If your goal is to grow near-term as well as long-term wealth, investing your money could be your ticket to it. If you’re new to investing, you may believe certain myths that could come back to bite you. Here are a handful you shouldn’t buy into.
While having more money to invest opens the door to more opportunities, you don’t need to be rich to open a brokerage account and start putting your money to work. In fact, many brokerages don’t impose account minimums, so you can invest as much or as little as you choose.
It used to be the case that if you didn’t have the money, certain stocks would be off-limits due to their high share prices. That’s no longer the case today. A growing number of brokerages are offering the option to purchase fractional shares. With fractional shares, you buy a piece of a share of stock, as opposed to a whole share. Say you only have $200 to invest and you’re interested in buying a stock that costs $1,000 per share. With fractional shares, you can still buy a piece of it.