Posted on May - 13 - 2010
Thinking About Trading in Stocks
Progress always involves risk. Don’t count on Social Security or some other government program to take care of you later on. While saving $1 a day is a nice concept, it means little if you don’t invest it properly. And usually “safer” investing methods are slower than a turtle. If you’re 10 years old then yes, you can afford to let whatever money you have grow at a few percent annually.
If you’re younger, you can experiment with lower annual return methods. Keep in mind that if you don’t really need big gains, then you can also take it slow. Why doesn’t an investment that gives you back 3% each year make sense? One word: inflation.
Ready for penny stocks? As long as you have about $1,000, you can get started. Keep in mind that you’re not going to do too much with this amount, but you can get the ball rolling. If you’re highly involved, you could end up with $1000s within the first 12 months. But, if you like to leave things alone, you might only get 5% in a year.
Don’t have the cash? Try taking on a second job! By just working for a few weeks to a couple months you could have enough capital to get going. This is how many investors got started. If you want more or need a different funding source, try having a garage sale.
Let me assume you have your capital now. Time to get educated. Start visiting stocks sites and taking in knowledge. Look for some stock picks and just get familiar with the process. You don’t need to invest just yet.
Look for a good online stock broker. There are many of them. Scottrade would be one to look into. When you start out investing, take it slow.
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