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Phase 2: Income Allocation

soloinvest

  • Step 4 Investment Accounts

    Open an investment account and put your money to work to reach your Financial Goal [STEP 2]. The earlier you start, the sooner you'll reach your goal.

    The 'core foundation' of your investments in your financial plan should at least include the following investment accounts:

     

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    solowealth Tips:
     
    Make auto-deposits [pre-authorized contributions] into your investment accounts after you've determined how much you can save each month using the solowealth Cash Flow calculator in STEP 3. 
     
    With pre-authorized contributions, simply choose the monthly amount you want to invest and it will automatically be deducted from your checking account and deposited into your investment account, before you get the chance to spend it. 
     
    Aim to save at least 20% of every paycheck after taxes & deductions and live off the remaining 80%:
    • 15% saved for investments 
    • 5% saved for unexpected emergency savings, ex. vehicle repair 

    Your emergency fund should remain untouched so that it continues to build until needed. Just be sure to refill your emergency fund in case you use it. Note: shopping online or food delivery does NOT qualify to tap into your emergency fund.

     

    For an automated investment solution that helps you manage your money through cash management, guided investing, and retirement planning, keep investing simple with Betterment.

     

    gO TO BETTERMENT

     

     

     

    *Disclaimer: solowealth has NO affiliation or financial relationship with Betterment. The solowealth financial plan is designed to provide you with a practical solution for each step of your financial plan, with a commitment to place your best interests as priority.