Automate Your Path to Wealth: Setting Up Recurring Investments with Fidelity

Building wealth isn’t about timing the market, it’s about time in the market. And one of the easiest and most effective ways to ensure you’re consistently investing is by setting up recurring investments with Fidelity. Creating this habit not only takes the guesswork out of investing, but also automates your journey towards financial freedom.

Why Recurring Investments are a Game Changer

Think of recurring investments as automating your savings habit, but with the added benefit of potential investment growth. Here’s why they’re so powerful:

• Dollar-Cost Averaging: By investing a fixed amount at regular intervals (e.g., weekly, bi-weekly, monthly), you’re employing a strategy called dollar-cost averaging. This means you’ll buy more shares when prices are low and fewer when prices are high, averaging out your purchase price over time and mitigating the risk of investing a lump sum at a market peak.
• Consistency is Key: Investing regularly, regardless of market conditions, helps you stay focused on your long-term goals. It removes the emotional element of trying to “time the market” and keeps you on track.
• Compounding Power: The magic of compounding really shines when you consistently invest. Over time, your earnings generate more earnings, accelerating your wealth accumulation. The earlier you start, the more significant the impact.
• Simplicity and Convenience: Setting up recurring investments is a one-time process that allows you to “set it and forget it.” You can then focus on other financial priorities without constantly worrying about investing.

Setting Up Recurring Investments with Fidelity: A Step-by-Step Guide

Fidelity makes setting up recurring investments a breeze. Here’s how:

1. Log in to Your Fidelity Account: Access your Fidelity account through their website or mobile app.

2. Navigate to the “Accounts & Trade” Section: Look for this tab or button, often located at the top of the page.

3. Select “Transfers” and then “Recurring Transfers”: This will take you to the recurring investment setup page.

4. Choose Your Source Account: Select the bank account you want to use for funding your investments. You’ll need to have previously linked this account to your Fidelity account.

5. Select Your Destination Account and Investment: Specify the Fidelity account you want to invest in (e.g., brokerage account, Roth IRA) and the specific investment you want to purchase regularly (e.g., a mutual fund, ETF, or even individual stocks).

6. Set the Investment Amount and Frequency: Determine how much you want to invest each time and how often you want the investment to occur (e.g., $100 every two weeks).

7. Choose a Start Date: Select the date you want your recurring investments to begin.

8. Review and Confirm: Carefully review all the details you’ve entered and confirm your recurring investment schedule.

Tips for Success

• Start Small: Don’t feel pressured to invest a large sum. Even small, consistent contributions can make a significant difference over time.
• Choose Investments Aligned with Your Goals: Consider your risk tolerance and investment timeline when selecting your recurring investments. Diversification is key.
• Regularly Review Your Schedule: Monitor your investments and make adjustments to your schedule as needed. You can increase or decrease your investment amount, change your investment selection, or even pause your recurring investments if necessary.
• Stay the Course: Market fluctuations are inevitable. Don’t let short-term volatility deter you from your long-term investment strategy.

Conclusion

Setting up recurring investments with Fidelity is a simple yet powerful way to automate your path to wealth. By consistently investing, you can take advantage of dollar-cost averaging, harness the power of compounding, and build a solid foundation for your financial future. So, take a few minutes today to set up your recurring investments and start building the habit of wealth creation. You’ll be thanking yourself later!

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