Can I start investing with £10?
Yes!
Next question.
Love Eleanor. xxx
P.s. You really should start investing with a small amount of money if that’s what you’ve got. £10, £20, £100, a little more? It’s fine! This is your business, nobody else’s, so there’s no need to compare. They haven’t lived your life and they don’t know the things that you know so whatever anybody else thinks is a matter for them.
I think we can get swept up in what could be, in what ‘should’ be, in perfectionism, in the idea that we may never reach financial independence so what’s the point?
But imagine this, if you’re drowning in debt right now, or spending every last penny of your wages or paying for Christmas on your credit card - if you put £10 a month away in the stock market, make 8% (which is perfectly reasonable in the stock market) and let it compound, in 40 years you’ll have just over £35,000 and just over £30,000 will be the interest you earned rather than what you paid in.
That doesn’t seem to shabby to me. Especially when you consider that you’re so likely to have more than £10 spare one day, so you could be putting in £20, £100 or even more.
So start with whatever you’ve got. But start now.
P.P.S. If you’re between 18 and 40 then you could get started with just a single pound! Open a Lifetime ISA and the government will top up whatever you put in by 25% up to age 50. There’s lots more to it, but if you don’t open before you’re 40 then you miss out on that opportunity. So even if you can’t spare anything regularly now, find a pound and make that move.
