How You Could Grow $26K to $44K in 7 Years: Smart Strategies to Try

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 5 December 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Learn how to diversify investments, leverage tax-advantaged accounts, and set realistic goals for long-term financial growth. How can you diversify your investment portfolio and reduce risk? What are the best ways to save and grow $44,000 in seven years? Hosts Sean Pyles and Sara Rathner discuss investment strategies and realistic goal setting to help you make smarter financial decisions. They begin by sharing a discussion of tax-advantaged accounts featuring Investing Nerd Alana Benson, with tips and tricks on understanding Roth IRAs and 401(k)s, leveraging employer matching, and choosing the right accounts for your needs. Alana also discusses how you can diversify investments for stability, why index funds can reduce risk, and the importance of knowing your timeline for financial goals. Then, Sean and Sara are joined by their co-host Elizabeth Ayoola to answer a listener’s question about how they can grow their investment portfolio to save $44,000 in seven years. The hosts explore strategies for diversifying investments, managing risk, and setting realistic financial goals, providing actionable advice on using tools like index funds, robo-advisors, and high-yield savings accounts. They also discuss the risks of undiversified portfolios and how to align investments with specific timelines and goals. Use NerdWallet’s free investment calculator to estimate how much your investments or savings will compound over time, based on factors like how much you plan to save or invest, your initial deposit and your expected rate of return: https://www.nerdwallet.com/calculator/investment-calculator In their conversation, the Nerds discuss: how to diversify investments, investment risk management, Roth IRA vs traditional IRA, compound interest, index funds vs ETFs, tax-advantaged accounts, high-yield savings accounts, how to start investing, passive vs active investing, portfolio diversification, stock market basics, understanding 401(k) matching, investment calculators, robo-advisors, benefits of ETFs, how to manage investment risks, tax benefits of retirement accounts, how to set financial goals, saving for retirement tips, investment timeline strategies, benefits of index funds, investing in the S&P 500, how to balance risk in investments, savings account vs investment, building an emergency fund, how to invest with a 7-year timeline, tips for financial planning, saving vs investing, maximizing returns in a short timeframe, avoiding familiarity bias in investing, pros and cons of day trading, why passive investing works, realistic investment goals, investment options for beginners, risk of single-stock investments, and compound interest benefits for young investors. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to NerdWallets Smart Money Podcast. I'm Sean Piles. You know what? We've made a lot of
0:06.1	episodes of Smart Money this year. Three episodes a week times 048 weeks up to this month, give or take a few
0:12.7	breaks. We're talking around 140 episodes. That's a lot of advice and financial coverage,
0:19.7	and pretty good advice and coverage if we do say so ourselves.
0:23.5	And in all likelihood, you didn't hear all of it, right?
0:27.3	If you did, thank you.
0:28.5	If we were public radio, we would send you a tote bag.
0:31.3	Anyway, we decided to go back through the archives this month to bring you the best of smart money 2024.
0:38.9	Some of our favorite conversations with you and some of our most meaningful advice. Today, we're bringing you the highlights of our
0:44.1	investing coverage. I hope you'll agree that this is indeed the best of. Now, on to the show.
0:59.4	Hey, listener, we've got a special episode in store for you today.
1:06.5	Our investing and tax nerds recently hosted a webinar going deep into how you can level up your investing and tax strategy.
1:09.9	So we package that up into a podcast episode for you.
1:13.3	The nerds talk about what you need to know about different investing accounts,
1:15.7	how to get help with your taxes, and more.
1:17.5	So here's the webinar.
1:22.3	Welcome, everyone.
1:23.9	I am Kim Palmer.
1:28.7	I'm a personal finance writer at NerdWallet, where we help people make smart decisions.
1:34.7	One important note, we are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
1:41.7	NerdWallet Inc. is not an investment advisor or broker and does not provide
1:45.7	personal financial advisory services. Today, we are excited to talk to you about the basics of
	...

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