Last week’s post produced over 30 comments from readers.
For everyone who is saying they are stressed or worried they might lose money investing, this week is not about WHERE to invest your money.
This biggest hurdle you can overcome is just getting started. Don’t let irrelevant details get in your way.
Dont worry about index funds or stocks, just open a high-interest bank account. Dont worry about whether to use ICICI, PC, ING… just pick one and open an account (you can always change later).
The important thing is to get your cash in one place, so you know what you have available.
My least favorite:
Reader: I’m a little frustrated right now. I have plenty of money, but up here in canada, ING is only paying me 2.75% (and last year it was a lot less). I want to invest somewhere that will at least beat inflation, but.. how? I literally don’t know *how* to do anything. ING offers a mutual fund, and I could probably call them up and move money into that – but it looks like it passes through so many hands it wouldn’t be worth it. I have no idea how to get at stocks or index funds. and all the info online seems to be for americans, not canadians. I don’t want all my money eaten up in fees… but I just don’t know what to do. everyone I talk to gives different, conflicting advice, and most of them probably have no idea what they’re talking about…
Ramit: Well, instead of doing nothing, why don’t you call up the right places? Call up Datek, Etrade, Vanguard, etc, and ask them.
Reader: I really don’t like using the telephone. really, really stressful. besides, wouldn’t they just tell me to buy their stuff? it’s hard to trust any company when everyone’s talking about how the fees are bad, how they’ll take most of my money… my uncle keeps saying I should give him all my money and let him invest it in stocks, but I don’t think that’s a good idea either… 🙂
Well, what can you do.