For those of you that took my Money Diet to heart, you should have some (or a lot) of money saved up to invest. For those of you who didn’t (or haven’t read it) simply take 10% of all your earnings and stash it away, and you’ll find yourself in a position to start investing. Everyone can do it, and even those of us living paycheck to paycheck can spare that 10% if we are honest about needs vs. wants. Having investments is the key to having a comfortable retirement, and having the discipline to invest will help you with your money in other ways without you even realizing it. All that in mind, it is time to put your money where your mouth is and actually start investing. I won’t tell you where to invest or what stocks to purchase, but with a little research on your part, you can decide for yourself what it best for you. What I am going to give you are some tips you can use across the board.

The first thing you’ll have to do upon opening your account is fund it. If you’ve saved up, then you know exactly where that money will come from. If you don’t have the minimum balance on hand just this second, but want to get started, go ahead and do it.  Many programs give you 30 or even 90 days to get the minimum balance required. If you don’t think you will be able to get the balance accumulated by that time, maybe hold off a bit longer and do it when it makes sense for you. If you can, take advantage of the interest bearing accounts and stash your cash where it makes you the most. Many banks can open a savings account for as little as $75. Either way, the money set aside for investing should be kept separate from your primary spending account and should be making you money even before you are using it.

As important as when you fund it is HOW you fund it. Did you know you can fund many types of investment accounts with your credit cards? It’s a great way to get started fast, but be mindful of the interest charges. Make sure it is really worth it before putting in those 16 digits. Another thing to consider is how you can make the most of what is essentially a purchase. If you have a card with a rewards program attached to it, try to use that one. The ideal situation is when you have a debit card with a rewards program and you can just transfer the cash from your savings. No fees, you’re doing a good thing and think of all those points for something you were going to do anyway. This strategy will also work on existing accounts if you’re looking to fatten any of them up.

When starting your investment account, something else you should consider is the time required and level of experience involved. Do you want something that is high maintenance or low maintenance? Will you need to do a lot of research to make a profit, or can you make a few decisions every now and then? No matter what type of investment account you start, apathy is an expressway to disaster. You’ll need to spend some time on it, but if it’s your retirement or your kids’ college fund, then it won’t feel like work to you. By thinking about how involved you want to be before you start the process, you’ll save yourself some heartache and probably get a better return. From day trading to hiring a broker to manage your account for you, there are levels of involvement. A good middle of the road approach is trading foreign currencies.

Most large companies also offer free training on how to invest with them and information is readily available on the subject as well. Take them up on it and you’ll feel so much better about your investment. You can be as informed as you would ever wish to be, or pay someone to do it for you. In the end, you need only do a little research and sit down and think about what you want. Be honest with yourself, or your financial advisor, about what you want. There is no one right way to invest, but there are plenty of wrong ways. Chose the way that makes the most sense for your budget, your time and your level of interest. You don’t have to be a banker to be an investor but you do have to be aware to be profitable.

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