How to Confidently Invest Your Money (A Guide For Beginners)
Board of Financial Experts, emphasizes that getting started in the stock market is not as complicated as it may seem. "It's literally step one, opening an account at a reputable broker and putting $5, $10 in it, step two, pick a company you know and trust, and start investing in it," explains Perez. However, she warns against the critical mistake of putting money into your investment account and then forgetting to actually buy the stock.
"If your friend says a stock is great, don't immediately buy or sell based on their word alone," warns Melanie Mortimer, President of the. This goes for TikTok advice about buying specific stocks, too. Instead, focus on long-term longevity. “The market always has ups and downs, but you want to build that investment value over time and benefit from compounding interest. People who leave their money in for a long period of time generally do very, very well.
And if stock prices go down, don't panic and sell. When a stock you truly believe will continue to increase in value is temporarily worth a lesser dollar amount, think of it as being available for purchase at that lower price. "It's like when you go to a store and things are 20% off. You want to buy something on sale, right? You don't want to buy full price," says Gottlieb. "You're getting those stocks at a discount or on sale.
Giles suggests asking yourself what you need to address first. "You might not go straight to investments because of debt," she notes. "If your loan interest rates are higher than the interest rates you might earn on investments, it’ll do you better to pay down debt before investing." Perez, on the other hand, shares that she wished she was more balanced while paying off her debt. "My thing is when I was paying off my debt, I wasn't investing. So I lost two years in the market," Perez admits. "I wish I would have invested because when I paid off my debt, guess what? I had no debt, but I was still broke. So find some balance and try to focus on a couple of goals to make meaningful progress.
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