As we wade through these hard financial times where every dollar matters and the economy is in a slump, our savings account becomes ever more important to maintaining our financial stability. This considered, stock markets should not be overlooked as an investment and savings tool to utilize as you manage your finances through these hard times. Today’s market, with the use of the internet and the creation of apps at your fingertips, it makes it easier than ever to learn, invest and build your net worth through the stock market.
HOW DO I GET STARTED?!?
Well, the easiest way to get started investing in stocks is to try to think about your favorite places to shop or favorite company you support and make a list of those that are found in the stock exchange. As a kid, I loved to buy sneakers and my mom would say “you buy so many shoes you should invest in Nike,” and it always stuck in my head. At first, I had no idea how to or how much I needed to invest in stocks; I thought it was more expensive then it actually is and bore more risk then it actually does, but her statement always stayed in the back of mind until I learned the information needed in order to invest. So, if you are a sneaker head and only buy Nike and Adidas, you can start there; or maybe you only buy Apple products; or maybe you love your coffee from Starbucks, there are many companies to choose from to start your portfolio.
Next you will want to download one of the various app brokerages available in your app marketplace and start an account. Depending on your level of knowledge within the stock markets and securities can help you choose what stock brokerage/app service to choose. Here are a list of stock brokers/app services that I have personally used to choose from starting with the easiest for beginners.
JUST CLICK ON THE LINKS BELOW TO START YOUR TRADING ACCOUNTS!!!
Great for beginners!! All you have to do is deposit your money to be invested. Acorns will take an assessment of how you would like them to invest your money then you sit back and just let your portfolio grow.
They also offer other features such as IRA programs, Custodial Accounts for kids, retirement funds and a Debit Card. If you want the least amount of risk, pick Acorns.
Stash is a great broker for beginner and intermediate investors. If you want to actually buy your own stocks and set up your own portfolio, Stash is where it’s at.
Stash also offer a Debit card program with Stock-back options. Great for those who like to spend AND make money.
Robinhood is great for intermediate and expert investors who love the convenience of buying, selling, and trading on the go.
Robinhood offers great features to help intermediate and expert investors trade options with an easy to read board.
We Bull is another great brokerage app for the intermediate to expert investor with the graph and interface to help investors make the best choices.
WeBull offers features to buy Options, Crypto, and other securities with great resources to add.
Once you register with a broker such as Stash or Acorns, you will want to fund your account. This can be accomplished with a lump sum or incremental deposits, whatever fits your budget.
The main thing is, continue your education. This doesn’t mean go out and enroll in an economics degree, however, networking with like minded people and researching businesses are a MUST. Read as many books as you can on stocks, trading strategies, and new opportunities and stay in touch with the latest political, economic, and world news.
Can I get Rich?!!
Certainly, there are people who have built great wealth utilizing stocks and other tradable assets. However, in order for one to become “rich” it involves a lot of time, planning, discipline, education, intuition, and sometimes good ol luck. Some people would rather utilize riskier investment strategies by buying options and others, like myself, buy shares for the long term investments to build a portfolio. Whatever your choice, if you make good, informed decisions, you can make a lot of money!! One has to remember terms like rich, success, and wealth are all relative; what’s successful to you may not be the same for others. But making money is what counts and the more you learn how to trade, the more money you would make.
Can I lose Money?!
Yes indeed. Just like every other investment, there is a risk of losing your money, and you can lose it even faster with options. But never fear, hedging your losses by diversifying your portfolio will help to prevent major losses in your investments as a whole. Another great thing about today’s brokerages, is that now you can begin an account with as little as a $1 investment. You can buy incremental shares as well as whole shares on a one-time basis or periodic basis. So to start, my advice would be to fund your account with money that you can afford to lose, rather than money that you need to live.