How do you even go about doing this with investing money how do you know how much who to invest with and things like that it all still totally confuses me and scares me cuz I guess what Ponzi schemes or something like that
How do you even go about doing this with investing money how do you know how much who to invest with and things like that it all still totally confuses me and scares me cuz I guess what Ponzi schemes or something like that
It seems to me that your fear comes from all the unknowns you've identified. Specific investments will vary based on your personal goals and the risk you're willing to accept, but you might benefit from learning about investing in stocks through broad market index funds and learning about risk management through asset allocation. There are plenty of books out there that can help you with this, but I'd suggest starting with John Bogle's Little Book of Common Sense Investing.
I have an e*trade account. There are lots of webinars and articles on there that you can learn from.
Thank you
I did try buying stock off cash app lol didn’t go too well as I saw my money dewindle so I took it out. I need something out of sight out of mind
I invest in VTSAX which is an index fund for the entire US stock market.
I would say if you want to learn/know about investing to start with an financial planner and read books on how to invest. I would say before you install any of those trading apps, 1st learn how trading and buying stocks work and with anything EDUCATE yourself first with what you are trying to do.
This is a long process and it will take time to educate yourself. First learn about the basic products available at the bank or credit union. Then read books or attend webinars. Be careful of not to fall for faux gurus they will sell you down the river.
I would say if you want to learn/know about investing to start with an financial planner and read books on how to invest. I would say before you install any of those trading apps, 1st learn how trading and buying stocks work and with anything EDUCATE yourself first with what you are trying to do.
@Deveri D., do you have any favorite books on investing that you could recommend? Thanks!
@Aaron G…the first book I started reading was Rich Dad Poor Dad by Robert T. Kiyosaki. I found it to be very insightful with getting to know how to have money work for myself. The second book I am on right now is called The Richest Man in Babylon by George S. Clason and my next books are Everyday Millionaires by Chris Hogan and How to Invest by Warren Buffet.
I hope you will find these books to be very insightful with your start to getting wealth and generational wealth a jump start. Happy reading and have a great day!
@Deveri D., thanks for the suggestions. I've read The Richest Man in Babylon and enjoyed it. Some other related books that I've found helpful are John C. Bogle's The Little Book of Common Sense Investing, William J. Bernstein's The Investor's Manifesto, and Burton G. Malkiel's A Random Walk Down Wall Street. I'm currently reading John Allen Paulos's A Mathematician Plays the Stock Market. You might also find some useful information in Annie Duke's Thinking in Bets.
@Aaron G…..Thank you and I will just do that. I am always looking for great reading suggestions to help further my knowledge with how money work and having it work for me.
@Aaron G…..Thank you and I will just do that. I am always looking for great reading suggestions to help further my knowledge with how money work and having it work for me.
Never stop learning!
Thanks Aaron , I got a pdf version of the little book of investing for myself and my son on eBay for a couple bucks.
Thanks Aaron , I got a pdf version of the little book of investing for myself and my son on eBay for a couple bucks.
Awesome, @Cat B. Educate yourself and start your son early on a path to financial independence.
I appreciate the suggestions, great help.
Great
It's always a gamble and I think it's prudent for you to keep that in sight. I'm choosing to invest in an index fund as a bet the overall stock market will continue to rise over time and because that's what's worked in the past. There is some interesting data about women and investing that shows that we tend to be more timid about it. Maybe read up on it as a way of naming the fear and trying to overcome it.
How do you even go about doing this with investing money how do you know how much who to invest with and things like that it all still totally confuses me and scares me cuz I guess what Ponzi schemes or something like that
It depends on what you want to do. If you want to just put money in without really looking at what it's doing for a few years, I'd say put money into SPY or VOO. Both are basically betting on the stock market.
If you want something that you can buy and sell every few days or weeks, I'd say think about looking into trading strategies and understanding what moving averages are. Investopedia is an amazing place to start. Type in words you want to learn, "beginner strategies" or something like that, and just see where things take you.
You're more than welcome to use this link if you just want to get a free stock and wait to invest or anything https://join.robinhood.com/lukeb275
If you are wanting to put money into the market, I'd say use https://act.webull.com/e/WNpe5GCm94da/0qt/
One key piece of advice I can give, is if you see a stock going up in price that isn't the time to put your money into it. What comes up, must come down. So wait for a stock to dip in price before taking a position.
some great help here. :)
Thank you for the information!!
Robin Hood is an app that will give you a small ($5) stock just for joining. From there you can invest a small amount and learn how to do things. I invested $100 and have turned it into almost $500. If you get others to join they will also give you more stocks. Here is my link if you want to try. https://join.robinhood.com/tyw341
I have a seventeen years old son who would like to do some investing, but I don't know where he should start, any suggestions?
I have a seventeen years old son who would like to do some investing, but I don't know where he should start, any suggestions?
You could start him with John Bogle's Little Book of Common Sense Investing and a Vanguard brokerage account. From there, he could research other investment options and branch out from there.
I like JK Collins investing series: https://jlcollinsnh.com/stock-series/
