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Tips To Start Your Investing Journey

I know it feels like everyone’s ahead of you, but the National Institute on Retirement Security’s 2021 study says 56% of Americans don’t think they’ll be financially secure in retirement. So, know that you’re not alone, I’m going to tell you how to plan and not panic:

Start by seeing how far behind you are, then evaluate your budget, cut expenses where you can and automate contributions to your retirement account.

*Which retirement accounts should I put money in Rianka?* Try maxing out your 401(k) if you can afford to–the max is $20,500 for 2022 and $27,000 if you’re over 50. If you can’t afford that, at least contribute enough to get an employee match if your company offers one

Next, max out your IRA: you can contribute $6,000 in 2022 and a stack $1,000 extra if you’re 50+

If you have a good nest egg saved up, and within 5 years of retirement, consider shifting your portfolio to less risky investments. You can do this and still keep your benjamins in the stock market and get potential returns.

Last tip – if after budgeting, you don’t feel you have enough to put towards retirement, think of getting a side hustle. You can dedicate that money to funding the accounts I mentioned earlier.

It’s never too late to start investing–you just have to come up with a strategy for where you are! If you’re stuck like chuck on how to get caught up, talk to a Certified Financial Planner – remember, personal finances are personal.

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About the Host

Rianka R. Dorsainvil

Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.

As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.

Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.