Thinking about investing in your future by buying stock on the stock exchange? That’s one of the best decisions you could have ever made. Why not put aside money you spend on Jordans, Nikes, McDonald’s and Discover Card by investing in buying stock? Or even open a collateral account for your child or relative to start them out early. The best thing about setting up an account is that you can step up a reoccurring withdraw to take out $50, $100, or the amount you choose to invest each month.
Setting up an account and buying stock is relatively simple. The thing that can be challenging is choosing a brokerage company. Choosing a brokerage company that meets your needs is like choosing a checking or savings account. You have to be very selective based on what you need and to avoid certain fees. Some brokerage companies have administrative, trading, and other fees; however, I believe most companies have done away with trading fees, which could have cost you about $6.95 per trade. This may not seem like much, but when it’s $6.95 to buy and $6.95 to sell that’s around $14 to buy and sell. To select a brokerage company that meets your needs, I suggest googling Brokerage Companies and researching Investopedia for information. Investopedia was my best friend when I learned to invest. Now, you also have access to an app called Stock BossUpp App, which teaches you how to invest and helps you gain practical experience.
Just think, if you had bought 100 shares of NIO (Electric Vehicle) last year when it was around $6, you would have about $4,200 now. I’m no mathematician; however that’s about a $3,600 increase. I know I could use additional income, what about you?
Now there is risk involved in investing such as losing all or some of your investments; however this is where research comes in handy. You can set up a Google notification system to send you emails when anything is mentioned in the investment community about your investments. This allows you to receive daily information about your investments. You should really consider setting up a daily notification system because things change really fast with stocks.
Suggestions to have you increase you portfolio value
Be an active participant. Don’t just let your money sit in a brokerage account. Sometimes doing nothing leaves you with nothing. Continue to read about your stock and what’s going on in politics, the environment, and so forth. This will help you identify when to sell, keep, or add more stock to your portfolio.
Diversify your account. Some people choose to invest in one type of stock, which is fine and their choice. However diversifying your account will give you different risk levels and investments. There are 11 different sectors and each stock belongs to a different sector, such as Utilities and Healthcare. Try looking at areas in each sector to invest.
Identify Your Investing Approach. There are different investment approaches, such as balanced growth, rapid investing, etc. There are also short and long term Investments. Know what you are trying to accomplish. This allows you to identify if a more volatile or stable approach works with your trading style.
Stop Trying to Keep Up with the Joneses. You have to do what works for you and your budget. Trying to keep up with the Joneses will leave you broke, frustrated, and without a lifeline. It does take money to make money, but it also takes knowledge and self-control to keep it.
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Stock BossUp App- Melica Hampton