Investing is one of the top choices when people decided to add a new revenue stream.
Most people think of stocks, mutual/index funds, and cryptocurrency when they think of investing, so I will focus on these for today.
It makes sense. It includes all of the emotions. There is the excitement of making the purchase, the anticipation of what might happen next, the thrill when values increase, and that sinking feeling in your gut when values decrease. What will happen next???
It is much like riding a roller coaster, reading an “edge of your seat” book, or watching a great movie…
But, even though so many people have a goal to invest, many do not.
It is scary.
It is overwhelming.
Where do you start?
How do you start?
What if you screw up?
What if you lose it all?
Do you know the #1 thing you need to succeed with investing?
Start.
It is that simple. Once you start you will quickly learn along the way.
Almost everyone in the world can open an online brokerage account (if they want to get started with stocks or funds) or wallet (if they want to start with crypto).
There is a little research you will want to do to make sure you get what you want and do not pay for things you do not need. We will cover the basics Thursday.
(spoiler alert: NEVER invest more than you are able to lose. There are NO guarantees.)
If you think you are too [fill in the blank] to invest, you are mistaken. There are options for every age, budget, and location.
Think of the last thing you learned.
How did you feel before getting started?
How did you feel after you accomplished your first little win?
How do you feel now that you have more experience and more wins?
This can be your experience with investing.
Investing is a powerful tool that can help you beat cost-of-living increases (also known as inflation), something savings/money market accounts, certificates of deposit, bonds, etc, could never dream of doing.
Millionaires and billionaires recommend putting at least 10% of your after-tax income into “Future Me”. You know they are investing wisely and, with practice, confidently.
They know values will fluctuate so they do not panic or make buy/sell decisions based on prices alone.
They know these investments will give them far more flexibility in the future than any government-recognized or sponsored “retirement account”.
If the wealthy are using these tools to help them accumulate wealth, do you think maybe you want to as well?
What are your thoughts on investing? What do you wish you knew? If you are already investing, what are some tips you wish you had known when first starting out?