I tried different types of investing from forex to real estate to stock market, as I want to get rich quick schemes.
The result: in some of them I failed miserably.
The financial advisor made advantage of me and I was sold and lost it all.
I’m proud to say that I did not give up, I’ve invested heavily in myself and my financial education for the past 6 years. I read many books on investing and personal finance and attend courses with gurus in the industry.
I am still learning till today.
Not only did I want to learn everything for myself, but I also wanted to teach others how to gain the same knowledge and become wise investors taking good decisions.
Today, I would like to share with you 5 tips that help you to start investing today.
- Set a fix savings you can afford to invest monthly. This does not include your emergency funds. Basically, what you can afford to lose. It could be $50 or $1000 a month. Up to you. This is critical step.
- I recommend stocks because you can start with $50. Most broker would let you open an account with $50-$200 starting. Find a good broker with SUPER LOW COST!
- Always start with index funds.
- When you have a good $5000 pot, then start more higher risk such as choosing a stock “after careful valuation” and hold for at least 5-10 years.
- Keep reading and learning.
Do you know that If you invested in Amazon stock 10 years ago, that decision would have paid off majorly?
A $1,000 investment in 2009 would be worth more than $13,300 as of Dec. 9, 2019, for a total return of around 1,232%, according to CNBC calculations.
In the same time frame,
Netflix between 2002-2020, made total returns of 2,533%.
Microsoft between 2010-2020 made 560%.
Facebook between 2005-2020 made 2,514%.
It is never too late to start.