Want to grow your money but don’t know where to start? Investing can seem complicated, but it doesn’t have to be! This quick guide will give you the tools to make your first investment.
Step One
💡Make a plan.
Write It Down. Record your plan on paper, a Word document, Google Doc, a to do list app or a note-taking app.
Your financial success is important. Take it seriously.
Add your investment goals to the plan.
- How much do you want to save or invest?
- When do you need the money you save or invest?
- Is it for retirement?
- How much can you save a month?
Think about starting small by investing manageable amounts consistently.
Use Resources. Leverage books, newspapers, online articles, family, friends and where necessary financial advisors. Start with ‘The Intelligent Investor’ by Benjamin Graham or The Wall Street Journal Guide to Understanding Money and Investing.
Step Two
🎯Choose a brokerage.
Research
- Review a list of brokers before choosing.
- Talk to friends, family and coworkers to see what they use.
- Look into options like Charles Schwab, Interactive Brokers, Fidelity, Robinhood, Webull, e-trade and more.
Compare features.
- Evaluate the brokerage fees, and the user reviews.
- Use resources like Investor dot gov to verify broker reliability.
Ensure Requirements:
- Check for features like the ability to trade fractional stocks and ETFs.
- Review minimum investment requirements.
- Does the broker allow crypto trading?
Add your finding to your plan
Step Three
📈Make your first investment.
- Start Small: Begin with a manageable amount, such as fifty or one hundred dollars.
- Choose Your First Investment: Consider exchange traded funds, index funds or mutual funds for diversification and risk management purposes.
- Automate Investments: Set up a recurring investment schedule to stay consistent.
- Monitor your progress. Use tools from your broker, Yahoo Finance, Market Watch, and CNBC to track performance and learn as you go.
Conclusion
The sooner you start investing, the more time your money has to grow. 🌱
The information provided in this video is for educational and informational purposes only and should not be considered as financial advice. Investments involve risks, including the potential loss of principal, and past performance is not indicative of future results. This video reflects the creator’s personal opinions and should not be construed as recommendations for specific investment strategies
Contributions
- Title Image: Leader Vectors by Vecteezy
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