NerdWallet's Smart Money Podcast

How You Could Grow $26K to $44K in 7 Years: Smart Strategies to Try

10 snips
Dec 5, 2024
In this discussion, guest Alana Benson, Investing Nerd at NerdWallet, shares her expertise on smart investment strategies and ethical investing. She explains how to effectively diversify an investment portfolio and maximize the use of tax-advantaged accounts like Roth IRAs and 401(k)s. The hosts delve into practical tips for growing $26K to $44K in seven years, highlighting the importance of index funds, managing risk, and setting achievable financial goals. They also address listener questions, providing actionable insights into building a stable investment future.
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ADVICE

Investing Priorities

  • Prioritize necessities and emergency funds before investing.
  • Increase your income to enable investing rather than drastically cutting expenses.
INSIGHT

Purpose of Investing

  • Investing is not just about accumulating wealth, but achieving financial peace of mind.
  • Money enables a comfortable life, reducing stress and allowing us to thrive.
INSIGHT

Compound Interest

  • Investing generates additional income through compound interest, where gains build upon themselves.
  • Starting young provides a significant advantage due to the longer accumulation period.
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