Many people struggle to pay bills on time, and it’s become more and more common to consult a Louisville bankruptcy attorney because of the recession. But when you have some extra money above savings, what should you do with it? Investing is cited as a great option, but where do you start?

A mutual fund is a great place to start investing. A mutual fund comprises stocks from many companies and is generally a safer investing choice; if one company fails, there are other companies in the fund that may be doing great. Many times you can have a professional manager work with you to pick the right funds and help you manage the money once it’s invested. Another benefit to mutual funds, unlike investments that take thousands of dollars, is the low investment required to open the fund.

To find a mutual fund, search for independent mutual fund companies first. The majority of companies who offer mutual funds are independent, and many are well respected in the industry. Next you can look into banks, insurance companies, and investment bankers for some other options on investing in a mutual fund.

When you find a company worth looking into, remember to look at the expenses over time. You want to find the lowest cost funds possible and those with good track records. Factor in what taxes will be like and what the manager tenure at the company is. Mutual funds are a great way to diversify your investments and prepare for retirement.