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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week we’re running an episode from our financial dream series, where we talk with Nerds who have accomplished their financial dreams and interview outside guests about what they want to do with their money in 2022.
Check out this episode on any of these platforms:
To build wealth over the long term — and beat inflation — investing in various forms is your best bet.
Starting off by saving for retirement can be low-hanging fruit. Many financial advisors suggest contributing enough to an employer retirement plan to at least get the match. Then think about contributing to a Roth IRA so you can have some tax diversification among your retirement savings.
Beyond that, many new investors find that robo-advisors are an easy way to get started investing without having to spend a lot of money. You can schedule automatic deposits into these accounts monthly so your wealth can grow without you having to think about it or do much beyond the initial setup.
And if you’re raising a family and want to save for your kid’s college education, look into a 529 account. With a 529, your money grows tax-deferred. And when used for qualified expenses, the withdrawals are tax-free.
Make money moves easier. Automate contributions to investment accounts and consider a robo-advisor account.
Know your retirement account options. Even if you have a 401(k) or SEP (Simplified Employee Pension) IRA, think about opening a Roth IRA to diversify your tax situation.
Check out 529 plans for college savings. Your money grows tax-deferred and withdrawals are tax-free when used for qualified education expenses.
Have a money question? Text or call us at 901-730-6373. Or you can email us at [email protected] To hear previous episodes, go to the podcast homepage.
Sean Pyles: Welcome to the NerdWallet Smart Money podcast, where we usually answer your personal finance questions and help you feel a little smarter about what you do with your money. I’m Sean Pyles.
Liz Weston: I’m Liz …….