Hello! I'm 19 years old and I currently work full time as a front desk agent. I've been looking into investing and retirement plans for a few months but everything is still so confusing to me. I'm getting a headache reading 20 different answers and all these options and IRA's and everything. I hope this subreddit could give me some advice and answer some questions I have. I'm new to all this and I haven't placed any money anywhere yet.

&amp;#x200B;

So I opened an account with Betterment, since I saw good reviews for them. I was going to use them to save up for a trip to see my bf in December, save some money to help my parents when they're older, and then one for general investing in the future. Like for a house, new car, etc. I've looked at their IRA's for retirement and I have no idea what I'm looking at even though it's been explained to me 20 times. My employer doesn't have a 401k plan (that I've been told of, I'll ask her tomorrow), so I heard it's best in that case to open an IRA account. Is that true? And if so, my bank (Regions) has investing options as well, could I use my bank? Is it better to use my bank or something like Betterment?

Now, I don't bring a lot of money in monthly. Most of it goes to bills, and paying my car monthly, and helping my family out, so I didn't want to put in a lot but just little by little to get me started. For Betterment I was thinking of putting $5 in to each account bi-weekly. Would that be a good start?

&amp;#x200B;

I know it's all up to me in the end where I want to put my money, but before I did anything drastic I want to hear from people who are more experienced in the world of finance than I am. Any advice?

&amp;#x200B;

**Edit:** I'm so appreciative of everyone trying to help me understand how this all works. It looks like girlbossing my finances this year will not be easy lol
Hello there! It's great to see that you're taking steps towards financial planning at such a young age. Let's go through your queries one by one:

1. **Betterment**: Betterment is a robo-advisor that offers services like investment management and financial planning. It's a simple, low-cost option for beginner investors. 

2. **IRA vs 401k**: If your employer doesn't offer a 401k, an Individual Retirement Account (IRA) is indeed a good option to start saving for retirement. There are two types of IRAs - Traditional and Roth. Traditional IRAs offer a tax deduction on contributions but you'll pay taxes on withdrawals in retirement. Roth IRAs are funded with after-tax dollars but withdrawals in retirement are tax-free. Depending on your income and tax situation, one may be more beneficial than the other.

3. **Betterment vs Bank**: While you can certainly invest through your bank, it's worth noting that a platform like Betterment might offer more investment options and potential for higher returns due to its diversification and automatic rebalancing features.

4. **Small Investments**: Starting small is perfectly fine. The most important thing is to start. Over time, even small amounts can grow due to the power of compound interest. 

5. **Advice**: Set clear financial goals and prioritize them. For short term goals like your trip or buying a new car, you might want to keep your money in a savings account or a low-risk investment. For long-term goals like retirement, you can afford to take more risk.

In terms of learning about personal finance, there are plenty of free resources online. Websites like Investopedia, NerdWallet, and Khan Academy have simple, easy-to-understand guides on various financial topics.

Remember, everyone's financial situation and goals are unique. What works for one person might not work for another. It's important to do your own research and consider consulting a financial advisor for personalized advice.

Managing your finances can seem daunting at first, but once you get started, it gets easier. Best of luck on your financial journey!
### Human
Hello! I'm 19 years old and I currently work full time as a front desk agent. I've been looking into investing and retirement plans for a few months but everything is still so confusing to me. I'm getting a headache reading 20 different answers and all these options and IRA's and everything. I hope this subreddit could give me some advice and answer some questions I have. I'm new to all this and I haven't placed any money anywhere yet.

&amp;#x200B;

So I opened an account with Betterment, since I saw good reviews for them. I was going to use them to save up for a trip to see my bf in December, save some money to help my parents when they're older, and then one for general investing in the future. Like for a house, new car, etc. I've looked at their IRA's for retirement and I have no idea what I'm looking at even though it's been explained to me 20 times. My employer doesn't have a 401k plan (that I've been told of, I'll ask her tomorrow), so I heard it's best in that case to open an IRA account. Is that true? And if so, my bank (Regions) has investing options as well, could I use my bank? Is it better to use my bank or something like Betterment?

Now, I don't bring a lot of money in monthly. Most of it goes to bills, and paying my car monthly, and helping my family out, so I didn't want to put in a lot but just little by little to get me started. For Betterment I was thinking of putting $5 in to each account bi-weekly. Would that be a good start?

&amp;#x200B;

I know it's all up to me in the end where I want to put my money, but before I did anything drastic I want to hear from people who are more experienced in the world of finance than I am. Any advice?

&amp;#x200B;

**Edit:** I'm so appreciative of everyone trying to help me understand how this all works. It looks like girlbossing my finances this year will not be easy lol

### Assistant
Hello there! It's great to see that you're taking steps towards financial planning at such a young age. Let's go through your queries one by one:

1. **Betterment**: Betterment is a robo-advisor that offers services like investment management and financial planning. It's a simple, low-cost option for beginner investors. 

2. **IRA vs 401k**: If your employer doesn't offer a 401k, an Individual Retirement Account (IRA) is indeed a good option to start saving for retirement. There are two types of IRAs - Traditional and Roth. Traditional IRAs offer a tax deduction on contributions but you'll pay taxes on withdrawals in retirement. Roth IRAs are funded with after-tax dollars but withdrawals in retirement are tax-free. Depending on your income and tax situation, one may be more beneficial than the other.

3. **Betterment vs Bank**: While you can certainly invest through your bank, it's worth noting that a platform like Betterment might offer more investment options and potential for higher returns due to its diversification and automatic rebalancing features.

4. **Small Investments**: Starting small is perfectly fine. The most important thing is to start. Over time, even small amounts can grow due to the power of compound interest. 

5. **Advice**: Set clear financial goals and prioritize them. For short term goals like your trip or buying a new car, you might want to keep your money in a savings account or a low-risk investment. For long-term goals like retirement, you can afford to take more risk.

In terms of learning about personal finance, there are plenty of free resources online. Websites like Investopedia, NerdWallet, and Khan Academy have simple, easy-to-understand guides on various financial topics.

Remember, everyone's financial situation and goals are unique. What works for one person might not work for another. It's important to do your own research and consider consulting a financial advisor for personalized advice.

Managing your finances can seem daunting at first, but once you get started, it gets easier. Best of luck on your financial journey!<eos_token>