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Investing your money can be a fantastic way to grow your wealth over time and finally tick off those bucket list destinations in the future. With so many platforms for investment accounts on the market, it can be tough to know where to start.
If you are planning a big vacation that’s with a longer time horizon, say, 2 to 8 years out, you might take on some stock market risk. That’s why reducing your risk with the right investment account by looking for a balanced ETF, mutual fund, or even using a robo advisor can help you outpace inflation and steadily increase your purchasing power over extended periods
Don’t worry, we’ve got you covered. Let’s take a look at some of the best investment accounts out there and how they can help you grow your wealth.
1. SoFi Invest (our #1 recommended platform)
SoFi is an investment platform that offers a range of investment products, including stocks, ETFs, and cryptocurrency. One of the platform’s main benefits is its low fees, making it an excellent option for long-term investors. SoFi also offers a user-friendly interface and educational resources to help you make informed investment decisions.
- Pros: Free stocks and ETFs
- Cons: Available only for US clients
Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a surf trip to Hawaii. Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences.
2. TD Ameritrade (Reader Favorite)
TD Ameritrade is a popular investment platform for active traders and those who want to be more hands-on with their investments. One of the standout features of Ameritrade is their powerful trading platform, thinkorswim, which provides advanced charting and analysis tools for traders. Ameritrade also offers educational resources for traders of all levels, including articles, videos, and webinars.
- Pros: Low trading fees (free stock and ETF trading)
- Cons: You can trade only on US markets
Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a getaway to Portugal. Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences in Europe.
3. Fidelity investments
Fidelity is an investment account platform that offers a range of investment products, including mutual funds, stocks, and bonds. One of the platform’s main advantages is its low fees, making it an excellent option for long-term investors. Fidelity also offers a user-friendly interface—great for beginners to navigate the platform.
- Pros: Commission-free US stocks and ETFs
- Cons: Higher trading fees for certain investment products like Mutual Funds
Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences, like an awesome trip to Bali. Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a great villa in Bali.
4. Betterment
Betterment is a robo-advisor that invests your money in a diversified portfolio of exchange-traded funds (ETFs). The platform uses algorithms to create a personalized investment strategy based on your risk tolerance and financial goals. Betterment also offers a user-friendly interface and has low fees compared to traditional investment advisors.
- Pros: Robo-advisor feature and low fees on investment products
- Cons: Limited selection of investment products, no advanced trading tools, no fractional shares.
Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences, like a luxurious trip to a tropical island. Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a dream getaway one of these amazing Caribbean Islands.
5. Vanguard Personal Advisor
Vanguard is an investment platform that offers a range of investment products, including mutual funds, ETFs, and stocks. The platform’s main advantage is its low fees, making it an excellent option for long-term investors. Vanguard also offers a user-friendly interface and provides educational resources to help you make informed investment decisions.
- Pros: Stocks and ETFs are free to trade
- Cons: Basic research tools
Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences, like a luxurious trip to Tulum, Mexico. Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a stay at one of these dreamy hotels.
6. Robinhood
Robinhood is an investment platform that allows you to buy and sell stocks, options, and cryptocurrencies with no commission fees. The platform also offers a user-friendly interface and educational resources to help you make informed investment decisions.
- Pros: Free US stock and ETF trading
- Cons: Weak customer support
Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a beach getaway to St Barts. Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences.
7. Public.com
Public.com is a great investment platform that aims to make investing accessible and social. They offer commission-free trading for stocks and ETFs, as well as the ability to follow other investors and see their trades. Public.com also offers fractional investing, which allows investors to buy and own a small piece of a share of stock or ETF.
- Pros: Commission-free stock and ETF trading
- Cons: No options, mutual funds, precious metals, or bonds
Imagine this: Invest $5,000 today and add just $50 to your investment each month over the next three years. With compounding interest, you could earn $2,800, which is enough to book a dream getaway to the City of Lights. Over the past decade, the S&P 500 has performed impressively, boasting an annualized return of 14.5%, as reported by Seeking Alpha. And with savvy investing, you can turn your hard-earned money into unforgettable experiences.
Final thoughts
Investing can be a powerful tool for building wealth and achieving your financial goals, including funding your future travels.
Investing in stocks has the potential to yield much higher returns than traditional savings accounts. In fact, over time, the S&P 500 stock index has historically returned an average of around 10% annually. By diversifying your stock portfolio, you can potentially outpace inflation and steadily increase your purchasing power over extended periods. While there are risks associated with investing, with careful consideration and guidance, stocks can be a powerful tool for building wealth and funding your next vacation with an investment account. As with any investment, it’s important to do your research and consult with a financial professional to determine the best strategy for your unique circumstances.
If we haven’t convinced you that one of the investment accounts above are the right choice, check out a few of our recommended travel cards to help build up your airline mile balance to fund your next trip.
by your friends at The Daily Navigator
