It's the new thing to be budgeting and to be investing in your twenty's. But does that apply to teenagers, especially college students? All throughout high school, I was saving money here and there but now that I am in college now I feel as though I my bank account should look more impressive. Am I being dramatic or should I be stressing my finances more so.
Every article I seem to read lately is geared towards mid twenty's to thirty's but why not college students. I'm only 18 and it seems like I am so stressed on finding the number, yeah the number,to stop saving at, to relax. Does that exist for an 18 yr old or anyone in college, a number, they can reach and they forget this I'll continue saving when I get my real "adult" job. If there's not a number for me to reach and I am just saving money to save, should I be investing?
So, today's post will be about tips to save money and rather or not you should think about investing. By the way, I am not a financial expert (hope to be one day though), so take some of these tips as just a guideline to give you some new ideas.
It's a great way to save money and gain interest at a higher rate than a regular savings account and there's a fine if you take out the money before the predetermined time so you won't be tempted to touch it.
1) Robinhood Is A Great Start For Beginners.
2) Before You Buy A Stock Make Sure You Do Your Research. What that means to me to "do research" means to check the news, a few weeks ago President Trump wasn't signing a trade deal with China which impacted the stock market by causing stocks to drop, that could impact you if you were a beginner and thought "Oh I just lost a lot money, let me get out." Also, research the trends of the particular stock you are interested in buying and what is going on in the news with the company.
3) Your Emergency Fund Should Not Be Used To Invest In Any Stock Market or Foreign Exchange Market.
4) Do Not Go In Thinking You Can Be A Penny Trader, Option Trader, Day Trader As A Beginner And Get Rich Quick.
Is it possible to get rich quick from day trading or penny trading? Absolutely. Should you try is as a beginner? Absolutely not. As a beginner you should be trying to grow your money by looking into dividend stocks and holding stocks over a period of time, not just trying to get rich quick. The goal is to grow our money more than we would in a savings account passively. You should be able to buy your stocks and wait for them to increase, and buy more stocks in a company over time, do not rush the process,
Will all of these general tips on saving and investing, I hope y'all will look into creating an emergency fund, if you have excess money in your savings look into certificate accounts, and investing if you really would like to grow your money at a higher interest rate.
If you are looking forward to investing and using the Robinhood app, my referral link is join.robinhood.com/synovib. If you sign up using my link, we both will receive a free stock. Also, you will be able to figure out how the investing app works and look more into detail on stocks you would like to buy all on your phone.
I hope you guys enjoyed today's blog post. Let me know if you are interested in more saving, investing, and budgeting blog post.
1) Create An Emergency Fund. Preferably 1000$.
For the young adults reading this, it's not that bad once you start putting aside money. I recommend putting aside 100$ or 200$ a month and you'll get it done in a year's time if you are not the best at saving money.
2) Do Not Touch Your Emergency Fund If It Is Not An Emergency!
3) Do Not Hold Thousands Of Dollars In A Regular Savings Account.
Out of all the savings and investing videos I watch, a guy once said (summarized) too much saving is not good because if you are putting thousands of dollars in a low interest savings account to hold your money that money is just sitting there and being chipped away by inflation, so it's gonna be worth less when you take it out. If you are a young-adult I advise you to consider investing, because we are young and can take risks with out money and still be able make the money back down the line.<< Not that I think you will lose it but investing is risky.
4) Build Your Savings Up.
Figure out the amount of money you need each month to survive and put the rest in your savings. I don't go buy the 10-20% of your income rule because once again I am in college and I am fed by the campus and I live on campus, so I save the maximum amount possible from my income right now.
5) Look Into Certificate Accounts.
Investopedia defines certificate accounts as "A certificate of deposit (CD) is a product offered by banks and credit unions that offers an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time."It's a great way to save money and gain interest at a higher rate than a regular savings account and there's a fine if you take out the money before the predetermined time so you won't be tempted to touch it.
I know that investing is risky, but I think that everyone should look into investing if they have extra money to spare. I was interested in the stock market since I started high school, because of all the new apps that were created to make it more easier to understand and trade and/or invest in. Investing allows you to grow your money faster than a savings account interest rate would, if you pick "good" stocks. So, these are a few pointers on investing.
1) Robinhood Is A Great Start For Beginners.
You can search for stocks, buy the stocks you want, and sell when you want. There is no individual broker you have to go through to pay to buy a stock or bet on a stock. The app is free.
3) Your Emergency Fund Should Not Be Used To Invest In Any Stock Market or Foreign Exchange Market.
4) Do Not Go In Thinking You Can Be A Penny Trader, Option Trader, Day Trader As A Beginner And Get Rich Quick.
Is it possible to get rich quick from day trading or penny trading? Absolutely. Should you try is as a beginner? Absolutely not. As a beginner you should be trying to grow your money by looking into dividend stocks and holding stocks over a period of time, not just trying to get rich quick. The goal is to grow our money more than we would in a savings account passively. You should be able to buy your stocks and wait for them to increase, and buy more stocks in a company over time, do not rush the process,
Will all of these general tips on saving and investing, I hope y'all will look into creating an emergency fund, if you have excess money in your savings look into certificate accounts, and investing if you really would like to grow your money at a higher interest rate.
If you are looking forward to investing and using the Robinhood app, my referral link is join.robinhood.com/synovib. If you sign up using my link, we both will receive a free stock. Also, you will be able to figure out how the investing app works and look more into detail on stocks you would like to buy all on your phone.
I hope you guys enjoyed today's blog post. Let me know if you are interested in more saving, investing, and budgeting blog post.
I am planning on creating a financial planner for college students and young adults, would you help me out by taking a quick survey to gauge what young adults would like in their planners and their likelihood of buying one.
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