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Have you often thought about how to make more money without working 10 million jobs but don't know where to start?
That was me 3 years ago too! I started like a lost puppy, failed massively, and lost money rather than making it...
Here's how I learned to bounce back and make $10K through investing.
Don'ts
Don't Quick Search
Are you thinking of Googling: "Top 10 investments to make money"?
Google lists out everything to buy, but the results aren't reliable.
Investing in a company or industry in the stock market that you don't understand is a big mistake.
Avoid FOMO
I had a friend named Jeff who bragged about how he made thousands of dollars from buying penny stocks that he said I should buy now.
I felt FOMO (feeling of missing out)
bought Jeff's stock, and lost thousands of dollars the next day.
Guess what? That stock never went up again and I even lost more money!
Do's
Now start investing the right way!
Photo by StockRadars Co., on UnsplashStart with What You Like
Do you like brands like Apple, Google, Lululemon, Honda, Disney, Netflix, or Porsche?
Figuring out what brands you like is a good start to interest you in researching their business model and investing in these companies.
Learn Financial Lingo
Become familiar with the following terms:
Investing
Stocks
ETFs
Bonds
Dividends
Mutual funds
Investopedia is a great site where you can search for definitions of these terms.
Use Your Emotional Intelligence
Determine what you're comfortable losing. Is it $1, $10, $100, $1,000?
You will lose money. It's part of the investing game, but you will also gain more if you make the right moves and do your research.
When you self-reflect and understand what you feel comfortable losing from time to time, the emotional game of investing will be easier.
Quiz
Jeff shared with you that he invested $1000 on a new stock that he believes will gain him 50% profit. He says you should invest in the stock. What should you do?S Select all that apply:
When you do your research first, you'll likely lose less and gain more.
Trust the Process
Money won't appear overnight. Investing is a long-term game with riches that will be presented to you later.
Don't compare yourself to others who have been investing for years. They're successful because they focus on the journey and continue to do their research. It's never too late, you just need to start.
It's okay to make mistakes. Make sure you learn from those mistakes and don't make the same mistake twice.
Warning! Be vigilant about investment frauds or get-rich-quick schemes that claim to help you earn money quickly. Trust your gut whenever you don't feel it is the right move for you and continue to do your research first.
Take Action
It is so easy to invest, but the hardest part is starting. To get started:
This Byte has been authored by
Sofia Silva-Aquino
Learning Specialist
BA