Get Your FREE $50 HERE: www.sofi.com/s...
Click “Show More” to see my Favorite Financial Tools
▽MY FINANCIAL TOOLS▽
🏦 SoFi Complete Money Management
➤ Checking & Savings - magnified.revi...
➤ Credit Card - magnified.revi...
➤ Invest - magnified.revi...
➤ Budgeting - magnified.revi...
----------
💰 Chime Fully Online Banking
➤ Sign-Up for Chime HERE: magnified.revi...
➤ Chime Credit Builder HERE: magnified.revi...
----------
💳 Favorite Credit Cards
➤ Chase Sapphire - magnified.revi...
➤ Capital One Venture X - magnified.revi...
➤ Chase Ink Business - magnified.revi...
➤ Amex Green - magnified.revi...
➤ Amex Platinum - magnified.revi...
➤ Amex Business Gold - magnified.revi...
----------
📊 Wealthfront Automated Investing
➤ First $5,000 Managed for FREE - magnified.revi...
----------
💵 Current Card
➤ Current | Modern Banking App - magnified.revi...
----------
📸 MY CAMERA GEAR
➤ My Camera: magnified.revi...
➤ My Microphone: magnified.revi...
➤ My Lights: magnified.revi...
So the first thing you want to do when getting started with investing is obviously to choose an investing platform and open an account with them. Now today we're going to be looking more in-depth into the SoFi investing platform and if you want a comprehensive review on that then be sure to check out that video from my channel but there are tons of options out there including other mobile platforms like Robinhood and Webull as well as the more traditional large brokerages like TD Ameritrade or Fidelity. So do some research and decide which platform is best for you but at the end of the day they all offer pretty similar features and for me, it's just easier to have all my finances under one umbrella which is why I love SoFi and use their SoFi money platform as well.
Once you've opened an investing account the next step is to obviously fund that account, and this brings us to what step two really is and that is making what I like to call your investing budget. Now there's a reason I refer to this as a budget and I'll explain that in a second but basically you need to decide how much money you are able to part with for a long period of time and are willing to put to work and risk in hopes of earning profits on that money.
Now there are a million theories all over the place on what the best strategy is and it is so easy to get confused and distracted. Now in my unprofessional not a certified financial planner opinion, consistent and long-term investing in index funds or ETFs is the best strategy for 99% of individuals. Hear me out. Index funds and ETF's charge significantly lower management fees than mutual funds since there is no one actively managing your money. Now you may think that you want someone actively managing your money however, statistically diversified index funds outperform the average mutual fund over long periods of time. Just a quick side note, if you use that first link in the description you can get $75 worth of VOO or whatever investment you select for absolutely free so don't forget to use that link.
That brings me to another important point which is never ever try to time the market. But trying to time the market just doesn't work out and doesn't make any sense. So once you've done all of these steps and made your investment, that's really it and it is important to monitor your money and see how your investments are doing but my bonus tip to you is don't be that paranoid investor who's checking their account every single day. First of all, you'll drive yourself crazy and also you're more likely to panic during short-term volatility and sell everything which throws the entire long-term plan out the window. Pick a day at the beginning or end of each month to go on and see how your investments are doing but I really encourage you to try not to look at it all the time as weird as that sounds because most people especially if they're new to investing will panic and just decide that investing is not for them but if you use the strategy that we talked about above and stay consistent, leave your money alone and let it work for you.
Music From RU-vid Audio Library
"Complicate Ya" by Otis McDonald
Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
7 сен 2024
