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Investing involves committing your money for the long term with the expectation of receiving more money in return. It’s how you build lasting wealth. But don’t think you’re limited to socking your money away in stocks. Investments can be both active (in which you have hands-on control) and passive (in which you sit back and relax while your money grows).
There are countless ways to start investing. Robo advisors, such as Wealthfront and Betterment, offer a simple and inexpensive way to grow your money without worrying about individual stocks. On the other hand, if you’d like to DIY, you can sign up for an online stockbroker. Although there are many ways to get started, the important thing is that you begin now.
A stock is an investment that represents a share of a company. So if you buy a share in Netflix, you actually own a little piece of Netflix! Investors buy stocks hoping that they’ll go up in value, at which point they’ll sell them for a profit. Stocks are bought and sold on an exchange such as the New York Stock Exchange. We sometimes call these exchanges the “stock market.”
Maybe the best piece of investment advice came from a famous and successful investor named Peter Lynch. He said, “Invest in what you know.” That means you should invest only in the companies whose businesses you understand and are familiar with. But don’t think you’re limited to stocks. You can safely make money from investment bonds, real estate, and even interest-paying savings accounts. There’s no one investment that’s best for everyone, so make sure you research all of your options. That said, before you jump into riskier investment opportunities like cryptocurrency, make sure you have a solid portfolio in more time-tested assets.
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Acorns is one of the fastest-growing investing apps available today. Its claim to fame is that it “rounds up” your spare change and. That said, it charges you a monthly fee of $1 – $3. Is the fee worth it? Find out in our Acorns review.
Betterment is one of the most popular robo-advisors. What’s a robo-advisor, you ask? It’s essentially an algorithm that automatically invests your money for you based on your age, goals, and risk tolerance. Intrigued? Check out our Betterment review.
Blooom is a relatively new fintech company that claims to be able to optimize your 401(k) account because — surprise, surprise — your employer won’t do it for you. But does Blooom live up to its mission? Find out in our Blooom review.
Fundrise claims to give its users the ability to invest in investment-grade real estate with only $500. Read our Fundrise review for more details!
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