Want to join the ranks of your friends who are investors? Many people like the idea of investing but simply have no idea where to begin. For some, it can be embarrassing to ask friends how to get involved in stocks, where to start, and how much money they need to get going. For others, the pressure of the bills they already have is enough, and the thought it that investing will cut into the few dollars they have remaining for sun and entertainment. The truth is that you don’t have to spend a lot to get involved in investing. Here are a few tips to get you on your way.
1.) Company 401k- Starting in investing can be as easy as having $20 a week deducted from your paycheck. An investment firm will be tasked with investing your money for you so research on your part is unnecessary. Often times, your company will match you dollar for dollar on your investment up to a certain percentage. In this way, both you and your company are aiding your retirement.
2.) Start an account with Scottrade or a similar company- It generally takes a deposit of about $500 to get an account started. The benefits however are that you are picking what stocks you buy and sell. Generally, you are going to pay for each trade you make, about $7 a trade, but you are given some free trades to start and can earn multiple free trades by getting friends to join as well.
These are a couple of example of how to get started in investing. perhaps nothing is more important to consider than your age when making investing decision. If you are retiring in five years, you will want to be careful and not make any high risk investments. If you are thirty years from retirement, take a few risks, as rewards in the future could be plentiful.