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Myth: You Have to Be Rich to Invest

You don’t need to have a million dollars to start investing.

You don’t even need a thousand dollars on hand right now.

You can take your $100 that you were going to use on a new pair of shoes to start your investing journey.


According to a Federal Reserve Report, more individuals in the top income brackets are exposed to the markets. This makes sense. The more money you make, the more discretionary income you will have available to invest.

But the misconception that you need a lot of money to invest is keeping the bottom 50% of earners away from the markets. Less than one-third of families in the bottom tax brackets own stocks while 94% of top income earners owned stocks in 2016, according to the Fed.

How can we improve the number of people who view investing in the stock markets like shopping at the mall?

Here are 4 ways you can start your investing journey no matter how much money you have in your account: 

Start Where You Are

How much money do you have in your pockets right now? How much do you have in your bank account? If you want to start investing, start allocating money towards your investing goals. Grab a $20 bill and put it on your investing vision board right now. This money can go a long way if you are consistent.

Pay Yourself First

Build your investing portfolio by paying yourself first. Before you pay your bills, set up an account where you can automatically pay yourself. Don’t take money out of this account for shopping “emergencies”. Set a specific amount or percentage that you can pay yourself every time you get paid.

How much should you pay yourself? Well, how much do you think you are worth? You can start by paying yourself $20 every time you get paid and give yourself raises as you progress on your journey.

Pay Yourself the Most

Do you value yourself? If so, you would be willing to do what it takes to pay yourself more money than you pay anyone else.

How much do you pay for cable, internet, and lights every month? It may be important to watch the latest episode of the Real Housewives every week but your habits are making them richer, not you. Add up how much you pay each month for your least expensive bill. You should make sure you pay yourself more than you pay for that bill. Then work your way up to paying yourself more than you pay for your most expensive bill.

Aren’t you worth it?

Diversify Your Income

If you think it’s impossible to have money available to invest, you have to find ways to reduce your expenses or increase your income.

How many sources of income do you have? If you only have one source of income, you might be in trouble. What would you do if you lost your job? You should never put yourself in a position that leaves you financially dependent on one person or job.

Find ways to do what you naturally do to gain more income towards your investing pursuits. If you enjoy promoting brands and products, you can earn an extra $100 a week doing brand ambassador work a few hours. That would give you an extra $400 a month to start investing. Now you can put your money towards a variety of assets such as REITs, dividend stocks, or precious metals.

How to Start Investing

There are apps like Robinhood that have lowered the barriers to invest. Use this link to gain access to the RobinHood App and you’ll get a free stock! Buying a stock using Robinhood is as easy as buying a pair of shoes on Amazon. Similar to the shopping cart on Amazon, you have a watchlist on Robinhood that allows you to add stocks to your list that you may want to consider buying in the future.

If you want to get access to stocks you can add to your watchlist, sign up for Wealthy Women Weekly below.

Disclaimer: Wealthy Women Daily is solely educational and informational, and is not intended to give investment or trading advice of any kind. Not all asset classes are suitable for all investors. Wealthy Women Daily is a research academy that provides you with the data and analysis you need to make an informed investment decision. It is your responsibility to talk to an expert to understand how specific investments will impact you during tax time. 



About Charlene Rhinehart, CPA

Charlene Rhinehart is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of the Dividend InvestHer and The Wealthy Woman Investor. Charlene is currently the Chair of the Illinois CPA Society Taxation Individual Committee. With over a decade of experience in the financial services industry, Charlene is one of the few leaders who design insights specifically for the woman investor. Charlene’s work has been featured in a variety of publications including the Huffington Post, Black Enterprise, and the American Institute of Certified Public Accountants. In 2019, Charlene released her book “Dividends Are a Queen’s Best Friend”, on Amazon.

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