Opening an investment account is one of the most important things you will ever do in your financial career. Different types of investment accounts exist, and you’ll likely open one or more based on the options currently available to you, either though your employer or on your own. Your investment strategy will also be considered when opening your account or accounts.

529
If you have children, then a 529 savings account is probably the account you’ll want to open for them, as the 529 has specific benefits associated with it.

401(K)
401(K) gets its name from what the IRS calls it. 401(K)s are accounts you get through your employer, and are a great way to make sure you’re getting the most bang for your buck, especially when your employer matches the amount you invest each month (normally taken directly out of your paycheck).

IRA
The great thing about IRAs is that your money grows without being taxed (until, that is, you retire and start taking money out). But it’s a great way to put money away for later in life.

Brokerage account
There are plenty of brokerages out there, and doing your homework on who’s the best for your needs is important to maximizing your return on your investment. Check out our list of brokerage houses and decide for yourself which house best meets your long and short-term goals.