I grew up really poor, my parents were terrible with money and I want to make sure now that I have a family of my own that I don't follow the same path and leave nothing but a life of hard work and not a lot of hope for my daughter. I don't have a lot of funds and want to start investing in more than just my 401k but I'm really not sure which option(s) would work best for my family.
We have about 500.00 which we could start investing. Mostly spend our time paycheck to paycheck so extra money is rare for us.
Is there a good rule to follow about what types of investing to focus on with a lower amounts of assets? I've looked into a few things and to be honest my head starts spinning but I'll briefly put in what I've looked into
Precious metals, but I don't feel like what I could afford (silver) has enough growth to bother and everything I've found charges way more than what listings show the value at.
Robo-advisors didn't sound appealing after hearing ads for STASH but I came across Wealthfront with seemed to have a much better system, I just don't know what kind of return I could hope for from a service like this vs me doing it on my own.
High rate savings account, I feel like this is the safest bet but I've been told that it tends to require more than what I have.
Mutual funds, my dad father was a freelance insurance salesman (I'm really not sure why but somehow the companies he worked for were connected to mutual funds) and always praised these, but he also fell for 4 money marketing schemes so I've never really trusted his judgment with finances.
Personal stock investing, this mostly left me feeling like I was looking at latin, so outside of me trying to invest in a company I know by name that might continue to do well (all of those seem like their shares are insanely expensive for me), I feel like I was just playing really, really long game of roulette waiting for the the ball to drop.
???? I don't know the name of this one, I worked with a guy who was becoming a trader for this type of stock-esque investments, but roughly equated to buying oil or other raw goods that are just sitting on barges out at sea and waiting for the price become good enough to bring inland.
Sorry for the jumble of information, thanks in advance for any helpful tips!