A Journey to Financial Growth: Jordan's Story
Jordan, with a steady monthly income of $4,000, was looking for a way to increase the leftover money from their paycheck each month. They didn’t have any debt, but after covering their monthly expenses of $2,800, Jordan wanted to find a secure way to grow their remaining funds. Feeling unsure about where to start, Jordan turned to StepWise for help. Their main concern was finding safe, low-risk investments that would allow them to grow their money while still having access to it within a year if needed.
Starting the Conversation
Jordan’s initial question was simple: "How can I securely increase my leftover paycheck money each month?" After discussing their financial situation with a StepWise advisor, they shared that they had no current investments, preferred a conservative approach to risk, and wanted the option to withdraw their money after a year if necessary.
The Plan
Based on Jordan's needs, their advisor suggested focusing on low-risk investment options, including high-yield savings accounts, short-term certificates of deposit (CDs), money market accounts, and short-term bond funds. These options would provide Jordan with both security and flexibility, allowing them to grow their money with minimal risk. Together, Jordan and their advisor laid out a step-by-step plan. They would start by opening a high-yield savings account to earn more interest on their savings. From there, they would explore short-term CDs and money market accounts. The final step would be investing in short-term bond funds, offering a balance between risk and return.
A Clear Path Forward
Jordan now had a clear path to securely growing their money. By focusing on conservative investments with easy access to their funds, they could feel confident that their money would grow without taking unnecessary risks.
Jordan's Plan
Increase leftover paycheck money each month through wise investments.
- Open a High-Yield Savings Account: Start earning more interest with minimal risk.
- Consider Short-Term CDs: Explore CDs that align with liquidity needs.
- Open a Money Market Account: Benefit from higher interest rates and easy access.
- Invest in Short-Term Bond Funds: Add stability and modest growth potential.
- Review and Adjust Investments Quarterly: Ensure that the investments align with ongoing financial goals.
Jordan is now on track to grow their savings and achieve greater financial security, knowing they have the flexibility to access their funds when needed.
Are you ready to take control of your finances and start growing your money like Jordan?