Q: I am a 31 year old single female. I would like to begin to invest some money but don’t know where to put it. I am fully funding my Roth IRA, have an emergency fund and a savings account. I can’t make a huge contribution to an investment fund but will make regular ones. Many thanks for your advice!
A: That’s great that you’ve saved an emergency fund and are able to max out your Roth IRA. Do you have an employer sponsored plan that provides matching contributions? If so, that’s a great place to consider saving additional money. If you are currently contributing to an employer sponsored plan and have additional savings dollars, then it may make sense to open up an Individual Brokerage account. Within that brokerage account, we would consider looking into low-cost index funds that give you broad diversification of the markets. Depending on your risk tolerance, which is different for everyone, you may consider a more growth oriented approach.
If you’d like to set up a time to talk further in more detail, I’m happy to help you with this. Please let me know how you’d like to proceed.