Authors: insider@insider.com (Leo Aquino)
Source: Business Insider
- Finance expert Dominique Broadway tells moms who want to start investing that it's never too late.
- Broadway suggests setting one day each month to spend an hour looking over your investments.
- She also suggests using apps or automatic transfers to fit investing into your busy schedule.
Moms with young kids may feel like there's never enough time to get things done, and long-term financial goals such as investing can fall by the wayside.
Financial coach Dominique Broadway, the CEO of Finances Demystified, urges moms to change their mindset and start making time for investing.
"I have two kids, a 2-year-old and a 6-month-old. I'm the CEO of a very busy business, and I have a full-time job, but I make investing a priority. Because it's not just for me. It's for them. It's for our family," Broadway told Insider.
If you're a busy mom who wants to start investing, here are Broadway's four tips to get going.
1. Stop making excuses
Moms who are first-time investors often feel like they'll never have the time to do enough research on what investments make the most sense for them, but Broadway insists on changing that mindset.
"Stop making excuses," Broadway said. "If you can prioritize getting your hair and nails done, or making time for a business meeting, then you can take 10 to 15 minutes to make an investment."
2. Pick one hour each month to check on your investments
"If you're only investing and not trading, you can easily pick one hour each month to sit down and say, 'Okay, I'm going to make my investments for the month," Broadway said.
You can use that time to research investment strategies that work best for you, put some money in a mutual fund or check your monthly budget to see how much you can afford to invest each month.
3. Automate your investments
Broadway suggested a "set it and forget it" strategy for moms who wanted to start investing. "With technology, there's just no reason for anyone not to start investing," she said.
There are dozens of investing apps that can help you put money in the market with various levels of oversight, and some work particularly well for beginners.
4. Check in with a friend or partner about your progress
Broadway said that scheduling time with an accountability partner could be an added pressure. But, she added, talking about your investing progress with a partner or close friend could motivate you to stay on top of it.
Broadway suggested having a "money date" with your significant other, whether once a month or a few times per month, to track your investments.
This article was written by insider@insider.com (Leo Aquino) from Business Insider and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.
