For new investors, getting started can feel overwhelming. Our listing of the best brokerages for beginners makes choosing easy. High-yield savings accounts can be one of the simplest ways to boost the return on your money above what you're earning in a typical checking account. Certificates of deposit (CDs) are also safe investments for beginners to protect their capital and grow their wealth.
If your savings goal is more than 20 years away (like retirement), almost all of your money can be in stocks. But picking specific stocks can be daunting for beginners. Robinhood is a popular investing app for beginners who seek an easy-to-use platform with low costs. It was the first to offer a low-cost option for trading stocks, ETFs, and options.
If you decide to take the plunge with impact investing, start small. Like any new investment endeavor, it's usually a good idea to ease into the process. Finance and investing books recommended by Morningstar specialists can provide valuable insights on how to think about money and make the best financial decisions.