This year is the year to commit to grow your money! If you followed me last year, I gave an easy challenge to save as little as $50.00 a month. Today, I am sharing what to do with the money you saved. See, keeping money in your savings account is not going to do much for you. Banks don’t pay you enough interest for you to grow your money, therefor you need to experience other sources, such as investing.
Before you begin to invest in anything, make sure you are doing your research, make sure you understand, and commit for the long term.
During one of those quiet Saturdays, I began to do my own research about investing, and discovered so much more than just investing. I discovered smart business people, and the way they view their money. I discovered so many amazing podcasts. One of my favorite investing podcast it's called "Rule Breaker Investing" (The Motley Fool). If you are already investing, I’m sure you have heard of The Motley Fool guys. https://www.fool.com/premium/rule-breakers/
Investing can be a little intimidating for most people, and most households don’t understand how to invest because they fear of loosing their only savings. According to CNBC article, the new generation is not investing their money, and personally I think we need to change that. https://www.cnbc.com/2018/05/16/gallup-why-younger-americans-arent-investing-in-the-stock-market.html
In a previous Instagram story back in October of last year, I created a challenge for you to get started with saving money. If you followed my steps you should have saved some money by now, if you didn't it's okay, it's never too late to get you started. Steps to follow; start at the beginning of any month by saving $10 a day. If your month only has 30 days, by the end of the month you should end up with $300.00. If possible, repeat as many months you can. One very important tool, please open another account. Set up an automatic transfer from one account to another one. I promise if you set an automatic withdraw of $10 a day from your main account, you will not missed those ten dollars. Better yet, if you get paid every two weeks, have your boss transfer $150.00 to your other account. Get in the habit of doing this all the time, and you will eventually see some money saved. Let me get you to save your first $1,000.00, and let’s invest that first $1k. I have put a list of steps to get you started investing your first thousand dollar.
$1,000.00 (to invest)
Open an online discount broker account. (Very important you can message me with more questions on this one)
-TD Ameritrade
-E-Trade
-Fidelity
-Merrill Edge
(Some brokers might charge you per trade)
VOO-S&P 500 (buy option)
-Consists of the 500 largest market capitalization companies.
Many of us do new year resolutions, one of my resolutions is to share my own experience with you guys through my writing. I need you to understand that I’m not a financial adviser, I’m not here to give you an expert advise. I’m here to share what is working for me, and hope to motivate you to see things just a little different. Please email me if you have questions at blu12official@gmail.com.