As a millennial who survived the 2008 financial crisis during my formative years, I learned to put very little faith in the economy. Case in point: When I reluctantly set up a 401 (K) on my full-time job, I signed up for a plan with a very low contribution, wondering if that money would exist when I turned 66. Years later, my less-than-stellar attitude to investing my money is reflected in my account balance: This same 401 (K) currently only has enough money for me to live conservatively for about two and a half months.

I’m not telling you about my distrust in the system because I’m proud of it, but rather because my point of view might sound familiar to you or your friends. In fact, I know I’m not alone. Millennial investors may be more risk-averse as a generation, according to a June 2018 publication by Vanguard, meaning the time to take control of our financial future is now. Knowing that women are no strangers to ambition — we bring it to our job interviews, our pay negotiations, and all of our hard-sought life goals — Bustle partnered with Vanguard to provide readers with expert-backed, step-by-step info that helps you bring that same level of ambition to your investment journey. If you’re considering a life that doesn’t include full-time employment as a senior citizen, read on to learn from women who have done their research and can help you start your own investment journey.

Your first question might be when you should start investing, and the answer is pretty simple: ideally, women should start investing as soon as they start earning income, says Lauren Wybar, CFP, senior financial adviser at Vanguard. “Even if it’s just a small amount; it doesn’t have to be a lot, especially if you’re paying student debt,” says Wybar. “It doesn’t take much – compounding growth can be incredible.”

When it comes to actually starting with investing, a good first step for thinking through your options is just to do some research. “You have to educate yourself,” says Erin Lowry, founder of the website broken Millennial. “The most frightening part of investing is the fact that the language that gets used is often completely alien to us.”

Fortunately, there are tons of useful free lessons on the Vanguard website. Not sure why you should start a retirement plan? The “Avant-garde” is for this lesson. What about dealing with College debt? There’s a step-by-step tutorial on the subject, too. In addition, There are tons of free calculators, tools, and even a Glossary of important investment terms to learn – all of which make it easier to figure out an investment strategy that works for you.

If you’ve never invested before, you’re probably thinking, ” I don’t have the money to invest.” Fortunately, you don’t have to be rich to be an investor; Do you think some people created their own values in the first place?

“For women starting out, don’t worry about investing huge amounts just yet,” says Berna Anat, creator of the financial advice site Hey Berna. In fact, all you need to get started is a reasonable monthly budget that’s both realistic and sustainable. To create this budget, tally up every recurring monthly payment you have including things like rent, utilities, groceries, transportation, living expenses, contributing to savings, and debt repayments. Then with the amount of income you have left, decide how much of that money you’re comfortable investing, but don’t forget: You’re in this for the long haul, so set aside enough money for an occasional date night or brunch with friends. From there, you can set clear and simple goals to start your investment journey.

Fun fact: If you have a retirement plan, you’re already an investor. “We often don’t think of ourselves as investors, especially because common language is used “save for retirement.”You invest for retirement,” says Lowry. And while retirement may seem like a distant goal, it still deserves attention.

Common options for retirement accounts are individual retirement accounts (IRAs) – which are definitely worth looking into – and employer sponsored 401 (k), which your employer human resources Department or benefits representative should be able to provide you with more information about. Some employers offer a Deposit match, and in case you think that sounds like free money, it’s because it’s kind of – and boy, it can pay off.

“Start investing early and you could Wake up at 40 with nearly $ 1 million in 401 (K),” says Catherine Cicoletti, founder of Ms. Cheat sheet.

Here’s a fun term: Diversification. You know the old adage about not putting all your eggs in one basket? Well, you really don’t want to do that if you’re investing. Just think: you’ll want to have backups if one of your investment tanks, and that’s where diversification comes into play.

Diversification is a strategy of investing in different asset classes and among the securities of many issuers, all in an attempt to reduce the overall investment risk. In other words? You don’t want all the investments you make to act in a similar way. For example, putting all of your investments in the technology industry can be risky, but spreading them across different industries will diversify your assets and reduce overall risk.

Not sure where to start? Paula Pant of Afford Anything recommends passively managed accounts, such as an index fund or ETF. “Don’t over-complicate it, especially as a beginner,” Pant says. “If you’ve never cooked before, you don’t start by trying to sous vide something; you start with some spaghetti and some sauce, maybe a salad.” The same strategy applies when investing in index funds: They’re a low-cost investment strategy where a fund follows along a specific market benchmark (also known as an index), rather than the fund trying to outperform. Less risk means potentially less reward, but it’s a smart choice for novices looking to diversify.

Index funds may not sound super sexy, but they are a smarter approach compared to other common tactics like buying shares in a company you love. “Literally, the CEO (of this company) can tweet something racist and there goes your money,” says Anat. “Buying global index funds, which is like investing in the entire global market at once, are a much safer bet.”

After all, investing is about taking measured risks and you should feel comfortable with that. If the initial public offering of a hot new stock is calling your name, follow your bliss and expand your portfolio – just make sure your research.

And if life through the 2008 financial crisis still lingers in your mind, know that caution may be on your side when it comes to managing your finances. “I think the bias of bias and really only with this understanding of the market takes a toll, and is somewhat out of proportion to reality,” says Wybar. “If you look at the 1990s, it was a completely different world and the last 10 years have been phenomenal for growth.”

Also, being careful can be helpful, especially when it comes to managing your personal finances, says Wybar.

“It can work in your favor if you are careful in a way that relates to your budget and what you spend,” says Wybar. “But as far as investing goes, the sooner you do it, the more growth potential you have and the better you are.”

This post is sponsored by Vanguard.

All investments are at risk, including the possible loss of the money you invest. Diversification does not provide profit and does not protect against losses.

This article was originally published on June 27, 2019