Filip Telibasa, certified financial planner (CFP) and owner and planner at Benzina Wealth, said to open a taxable brokerage account on a commission-free platform.

“There are many to choose from nowadays,” he said. “Buy a broadly diversified stock index fund like VTI, Vanguard Total Stock Market Index.”

While you don’t need to invest a lot, it’s best to use money you’re not relying on for anything else.

“Be sure to only invest funds you do not need for at least 10 years,” Telibasa said. “This means your priority before investing should be to set aside at least three months of living expenses in a bank account as an emergency fund.”