My roommate and I could use some expert investing advice. We’re both college seniors graduating in May. Both of us have jobs lined up, which is great, but we also want to explore other options as we get ready to walk. We have a friend who’s been investing about 25% of his discretionary income since his Sophomore year and now has almost $15,000.
It sounded too good to be true at first but he said it’s much more intuitive than people think. Anyway, my roommate and I are getting tax reimbursements this coming month and we want to explore investment opportunities. The plan is to find some promising and relatively secure investments to make.
What are some options for earlier investors like us?
You should first be aware that there is a vast difference between gambling and investing. Core to the distinction is your mindset and the expectations you set. Before contemplating possible investment opportunities, you’ll want to ensure that you’ve done your own thorough research. Never rely entirely on an outsider’s perspective when preparing to risk your own money. You’ll need to take complete responsibility for the decisions you make and feel absolutely confident in them.
Some of the best advice for early investors can be found on the US Securities and Exchange Commission website, which has a list of ten tips everyone should consider before they begin. Many of the suggestions might seem obvious, but you’d be surprised exactly how many people either completely disregard or neglect them. Don’t fall prey to those mistakes, otherwise, you’re running the risk of losing your hard-earned money.
Once you’re relatively sure you have a firm grasp of the basics, the next step is deciding how and where you’d like to invest. Starting small generally the best way to get started, especially if you want to minimize risk while still actively learning the ropes. Some of the most prudent investors choose to master Paper Trading before transitioning to trading real cash. This option isn’t as appealing to those without patience but it’s still a valuable strategy to entertain.
Forbes contributor Jeff Rose shared 7 smart ways to invest your first $1,000, which is likely to offer the best of both worlds. Key to any successful investment strategy is due diligence and active awareness. Anticipating large returns on small investments without the appropriate time and research is totally unrealistic. This is again linked to your mindset and your expectations.
As an illustrative example, you could investigate the recreational and medicinal marijuana industry. The rapidly growing legalization movement is resulting in massive growth. Experts at Business Wire predict that the global market could be as high as USD 33.41 billion by 2022. Those are promising numbers. Making sound judgments will demand an intimate knowledge of the industry, which means you’ll want to tap into available resources like MMJ Stocks. Remember that knowledge is power. It would be foolish to assume simply because the industry is growing that you’ll inevitably reap the rewards of even modest investments.