You’ve probably heard that you can obtain financial freedom or get “rich” by investing. Well, that my friend is very true. You might have also installed in your mind that only rich people can invest. That is where you are wrong. Rich people get rich by investing. They stay rich by knowing how to manage their money, cut their losses, and minimize risk. A lot of people might ask themselves, “how do I do this? I don’t know where to start!” Well, you can always find a fiduciary that might help you invest, obviously, they come with a price tag. Yet, if you want to do it yourself you can. “Knowledge is power!”
Investing is not hard, but it could be time-consuming at first because if you do not come from a financial background learning all the terminologies and “lingo” might be confusing at first. My self I am still an apprentice, which is why I will not offer actual investing advice. I will show you the right path on where to get started in order to understand the financial industry. A major source of information that I used during my college years was investopedia. A very good website to learn the in’s and out’s of the vocabulary terms. They also offer a newsletter subscription where they send a different term every day to your email. I am also subscribed to this newsletter in order to keep learning something new every day. If you check your email regularly, which I recommend, you should definitely subscribe as well.
Once you feel you have a basic understanding of the terms, I suggest starting to do a couple of things. First, not only for investing but in life in general, it is good to stay up to date with the news. News is a major factor when it comes to stock prices. Being aware of the news is also a good conversation starter as well, which is a very nice bonus. Staying up to date with desired companies is very important because if you fall asleep behind the wheel you can crash and burn. I’m obviously not speaking in a literal way, but you know what I mean.
Staying on the topic of reading, there are a countless amount of books that offer investment advice and strategies. Open up your favorite browser and search for the top ten investing books and going to the reviews is a pretty good start. If you are short on time, something I’ve started doing is buying the audible version of the book. This way you can listen to it during your commute to and from your job or school. Books are the perfect way to take your mind to another place after a long day. Call it therapy, because it truly is.
I understand if you can’t afford spending $20 at the moment, but there are no excuses. Why? There are also podcasts that are completely free and they offer new episodes weekly! Jump on the millennial bandwagon and start your podcast listening frenzy. Remember that you might invest $15 to $20 on a book, but one book might change your life and maybe make you millions of dollars in profit. Just know, this is just the beginning and probably the hardest part about starting to invest. Be a sponge and learn all that you can. Knowledge is power when applied in the right ways. For any questions, feel free to comment below or send me an email. Stay hungry and stay TENACIOUS!
Edwin A. Rodriguez
Founder of Financial Tenacity