How to Start Investing
There are many apps, or brokerages you can sign up for to create an investing account. Brokerages are companies that help facilitate stock trades. The most popular account among young adults is still Robinhood, but there are a few cons you should know about before signing up. Other notable brokerages include Fidelity and Charles Schwab, which provide a lot of the same benefits as well, such as commission-free trading. They are also more reputable, with a proven track record of reliability. However, they don’t offer the simpler, and easy-to-use interface that Robinhood provides.
Investing accounts are also extremely easy to set up, and some can be instantaneous for account approvals! Once you’re signed in, you can connect your bank account and transfer money into your Investing Account. Once the cash transfers, you can go ahead and utilize those funds to start buying stocks.
In the meantime, feel free to create a watch list of stocks that you know and love. You can do research on the investing platform itself, as well as look at useful things like charts, news and other financial information. Some helpful platforms could be CNBC, Yahoo Finance, Wall Street Journal and the Morning Brew. As a reminder, investing is a long game. Yes, there are few lucky traders who can get rich quick, but that is definitely not sustainable. The goal of investing is to have your money work for you, and to create a reliable source of income that will grow your money.
Below is an investing checklist to help you get started:
Sign up for an Investing Account.
Options include Robinhood, WeBull, Charles Schwab and Fidelity.
Transfer funds from your Bank to your Account
Research and Find Stocks on the App
Recommendations include reputable “Blue Chip” stocks such as Apple, Microsoft or Google.
If you want more safety, buy ETFs or Mutual Funds.
These are deemed more safe because you are buying a basket of stocks, so you can diversify your investments
Options can include VOO, QQQ or SPY.
After you research, buy your favorite stocks!
