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Investing for the first time can be downright intimidating.

Before making your first investment: "it's important to assess what your goals are," said Trina Patel, a financial advice manager at financial service Albert.

Ask yourself what you're looking to achieve by investing, how much risk you're willing to take on and when you'll need the money.

Many people assume that a lot of money is required to begin investing. But that isn't the case.

In fact, you can begin investing with as little as $5 or as much as $50,000.

Saving for retirement is a common investment goal, and certain accounts — like 401(k)s and IRAs — are set up specifically for that purpose. Often the holder will pay some sort of penalty if they withdraw funds too early or for a reason other than retirement.

Luckily, if you're offered a 401(k) at work, it's pretty easy to get started. The accounts are typically funded through payroll deductions and may include a contribution match by your employer.

Online brokers and robo-advisors are some other places where you can open accounts.

Online brokers, such as Webull and ETrade, enable you to manage your own investments and typically have no required minimum balance. But they do charge fees for things such as stock and options trading. So be sure to compare what each brokerage charges before choosing one.

Once you've opened an account, you'll want to explore your investment options and the risk they carry. Here are some of the most common investments you'll need to consider:

• Stocks are a share of ownership in a company and can be purchased individually for a share price or through mutual funds.

No matter what route you take, investing is another way to grow your wealth, or as the saying goes "make your money work for you."

Investing can help you reach your financial goals such as buying a house, saving for retirement or even starting your own business. The younger you are when you start investing, the better your chances are of accruing higher returns. It also gives your money time to compound, which means the returns you earned from your investments can start to generate their own earnings.