One Way To Save, If You Don't Have A Purchase Goal
If you're already stuffing away money in an emergency fund and retirement account, financial experts say that you can always save more, simultaneously.
Financial planner, Eric Roberge, told Business Insider, "You don't need specific goals.
But you will need money at some point..." Roberge says that the best way to save for the future, even if you don't know what you're saving for is to open a taxable brokerage account.
A brokerage account allows you to invest in stocks, bonds, and mutual funds.
Plus, "any money deposited into it has already been taxed, unlike an IRA or deferred compensation plan like a 401(k)." The bonus is that you can often open a brokerage account at a financial institution, usually with a minimum deposit of $1,000 dollars.
Business Insider advises, "Before choosing a brokerage, make sure to browse through the investment options and keep an eye out for low-cost funds with expense ratios below 1%."