I'm trying to increase my financial literacy since school has not taught me how to efficiently use the money to make money. Should I be investing now and if so, what apps/platforms should I used?
I'm trying to increase my financial literacy since school has not taught me how to efficiently use the money to make money. Should I be investing now and if so, what apps/platforms should I used?
Nadia, You are already ahead of most of your peers since you are interested in investing. Keep at it, financial literacy is a key piece to your success. Before you start investing, I would suggest you spend some time learning more about investing principles. I would suggest checking out JL Collins website https://jlcollinsnh.com/ and his book "The Simple Path to Wealth." He also did a Google Talk, which he discusses the book and his experience more generally.
Also, money that you are "investing" should be money that you won't need in the next 3 - 5 years. If you need that money sooner, you should look to "save" that money in a higher yield savings account. You can earn around 1% from Banks like Discover, Ally, Citibank, and others.
You might also consider investing with a robo-advisor like Betterment, Ellevest, Wealthfront, or SoFi. A good robo-advisor will charge a very low administration fee, while investing your money in low cost index funds. As you are still young, you can safely invest most, if not all of your money in stocks rather than bonds.
Best of luck to you in your investing endeavor. Sean
I'm trying to increase my financial literacy since school has not taught me how to efficiently use the money to make money. Should I be investing now and if so, what apps/platforms should I used?
Time is a powerful factor for the compounded growth of investments, so depending on your specific goals, you should be investing as early as possible. With that being said, you need to first make sure that you're in a position to begin investing. The specifics for being ready to begin will vary based on your financial situation and goals, but in general, you should have a good handle on your debt, you should have an emergency fund to cover the unexpected, and you should have funds available to invest that you won't need in the immediate future. As for where to invest, you may want to consider whether there are any tax-advantaged accounts available to you. Then, you should determine your investing strategy. These considerations can help you determine where you may want to open investment accounts and the apps/platforms available to you to do so. You should be applauded for getting your finances in order at an early age. Hope this helps.
First, paid off your debt with that money. Second, invest in yourself. Lastly, you should invest. I recommend using Robinhood for starter, SoFi for automated investing and Charles Schwab, Merrill edge, td Ameritrade, vanguard and fidelity have long history of providing with investment products. Moreover, these big brokerage firm also offer free commissions, really it’s your call.
Thank you all for your recommendations. I will definitely keep reading up on the skill of investing. I made a Robinhood! Any suggestions on what industry I should be looking into now to make my first investment in.
Thank you all for your recommendations. I will definitely keep reading up on the skill of investing. I made a Robinhood! Any suggestions on what industry I should be looking into now to make my first investment in.
It was suggested to me to invest in the industry or industries I'm interested in. This way I wouldn't have a problem researching the specific company/companies I'm thinking of buying stock of.
