisors is the assets under management, so they get paid AUM.
Speaker 2:So they get paid a percentage based upon how much of that individual's assets they're managing from an investment standpoint. So if they're most people, kind of the rule of thumb is a 1% asset under management fee. So if someone has a million dollar portfolio that the person that the advisor isn't the advisor is managing, then they get $10,000. If the person has a $500,000 investment portfolio, then the financial advisor is getting $5,000. So you can see where it's more advantageous to work with those individuals with higher investment portfolios for them to manage because you get more money. But that's why my service model is different, so that you have individuals that can still pay these certain fees, but I don't have to manage these large portfolios in order to work with them.
Speaker 1:Well, and that's where I think the internet goes crazy. And it's like never pay a financial advisor a percentage of your portfolio. You're getting scammed. I mean, there's all those things, too, where it's like, well, you could be spending hundreds of thousands of dollars over the quote unquote lifetime of your portfolio in 1% asset under management fees. Don't do that. And then people are like, well, I guess I can't work with an advisor, but then they don't do it themselves. So then you're back to square one, which is you're not investing.
Speaker 2:Yeah, so I don't you know me. I don't like when people say all or none.
Speaker 1:Right.
Speaker 2:So I would never say don't you know me? I don't like when people say all or none Right, so I would never say don't work with a asset under management advisor, don't pay for crappy advice is what I'm focused on. So a person could be charging a 1% asset under management and it equates to the same, as you know me charging you a monthly fee, but they're just charging it differently, even though the outcome is the same. The biggest thing you want to focus on is do you believe that what you're paying for, do you value?
Speaker 1:it Justifies the cost Correct.
Speaker 2:Are you getting out of this what you believe you should, based upon what you are paying, and that's what should be the metric, because I think a lot of people could miss out like, oh, I'm not going to work for this person because they do an AUM fee, and this person could be providing you above and beyond service of what they're actually charging you based upon their AUM. So I think the focus needs to be on what is the end product that you're getting, what is the end results, the guidance that you are receiving, based upon what you're paying, not how it's being paid per se. Yeah.
Speaker 2:And then also, too, is like with the whole like starting to investing once again. It kind of the same thing we've talked about when it comes to saving. People feel some shame if they can't save or invest a certain amount of money. So if you're like, oh, I want to be able to invest $500 a month, $400 a month, but you don't have that, then these people just wait until they have that and you're missing out on the biggest component. That's in your favor and that's time. So, biggest component, that's in your favor and that's time. So, even if it's only $5, $10, that is better than zero, and I cannot stress that enough.
Speaker 1:Well, and one of the things that I think you've repeatedly talked about on the podcast is building the habit of either you know you set a timer, you set a calendar invite for yourself and you go in on you know the first Saturday of of the month and you move some money over into your investment accounts, or, even better, you automate it so you get in that habit of you're not going to miss that $5 coming out of your account. Right, you're just not going to miss it, but in a few months when you look at it and it's growing, you're going to be reminded of oh, $5 does do something. $5 is better than nothing.
Speaker 2:Oh, 100%. And, as you said before, once you've been doing $10 a month for two or three months you're like, oh, I don't miss that, let me up at the 20. Another few months pass, I don't miss 20. Let me go in and up at the 40. And you don't have to have this drastic increase. It can be a gradual increase but, like you said, it's getting the habit started. That's the biggest thing.
Speaker 1:Yeah, what else do you want people to know? Because there's so much noise around investing, right, you have some platforms that are like it's so easy, you can do it yourself, you don't need to pay anybody. And then other people are like no, there's so much risk, you can mess it up, you need to pay somebody. So there's a lot of just two sides of the aisle and I think it's overwhelming for people who are like okay, everybody keeps telling me it's easy to get started, but I literally do not know how.
Speaker 2:So technology definitely changed the game. Having improvements in technology has definitely lowered the barrier of entering for the majority of people, but then also, just you know, more access to information has helped people to understand their options that are available to them a little bit more. But then also it can be a bit of noise where it's hard to decipher what is true, what is false and what is applicable to your situation. So, with you know new technologies such as robo-advisors, I think.
Speaker 2:I think robo advisors can be used for a very early on person in their career. You know, you just got out of college, your first full time job, and you don't have a ton of assets, but you do want to start the process of investing. I think a robo advisor can be very helpful for you because your financial situation is not very complicated. You, because your financial situation is not very complicated, a lot of the robo advisors will provide you with some basic education when it comes to investing in index funds, etfs, and help you to pick a portfolio that will perform decent based upon you know, your age and your risk tolerance.
Speaker 1:And where do I find these robo advisors?
Speaker 2:I mean you can find them at a lot of the you know large financial institutions. So you know Fidelity, charles Schwab, I think most people out here you know heard about Robinhood. I wouldn't necessarily go with Robinhood, I'm not the biggest fan of them. I think their user interface is done very well and the reason for it being done very well is that's their draw. They make it very easy for people to do things. But I think you could get better service, lower fees at you know, like a Charles Schwab Fidelity places like that.
Speaker 1:Okay, what do you say to the people twofold who have debt? I think we kind of addressed it at the beginning, right Of like yes, you have debt.
Speaker 2:Yes, Before we hop into that, remember you were talking about, like the people that are DIY and stuff like that that maybe can't do it themselves. Like I said before, I think very few people are DIY and I think if you are a true DIY where you are going to be able to check all the boxes consistently throughout the course of your life from a financial standpoint, more than likely you've done this or you are doing this as your profession. Most people that's not what they're doing.
Speaker 1:You're going to miss something.
Speaker 2:Yes. So even if you want to be a DIY person, I still think you can benefit from at least having some check-ins with a financial planner to make sure that you're not missing in your blind spots, because I can tell you that I've met with several DIYers and they're missing things and, in all honesty, they're very basic things. Like I look at their financial situation, within two seconds I could point out five or six things that they missed that are very basic. So that's why I said that most people can't be a DIY fully on their own. Be honest.
Speaker 1:But the DIYers that you have encountered are DIYing because they have an interest, but also because they just want to save money.
Speaker 2:Oh, that's the main reason people DIY. No one says that like, oh, I don't mind spending a bunch of money, but I'd rather do it myself.
Speaker 1:Well, but here's the thing vastly underinsured when it comes to their life insurance, people who are, you know, making decisions to cancel life insurance policies or different things because they want to save a little bit more money right now, and you know, like there's just decisions that I know we've talked about that are being made or not being made, because when you're looking at your finances from one singular lens, you're you have blind spots, right, you've you're looking at your finances from one singular lens, you have blind spots, right, you're focused on those numbers in a very emotional way and you can't step back far enough to see the full picture.
Speaker 2:It's also hard because there's a lot of different disciplines within financial planning, and so you might be able to oh, I can DIY my investment portfolio from a very basic standpoint of using index funds. Yeah you could probably do that, but that's just one area and they all overflow into each other, and that's the hardest thing I think people have the ability to do is take a step back and see how each piece interconnects.
Speaker 1:Yeah, no, that's a great call out because it is a portfolio, for a reason, right, that term indicates that there's various segments. Right, you need your what do you call them? Not your protections, but your different insurances. What are they called? You call them something, I don't know. Okay. Risk mitigation no no no, it's, it'll come to me, but that's okay. I mean, it's just a lot of times, you know, you say that everybody knows what they need to do, but you're also the person holding people's hands, making sure things get across the finish line.
Speaker 2:Yeah, and I think everyone can benefit from working with an advisor. However, you know there is an entry level from a fee standpoint to work with an advisor and some of these people are not at that point where it makes sense to pay that fee to do the full planning. So, you know, the robo advisor can work for you in certain aspects to at least get you started and get a portion of the plan in place. Because, let me understand, the robo-advising is not financial planning. The robo-advising is helping you with your investing.
Speaker 1:That's it, and we had a whole episode on comprehensive financial planning versus AI and robo-advisors and we break down the pros and the cons and how financial advisors like Brandon can use AI to help them in their practice. So, we're not against AI and robo advisors, but there are limitations and it's not comprehensive financial planning.
Speaker 2:Yeah, For example, the robo advisors aren't going to ask you what is your goals in two years, five years, 10 years? How much student loan debt do you have? How much credit card debt do you have?
Speaker 1:Do you want to start a family? Are you looking to buy a house?
Speaker 2:What is your current? How much do you have in your emergency fund? They're really not going to ask you those questions. It really is focused on the investment portfolio only, and I just want to make sure that people understand that that is a piece of the financial planning puzzle, but it's not all of it.
Speaker 1:Right, all right. Where do you want to go?
Speaker 2:We can go into the debt part now, sorry, Okay, that's fine.
Speaker 1:So for people who are saying, well, I have debt, I really want to pay off my debt before I start investing, we kind of touched on it at the beginning. But what do you say to those people?
Speaker 2:You can do both, as we said before. For example, obviously, if you have credit card debt or any other type of debt, you do want to be focused on paying that off. However, even if you're just doing five, 10, $20 towards investing, it makes a difference, and I think people often think that they have to focus everything on their debt and wait. They're going to miss out on years of possibly investing. And one of the biggest things there is just to say, like if you're employed at a company that has a 401k plan and you're not investing your 401k plan because you're focused solely on paying off debt, Now you're also possibly missing off, missing out on an employer match.
Speaker 1:Don't miss on your employer match.
Speaker 2:So let's just say, hypothetically, your employer provides a 3% match. Okay, so if you're just, you just do the 3%, so you're taking full advantage of the match, because now you're getting free money and that free money being invested over years, allowing compound interest to do its thing, it's going to pay off for you so much more in the end. Now I'm not saying don't focus on paying off the debt. That is definitely a focus point, but it shouldn't be the only focus.
Speaker 1:What about the people who are just? You know, the stock market's going crazy and everybody's like do I move my money, Do I not? This is, you know, these are unprecedented times, the amount of unprecedented times we, as millennials, have been through. Can I just say I'm over the unprecedented times? But what would you say to the people who are just like I, can't put. It's like gambling. I don't want to put my money in the market because it's gambling. I'd rather put it in the bank.
Speaker 2:It's not gambling I can. It's not gambling at all.
Speaker 1:But there's risk. So what do you say to the people?
Speaker 2:But the risks are minimum when you're focused on a long-term investing strategy. If you were to cause, we're talking about like 20 plus years here. So if you look at investing in the stock market, no, no, as long as the stock market has existed, if you invested for a 20 year period, at any point in time you are up over that period. You can start at any year the market has existed and then go 20 years out and you are, you are, you're going to have growth in the market. So it's not gambling.
Speaker 1:I mean, I know last year we were at almost 25% growth.
Speaker 2:You're going to have up and down days, up and down years, but over the long term is what we are focusing on, is the long term investing. You are going to be up, so it is not gambling by any means.
Speaker 2:Well, and we're not talking about day trading and picking individual stocks and so the average individual should not be picking individual stocks to invest in, especially when you're starting out, because one that is a much more complicated process in regards to analyzing a stock and there's multiple ways to analyze a stock and you know it's much easier to simply focus on, you know, index funds and also it's a less. You know it's less expensive to do index funds from a diversification standpoint, so you're able. Part of diversifying your portfolio is part of the risk mitigation aspect as well, so that helps with lowering the potential of losing money. So that helps with lowering the potential of losing money.
Speaker 1:I mean, I think when people talk about investing right, you're thinking of the Wolf of Wall Street, the crazy I hope you're not thinking of the Wolf of Wall Street that is illegal In suits on the trading floor. Everybody's shouting into their phones, yelling at the screen right Like that's not what we're talking about.
Speaker 2:Yeah, most people. When you're starting out honestly even not just starting out you know a core portion of your portfolio should be just index funds, like when I'm working with clients, I'm not looking to beat the market.
Speaker 2:That's not what I'm, that's not what I'm aspiring to do, because if I could consistently beat the market, then I'd be a hedge fund manager and I'd be a billionaire. But that's I'm, not Warren Buffett. And so a basic portfolio of index funds based upon your age and your risk tolerance works perfectly fine, and that's where most people should start, and that should also still be the bulk of your portfolio, moving forward.
Speaker 1:What is an index fund? People always talk about how good they are, how little they cost, like, what is it and why is it important?
Speaker 2:The easiest way for me to describe what an index fund is is that there's different indexes that we use to measure the performance of the market. The most common index that people have heard of even though maybe you haven't heard it mentioned this way is the S&P 500 index, and that is made up of the 500 largest US companies on the stock market. Okay, and when you hear the market is up or the market is down, this amount, normally they're referring to the S&P 500. And it's kind of just a microcosm to measure the broad perspective of how the market is performing. So, once again, instead of investing in a single stock, when you're investing in an S and P 500 index fund, you are investing in all those 500 companies a little portion of yes as compared to.
Speaker 2:I'm just going to invest in Apple, I'm just going to invest in Microsoft and by investing in an index fund, you are lowering your risk because you are diversifying the potential of losing money across 500, you know essentially companies as compared to if you were invested in maybe two or three individual stocks.
Speaker 1:Okay, so you're you're kind of buying little pieces in bulk instead of picking one company. Correct yeah. Mitigating risk. Yeah, okay, what do you think is keeping kind of the average person from moving forward with their investing journey?
Speaker 2:Analysis by paralysis. I think that is the number one thing that keeps a lot of people from doing anything in life and, more specifically, a lot of changes in their financial life. They are overthinking and they're not getting started.
Speaker 1:Or they're waiting for it to be perfect, or for me to have the right amount of money, or for me to do it this way versus that way.
Speaker 2:Yeah, and the biggest thing there is that there's no perfect time and you're not going to get it correct all the time, but getting started is a step forward and as you get started and if you do make an error, it's okay, we all make errors the biggest thing is that now that you've gotten started and you've made an error, you learn from it and then you make changes accordingly and try to make sure that you don't repeat the same error if it's preventable.
Speaker 2:So that's the number one thing I would say. And then social media doesn't help. So that's the number one thing I would say. And then social media doesn't help because once again, kind of taking a step back to we were talking about, you know, with the index funds versus investing in individual stocks, individual stocks sound sexier. That's what you hear a lot of people talking about and you know that's what's all over social media. Or day trading all over social media. Oh, you can do day trading, you could do this, you know like you can do those things, but the majority of people lose money doing them and that's time.
Speaker 2:Yes, Cause like so, for example, if I was making so much money as a day trader.
Speaker 1:I'm not going to be posting, I'm not selling you a course. I'm not.
Speaker 2:I don't. I'm not creating a course to sell to you and spending all my time on social media trying to sell this course because I made a bunch of money day trading. I don't need to do that Now. I'm not saying that anyone that sells a course isn't doing what they're saying. That's not what I'm saying. However, I would say a majority of people on social media that are selling a course aren't necessarily doing what they're trying to tell you they're doing.
Speaker 1:And I think anyone that's successful, that sells a course, will tell you the same thing. I mean, we know a lot of people that sell courses Not on day trading.
Speaker 2:But what I'm saying is we know a lot of people who sell courses. We know people that sell courses. Now I'm talking about everyone on social media the millions that everybody has a course, the 20, 50, say 50 people that we know that sell courses out of the millions of people that are on social media is less than 1%.
Speaker 1:Yeah Well, I mean, take everything with a grain of salt. Social media is only the highlight reel. I mean, you know people are not out here rolling in dough. That's just the bottom line.
Speaker 2:And also, like I said, depending on the course, there's a difference between teaching someone how to a successful strategy to pay off debt as compared to teaching someone a successful strategy to day trade to become a day trader.
Speaker 1:Yeah, so the investing that we are talking about is not day trading.
Speaker 2:No, and if you want to do that, fine. I'm not here to tell people what to do, I'm just going to tell you. The statistics are that majority of people that day trade lose money.
Speaker 1:There you go. Yeah, what can people do to get started?
Speaker 2:Well, also the thing is, too is. One more thing here is that we talked about the 401k plan, and our platform is all about having more open conversations with your friend circle.
Speaker 2:So, for example, why most people have a 401k plan through their employer. Why don't we talk about that with our friends? Now? We talk about it because, also, people ask me a lot of questions about it. But those should be conversations that you should have with your friends so that everyone has a better understanding of their 401k plan, because I can tell you that is one of the most misunderstood accounts that everyone has them, but they don't know all the full functions and details of their plan. I've never sat down with someone that fully understood their plan.
Speaker 1:Well, and we did an entire episode on it for that exact reason, right, because you can do your traditional contributions, you can do your Roth, you can do after tax.
Speaker 1:Yep I mean we break all of that down. So and then again the time horizon even if you do like a target date fund, which is what it oftentimes will, kind of auto, put you into, you can still make adjustments. 401k I get a four percent match. And we sat down and made an adjust, a big adjustment, because it had me in 83 percent stocks and, I guess, 17 percent bonds, and you were like, nope, we're gonna go 100 percent stocks, here's what we're picking. Um, and there are, you know, everybody's 401k plan is what I say differently.
Speaker 2:Just to clarify, when we, when she is saying stocks, we're talking about index funds.
Speaker 1:Yeah, we picked. They were what? Vanguard index funds? Yeah, we picked Vanguard index funds.
Speaker 2:Yeah, because you can't invest in individual stocks in your 401k plan unless it's your company's stock, which also is not in your 401k plan. It's in a separate account often.
Speaker 1:Well, and I even posted exactly what we chose. So, if that's of interest, that's not the advice we're giving you to choose what I'm choosing, but to know what your options are and to maximize those so that you can have an optimized 401k. Because I mean before this big last dip, I mean my 401k was looking really nice, and that's I mean mostly in part because of the company match that I've been getting.
Speaker 2:And also, since you brought that up, for those people that are afraid and they're trying to like wait until the market quote unquote gets better, don't do that, because when the market gets better, what that actually means is that prices have started to increase, so now you're purchasing funds at a higher price.
Speaker 1:Yeah, that's when people say buy low, that's when the market is not doing well. You see the red lines going down on all of the charts.
Speaker 2:When these times like this are happening in the market, where there's uncertainty, you need to think back to the original plan. That's why I always say it's important to have a plan in place, because things get rocky. You've reverted back to your plan. You're like, hey, we talked about these things before. We, you know, plan for these things to occur. So we have a plan in place, so let's stick with it. That is the biggest thing, because don't wait to invest in your, you know, in the market. Just go ahead and start. Do it now.
Speaker 1:Yeah, so what are your final thoughts here? Well, people, getting started. That's the biggest thing, that's the overarching thing.
Speaker 2:That's the whole purpose of this podcast episode Get started today, and the easiest way to get started are in accounts that are easily accessible to you that you may already have, number one being a 401k, 403b, whatever retirement plan that you maybe have for your employer. That's the easiest way to get started. Okay. All right Now. Some of the other accounts you may have access to are an HSA. If you are enrolled in a high deductible health plan, A lot of people don't realize that you can invest the money that's in your HSA.
Speaker 1:Triple tax advantaged.
Speaker 2:So you can do that there. But then also you maybe already have a Roth IRA or a traditional IRA, Utilizing those you know, opening those.
Speaker 1:They should not be sitting in separate places A, it's going to make it easier for you to forget about where they are and what's in them. So, instead of having a 401k over here and a 401k over here, et cetera, et cetera and you don't know what's going on, roll those into a IRA or into your new 401k and optimize those.
Speaker 2:Yeah, and next thing I would say you need to do is automate. Make things easier for yourself. Now, if you are investing in your 401k plan, the nice thing is that that's already automated for you, so you don't have to worry about that. But if you're going to be investing into like a traditional or Roth IRA, then you do need to actually do that yourself. It's not automatically, so I would recommend automating the amount on like a monthly basis that you're going to be attributing to these accounts. But then also that second step of automating the investing into a fund. Remember, there's two steps to investing You're putting the money into the account and then, once the money's in the account, you have to choose which funds you want to invest in.
Speaker 1:Don't let it sit there in cash.
Speaker 2:Yeah, don't just do step one, you have to do step two and you can automate both of those steps also.
Speaker 1:Yeah. So just remember to get started, even if it's messy, even if it's a small amount, even if it's not perfect, even if you need to make changes down the line. But start today, because there's no better day than today to get started in your investing journey. We hope this was helpful. Tune in next time. We'll talk to you soon, don't forget. Benjamin Franklin said an investment in knowledge pays the best interest. You just got paid Until next time. Thanks for listening to today's episode.
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Speaker 2:Our content is intended to be used, and must be used, for informational purposes only. It is very important to do your own analysis before making any investment based upon your own personal circumstances. You should take independent financial advice from a licensed professional in connection with, or independently research and verify any information you find in our podcast and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
