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What are the 7 best investment choices for frugal people?
Manage episode 443448973 series 3562735
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Are you feeling too frugal to invest? You’re not alone, and today’s discussion tackles this common concern while highlighting the importance of smart investing for those who are naturally cautious with their finances. Ralph Estep Jr. shares seven excellent investment options tailored for frugal individuals, emphasizing that being thrifty and a savvy investor can go hand in hand. Drawing on a compelling story about a client named Tom, Ralph illustrates how a frugal mindset can actually enhance investment decisions, allowing for wealth growth without incurring high fees. By exploring the best investment choices for frugal people, you'll discover how to make your money work for you while staying true to your frugal nature.
https://www.askralphpodcast.com/choices-for-frugal-people/
Podcast Show notes:
00:00 Episode Overview
01:10 Listener’s Question: Hillary’s Dilemma About Investing as a Frugal Person
02:45 Bible Verse: Matthew 25:14-30 – The Parable of the Talents
04:27 Real-Life Story: Tom’s Journey from Fearful Saver to Confident Investor
06:31 The 7 Best Investment Choices for Frugal People
06:58 #1 Low-Cost Index Funds
07:44 #2 Exchange-Traded Funds (ETFs)
08:14 #3 High-Yield Savings Accounts
08:53 #4 Certificates of Deposit (CDs)
09:35 #5 U.S. Treasury Securities
10:10 #6 Dividend Reinvestment Plans (DRIPs)
10:42 #7 Robo-Advisors
13:13 Takeaway to Start Your Investment Journey #1 Your Frugal Mindset Can Make You a Great Investor
13:23 #2 Start with Low-Cost Index Funds or ETFs
13:37 #3 Don't Neglect The Power of High-Yield Savings Accounts and CDs
14:00 #4 Consider the U.S. Treasury Securities
14:23 #5 Look Into Dividend Reinvestment Plans
14:44 #6 Consider a Low-Cost Robo-Advisor
14:53 #7 Investing is About the Long Game
15:24 Conclusion
Takeaways:
- Frugality and smart investing can go hand in hand, creating wealth over time.
- Investing in low-cost index funds is a great starting point for frugal investors.
- High-yield savings accounts can provide better returns while keeping your money safe.
- Consider using U.S. Treasury securities for a conservative, low-risk investment option.
- Dividend reinvestment plans allow you to buy stocks directly and grow your investment.
- Robo-advisors can be a low-cost, hands-off investment option for those who prefer it.
Links referenced in this episode:
- treasurydirect.gov
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- https://askralph.com/
Companies mentioned in this episode:
- S & P 500
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