Investing is one of the most effective ways to build wealth, and contrary to popular belief, you don’t need a lot of money to get started.
In fact, thanks to micro-investing apps such as Acorns, you can start by simply investing your “spare change.” The app will round up your purchases to the nearest dollar and automatically put any spare change to work.
Other apps also aim to make investing simple and accessible, and automated investing services known as robo-advisors can work for you, no matter how much you have in the bank.
The key takeaway: Start investing sooner rather than later to take full advantage of compound interest. As Bach explains, “the miracle of compounding can transform a relatively small but consistent amount of saving into major wealth.”