Free Advice
So, you’ve built up an emergency fund, paid down your high-interest debts, and you’re ready to start investing. We asked Mahlet Amaha, aka @blackwomxnarewealthy, how you can get started with just $1,000.
What advice do you have for someone ready to invest their first $1,000?
Make sure you have an emergency fund with a few months of living expenses. Then, focus on investing in an employer-sponsored retirement account that offers a match for your contributions. Next, open a Roth IRA to maximize tax diversification, which is super beneficial in retirement.
What words of encouragement do you have for new investors?
With the down market, it’s been a tough couple of years for new investors. But as long as you stay consistent and ride out the wave, you’ll come out ahead because compound growth is on your side. More millionaires are made during recessions and down markets than at any other time. Just keep swimming.
What are three things you wish you’d known when you first started investing?
Don’t time the market. You can’t predict how it’s going to perform in the short term.
Contributing isn’t enough. Just contributing to your account is not investing. You actually have to go in there and buy investments with your contribution.
Keep it simple. One index fund can literally be all you need for a diverse portfolio.
Answers have been edited and condensed for clarity.
Money Win
“I got married recently and was struggling to figure out how to put our incomes and expenses together. Finally, I laid it out in an excel spreadsheet. Now, we’re paying down a loan even faster and putting away money for our trip to Japan in 2024!”— Marissa R (CT). Move over, finance bros. Our spreadsheets are better.
For the Group Chat
Everyone’s feeling the SVB fallout…
From Etsy sellers to tech workers.
Homeowners are holding onto low interest rates...
And becoming “accidental landlords” in the process.
Workers are taking advantage of being remote...
Welcome to the afternoon fun economy.
Who could potentially lose their jobs to AI?
The “brilliant jerks” of the tech industry.
State of Women
Women’s History Month, International Women’s Day, Equal Pay Day… March is a big month for acknowledging and supporting women. Yet reality reads differently: The state of women today isn't working. Women are sick of giving all of themselves, with little in return. They’re disappointed by their partners, feel ignored by doctors, and are underpaid and underestimated at their jobs. We know because we asked. theSkimm’s State of Women is dedicated to helping change it.
Join us: You can start by taking small steps — like blocking a few mins on your cal to read up on issues that matter to you, contacting your reps, or even commiserating — loudly. (Yes, you read that right.) Because even when you’re short on money, time, and energy, you can still create change. Check out some more low-lift tactics here.
Investment Piece
You work hard for your money, and we’re here to help you spend it wisely. We asked Amrit Tietz, DJ and host of the podcast “Unhinged with Amrit,” to tell us about her must-have $$$ product as a new mom.
Tell us about a recent purchase that felt like an investment.
My suggestion as an extremely new parent (officially as of three weeks ago) is the SNOO, a smart sleeping baby bassinet. It was created by Dr. Harvey Karp, a pediatrician and author of the “Happiest Baby on the Block,” and they call it the “world’s smartest and safest baby bed.”
How much did you spend on it?
In full transparency, this was a gift from the brand. I know the RRP (aka recommended retail price) is $1,695 — and there are also rental plans available — but after using this for three weeks with a newborn, I would 1,000% purchase this for full price.
Why do you consider it a worthy investment?
I’m currently in the two-hour feed cycle with my newborn where any minute of sleep counts (hers and mine!). The SNOO creates a womb-like environment, between the white noise and gentle movement, that helps settle her and, at times, saves us from having to pick her up ourselves and soothe her. You can’t put a price on that! The SNOO is like the Birkin bag of bassinets. It’s a parent favorite and there’s a high resale value, so it’s definitely a worthwhile pick in my opinion.
Answers have been edited and condensed for clarity.
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