This post may contain affiliate links. Please read my disclosure for more information.
“After expenses, we can really only afford to put away an extra $5/month. Is this enough to get started investing?” The answer is yes!
Let's say you only have $5 to invest. What do you do with it? Until now, starting with only $5 would not get you very far. Many online brokerages such as E*Trade, Scottrade, TD Ameritrade, and TradeKing have commissions ranging from $4.99 – $9.99 that would eat up all or almost all of your investments. (Commissions are the amount of money you pay a stockbroker to make a trade for you.)
However, thanks to advances in technology, there are now commission-free investment services that you can use to invest your money. My favorite is WiseBanyan. It is 100% free, and there are no minimum balances, meaning that you can invest as much or as little as you want.
And right now, if you sign up through my link here, you will get a free $20 added to your account after you make your initial deposit. The initial deposit can be as little as $1. You do not have to make any more deposits, and you will pay absolutely no fees. The only requirement is that you leave the account open for at least 6 months.
So yes, you can get started investing with only $5 (or even $1)! Again, here is the link to WiseBanyan so that you can get a free $20 added to your account after you make your initial deposit. Happy investing! 🙂
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