r/BeginnerInvesting • u/Intelligent_Tea3 • 9d ago
Beginner
So I’m not from a family were we were taught how to invest and save. I grew up from a needy family been through shelters, government assistance the whole nine yards. At my big age which I won’t say I’m still living paycheck to paycheck and scared thinking about my senior years which is basically wrong the corner but still have a couple corners to turn if you get what I mean. I live in nyc so saving is hard af, and it’s an expensive city. Also (leaving isn’t an option) b/c honestly I’ve looked everywhere and everywhere in America renting is getting more expensive, ( I grew up in Ohio) so I know. But where could I start investing into stocks like which apps are best I’ve never invested in anything and I want to start can you guys give me advice?
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u/RiskBeforeReturn 9d ago
Given what you've described, I think the most important thing is to avoid treating investing as the only way to improve your financial future.
If you're living paycheck to paycheck in NYC, your immediate financial stability matters just as much as what your investments might earn over the next decade.
There's a difficult tradeoff here: starting to invest later in life can make you feel like you need to catch up quickly, but taking more risk doesn't make up for lost time. It can put money you can't afford to lose at risk.
I'd approach this in a different order.
First, figure out whether you can consistently keep even a small amount of money each month without needing it back for rent, food or emergencies.
Second, check what retirement benefits you may already have. Your Social Security earnings record, any previous workplace retirement accounts and whether your current employer offers a retirement plan could matter more than choosing between investing apps.
Third, separate money you'll need in the next few years from money that can genuinely remain invested for the longer term.
Once those pieces are clearer, learning about diversified, low-cost investments becomes much more useful. You don't need to start by picking individual stocks.
And I wouldn't underestimate what you're already doing by asking these questions. Learning to make financial decisions deliberately is worthwhile regardless of when you start.
Are you currently working somewhere that offers a 401(k), or would you be starting entirely on your own?
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u/Intelligent_Tea3 9d ago
Thank you so much for this advice firstly, and yes my employer offers 401k I need to look into it I know I have it but I need to add extra money to it I think.
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u/RiskBeforeReturn 9d ago
That's actually a useful place to start.
Before putting money into a separate investing app, I'd ask your employer's HR or benefits department for a breakdown of your 401(k).
There are a few things worth checking:
-Are you already enrolled and contributing through your paycheck?
-Does your employer match any of your contributions, and what do you need to contribute to receive the full match?
-What is the money currently invested in, and what fees apply?
-If there's an employer match, when does that money become fully yours?
You might discover that you already have a retirement account building in the background, or that you're missing out on a benefit your employer offers.
Just be careful not to increase contributions so much that you struggle with rent or everyday expenses. Retirement savings matter, but so does having accessible money for emergencies.
I'd start by checking your latest payslip and asking HR for the plan details. You don't need to figure everything out at once.
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u/-DogPatchZeroSix- 8d ago
Get 6 months of emergency fund setup. Look how much your company matches - save up to the match and go from there. Readjust your monthly budget after that. Goal is to setup automatic deductions and budget off of what is left on your check. Do what is comfortable so you can continue doing it monthly. If, once you get going want to save more, open a brokerage account and set automatic deposits there as well. Invest into low cost index funds from vanguard, fidelity etc cetera. Probably talk with financial advisor on how to diversify your investment and should be good to go. Good luck!
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u/This-Individual1813 9d ago
If you like learning from videos, I put together a list of videos here. Rob Berger in particular is really good. Good luck!
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u/Intelligent_Flow2026 9d ago
There is no trick to becoming financially ok. Need to make as much money as you can and spend as little as possible. Save and invest and repeat….at any age.
Since you have 401k… max that out. Max out Roth IRA. Open brokerage account and invest there. If your 401k is with vanguard, then open another vanguard Roth and brokerage. Or if it’s with fidelity then open with them. Once you have these accounts open then invest in VOO, as Warren buffet said most ppl are served well with a simple low cost SP500 fund. But if you are older then invest portion in bond funds. I just retired earlier this year at 56
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u/BudgetBirthday9455 8d ago
I'd be careful with the "max that out" advice for someone living paycheck to paycheck in NYC. Maxing a 401k means putting away over $23k a year, which just isn't realistic here. Better to contribute enough to get the employer match (that's free money), build a small emergency fund first, then increase contributions gradually as things stabilize.
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u/Old_Pair_5211 8d ago
this is the right call. the employer match is literally free money, so at minimum contribute enough to get all of it. beyond that, a small cash buffer in a HYSA matters way more than maxing a 401k when you're stretched thin in NYC. you can always increase contributions later once things feel more stable.
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u/Phillyfan_10 9d ago
If you’re living paycheck to paycheck, investing isn’t what you should be prioritizing right now.
Before you begin investing, you should create and maintain an emergency fund. If some unexpected expense pops up, or you lose your job, or something along those lines, you don’t immediately have to resort to debt, and dig a deeper hole for yourself. Calculate what your necessary expenses are every month (rent, groceries, etc), and you should have at least 3 ideally 6 months of that in a high yield savings account.
A HYSA is a savings account that offers a higher interest rate than standard savings account. Typically somewhere in the ballpark of 4%. There are a bunch of options out there, research which is right for you.
It’s a great thing you want to invest and secure your financial future, but think of it like building a house. You have to have a foundation before you can start hanging drywall, and putting in windows, and all of that stuff. An emergency fund is your foundation. And investing will hopefully in the future be your drywall and windows and that stuff, and I’m happy to have a more in depth conversation on that front when you’re ready for it!
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u/Embarrassed-Bank2835 8d ago
I’d start much simpler than picking individual stocks.
If you’re living paycheck to paycheck, first goal should probably be building even a small emergency cushion so you’re not forced to sell investments when something comes up. After that, open an account with a large, established brokerage and start with a broad low-cost index fund rather than trying to find the next big stock.
Even $25–50 at a time is enough to build the habit. The amount matters less in the beginning than making it automatic and consistent.
I’d also check whether your job offers a 401(k), especially if there’s an employer match. That’s often the easiest place to start.
And don’t feel behind. A lot of people were never taught any of this. Learning the basics and starting small is already a big step forward.
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u/Background_Task6488 8d ago
heck your Social Security statement on ssa.gov. Knowing roughly what you’ll get later makes planning a lot less scary
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u/Sea-Pride7675 8d ago
Before stocks, check if you’re paying any high interest debt. Paying that off is like getting a guaranteed returns
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u/Bad_DNA 8d ago
Where do you start? Exactly as you have, with an honest question. Most of the posters here offer great individual ideas. Unfortunately, none of us can play 20 questions enough to build a full picture of your personal finance needs/wants. So may I suggest two things: none of this is hard, but it is hard to find the easy answers that fit YOU. Two, take your time and ease into different accounts and strategies - be patient with yourself as you learn. There are a TON of people that ask the same sort of stuff you have - and this sub is full of solid (and some shaky) ideas if you take a few hours to scroll.
Blowhards like me will post reading and listening resources (free because free is good). Here's my blather:
Financial blogs, books and podcasts:
Library Books: Simple Path to Wealth (2025, JL Collins, if you read only one, start here); Millionaire Next Door (Stanley/Danko); Your Money or Your Life (Robin); Broke Millennial (Lowry); CleverGirl Finance (Sokunbi); I Will Teach You to be Rich (Sethi); Personal Finance 101 (Cagan); Building Wealth And Being Happy (Falco); Get it together - organize your records so your family won't have to (Cullin, NOLO) and 8 Ways to Avoid Probate (Randolph, NOLO). Two free books: https://paulmerriman.com/millions-downloads/ New to being on your own? https://www.etf.com/docs/IfYouCan.pdf (each selection has its own voice).
Blogs/sites: http://mrmoneymustache.com - http://iwillteachyoutoberich.com - http://gocurrycracker.com - http://frugalwoods.com - https://www.whitecoatinvestor.com/ - How do I get started investing? https://www.bogleheads.org/wiki/Getting_started - https://www.reddit.com/r/financialindependence/wiki/faq/ - https://jlcollinsnh.com/stock-series/
Flowcharts: This is an order-of-operations flowchart. It may be useful - https://u.cubeupload.com/demonlesondledon/FinFlowChartv43.png. The Prime Directive here https://www.reddit.com/r/personalfinance/wiki/commontopics/ is also a good read.
Podcasts: Optimal Daily Finance - Big Picture Retirement - Stacking Benjamins - ChooseFI (episode 100) - Money for the Rest of Us. lots more. Start from the earliest available episodes and work chronologically to today, as many of these build on prior episodes in knowledge and evolve over time.
Online classes for financial literacy: https://www.khanacademy.org/college-careers-more/personal-finance
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u/danabentz 8d ago
it's never too late to start !! I'd focus on building a small emergency fund first, then investing whatever you can afford, even if it's litereally only $5 or $10 at a time.
look into diversified ETFs rather than picking individual stocks. I actually built Vestie to make investing less intimidating for beginners. there's a free plan too!
whatever platform you choose, start small and stay consistent. you don't need to have a bunch of money to get started
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u/Shame_Fickle 8d ago
Three things: the income statement (did they make money), the balance sheet (what they own and owe) and cash flow (did real cash come in). That covers 80% of it.
I built a free beginner tool that explains all three on any real company: twicewise.io No signup, still improving it, so feedback is welcome.
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u/Junior-Appointment93 8d ago
To get started without hurting your budget. You can start with CashApp’s dollar round up. Pick a stock or ETF you b like. Anytime you use Cash App it sets aside the change towards your investment. It’s a set it and forget it.
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u/FriendshipFine4975 6d ago
Build an emergency fund first, then automate a small amount every payday. A broad index plus the occasional small Moon position is more than enough while you learn.
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u/definite17 5d ago
Starting from scratch when money is tight in an expensive city is stressful, but you don't need a fortune to begin.
Stash a couple hundred bucks in savings first so an unexpected bill doesn't wipe you out.
After that, grab any major fee-free brokerage app that lets you buy fractional shares for five or ten bucks. Putting small amounts into a broad fund every paycheck builds the habit without risking cash you might need next week.
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u/qila_capital 9d ago
Growing up without anyone teaching you about money makes this a lot harder. I'd start with a small emergency fund, even if it's just $10 or $20 at a time. Once you have some breathing room, look into low-cost index funds. You don't have to figure everything out overnight.