Four Easy Tips for Busy Moms who Want to Get Invested in
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- Dominique Broadway, finance expert, says that moms who want invest can start now.
- Broadway suggests that you set aside one hour each month for investment review.
- She also suggests apps and automatic transfers to make investing more manageable.
- This article is part Women of MeansA series of videos about women taking control of their finances.
Mothers with young children might feel that there isn’t enough time for everything. Long-term financial goals like investing can be overlooked.
Dominique Broadway, financial coach and CEO of Finances DemystifiedMoms are encouraged to change their mindsets and invest in themselves.
“I have two children, a 2-year old and a 6-month old. Although I’m the CEO and owner of a busy company, I also have a full-time job. But, investing is my priority. Because it’s more than just for me. It’s for them. It’s for our family,” Broadway said to Insider.
These are Broadway’s top four tips for busy moms who want start investing.
1. Don’t make excuses
Mothers who are first-time investorsMany people feel that they won’t have enough time to research which investments make the most sense. But Broadway insists on changing this mindset.
Broadway advised that we should stop making excuses. “If you are able to prioritize getting your hair and nails done or making time for a business meeting then you can take 10 to fifteen minutes to make an investment.”
2. Each month, take one hour to review your investments
Broadway stated, “If you are only investing and not trading you can easily choose one hour per month to sit down, say, ‘Okay I’m going make my investments for this month.'”
You can also use that time to research investment options that work for you, to put money in an index or mutual fund, or to check your monthly budget and see how much you have available to invest each month.
3. Automate your investments
Broadway suggested a “set-it and forget it” strategy to moms who want start investing. She stated that technology has made it possible for anyone to invest.
There are dozens of investing appsThese can help you place money in the market with different levels of oversight. Some work especially well for beginners.
4. Discuss your progress with a friend, or partner.
Broadway stated that scheduling time with an accountability partnerIt could create additional pressure. She added that it could be motivating to share your progress in investing with a partner or close friend.
Broadway suggested that you and your partner have a “money day” to track your investments. It could be once per month or more often.
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