Best Way to Invest $100
This is the first article in my Best Way to Invest Money Series. This series will walk you through many of the common ways to invest any sum of money, whether you have over $10,000 to invest or whether you have only $100. In fact this first article, I want to discuss the best way to invest $100.
This $100 maybe the first $100 you have saved or it could be just $100 that you received as a Christmas gift. By following this series you will learn about the common options you have to invest or save your money.
So, What is the best way to invest $100?
Open a Savings Account and a Checking Account
The first financial products that you need in you arsenal are the best bank accounts to fit your needs. I believe that this means you need to find the best savings account and checking account.
The key to the paragraph above is that these bank account must FIT YOUR NEEDS. Each person has different banking habits, saving habits and spending habits. You will read a lot of information on personal finance blogs about the best way to save money. These are great, but don’t get too hung up on the best ways. You need to realistically evaluate your own habits. The best bank accounts for someone else might not be the best for you.
Therefore, the first step in creating your financial toolbox is to open a savings account and a checking account. This is the best way to invest $100.
Notice that I did not say that you need to open an online savings account and an online checking account. While these may pay the best bank rates, I believe that everyone needs to traditional bank to start with. Don’t worry though, we will get to online savings accounts and online checking accounts in this best way to invest money series, but not as the best way to invest $100. My next article in this series will discuss how to find the best savings accounts.
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