Everyone knows that investing in the stock market reaps big rewards. We’ve all come across rags to riches investment stories that make us want to take a plunge ourselves. But the catch is that not everyone is a keen follower of the stock market. And putting money on the line without any background can be a disaster.
Well thankfully, the good news is that you can still invest without the need to keep an eye on the market. You don’t have to be the “Wolf of Wall Street.” You can still make money by being a witty cat on the main street!
Unsplash | Investing can sound daunting to beginners, but with a few tricks it can be mastered
If that sounds interesting to you, hop on as we discuss a few pointers to help you realize how addictive growing your money can be.
Start with a little money
For novice investors, cost is the major barrier when it comes to investing in the stock market. While most beginners think that to grow money you need money, the tables have turned in today’s time.
With the internet at your fingertips, things have become so easy that you can start with as low as $1 with no charge for trade commissions. Starting small is a great way to begin investing. And specialized apps like Public and Robinhood offer thousands of stocks and ETFs with no commission fee and no amount minimums for young traders.
Read – 5 stocks Robinhood investors can't stop buying
Unsplash | Start with little money and take the help of online resources and investment apps
Take the benefit of retirement plans
While being on a tight budget, saving money to invest might seem to be challenging. But the fact is that you can simply register for your company’s 401(k) retirement plans and start investing with small amounts that you won't even notice. For example, you can plan to invest just 1% of your salary into an employer plan and gradually increase it each year.
Let a robotic investment advisor assist you
Robotic money advisors have made investing as simple and accessible as possible. With such AI-powered advisors, you don't need any prior investing experience.
They work wonders when it comes to long-term investments by asking you a few questions to determine your goal and risk tolerance. Thereafter, they start investing your money for you in a diversified and low-cost portfolio of stocks. Being reasonable, robotic investment advisors are truly worth it.
Read – How does a robotic investment advisor work?
Unsplash | You can also take the help of a robotic investment advisor
To sum it up
You can never undermine the importance of investing. Putting away even a very small amount of money can reap significant rewards down the line. The key is to regularly save money with the sole purpose of investing it. When you can automate your bills, why not investment?