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4 ways to invest your first $1,000 for maximum growth, according to financial planners


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Kenny Senour
Jonathan P. Bednar
Tony Grenier
Jen Glantz

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SOURCE: http://www.businessinsider.com/personal-finance/ways-to-invest-first-time-financial-planners-2021-7
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Summary

If you want to invest in the market but don't want to buy individual stocks, financial planner Kenny Senour recommends investing in a low-cost, highly diversified index fund. "Make sure that any index fund you choose aligns with your long-term goal and time horizon (when you will need the money) for your first $1,000."While you might be eager to invest that cash into something with immediate returns you can use, Senour recommends considering a Roth IRA."Using a Roth IRA to save for retirement can be ideal," says Senour. Bednar, II, a financial planner, dividend growth stocks are a smart way to make money now or use those dividends to reinvest."I look for companies that have raised their dividend for 25+ years, turn on dividend reinvest, and let the company do the heavy lifting," says Bednar.While it might sound like alternative advice to hear from a financial expert, Tony Grenier, a financial planner, recommends taking your first $1,000 and using the cash to enroll in a class that can increase your career value."You can enroll in data analytics or even in content writing courses so you can diversify your skills, then take on newer tasks at work," says Grenier.

As said here by Jen Glantz