Are you hearing a lot of what you "should" be doing with the current market climate, but actually have no idea of how you even start investing? Look no further for a simplified breakdown of how to open your first investment account.
The 5 Steps to Start Investing
If you’re reading this, chances are you are feeling slightly overwhelmed about your current, nonexistent investment portfolio. The fancy financial verbiage probably makes you want to cover your ears and carry on with life, not worrying about the state of your future retirement years.
I get it, I’ve been there. Up until age 25, I thought I had plenty of time before thinking about retirement. Surely I don’t have to start thinking about that until I’m 50 or so. I knew I should be saving and chipping away at my student loans, but retirement?! Not even on my radar.
That is, until I got a job in the financial industry, and was face-to-face with its importance on a daily basis. I quickly learned that retirement isn’t something you should wait to save for, in fact, the opposite is true. The earlier you start investing for your future, the easier it is to become a millionaire. Or a multi-millionaire.
But then running the numbers of waiting until you’re older and in your 40’s and 50’s? You’ll need to put a LOT more money away to reach a million.
Okay, you get it- it’s important. BUT HOW DO YOU START?!
No need to yell! I’ll show you right now, in 5, easy steps.
What should you be doing when everyone is panicking about the market going down?
Your ability to stick it out through market swings will vary, depending on where you are in life. If you are retired and currently living off of your investments, you will have a different course of action for down markets. But if you are currently investing for a goal that is years or decades away, like retirement is for Gen X-er's, Millennials, and Zoomers, a down market is a G R E A T time to be socking away money and growing your investment portfolio!
So, should you be putting your money into the stock market when everything is down, and people are in a frenzy?
Hi, I'm Alicia, welcome to Friend of Finance! This site is a way for me to share helpful things I've learned from working in the financial industry, important money things that I probably wouldn't have learned otherwise, and things everyone should know about.