6 Simple Tips Rogue Can Use to Get Started with Investing
You’re never too young to start investing. Rogue is often seen as a rebellious youngster, but that doesn’t mean that she can’t start investing. Indeed, she might be better off investing, since it will give her a chance to grow her wealth. And you never know when you might need a good nest egg.
Indeed, Rogue has been on a number of different teams, including starting out in the Brotherhood of Evil Mutants. When she left to join the X-Men, leaving her foster mother Mystique behind, it was clear that she would need to be able to make her own way. Investing can help anyone prepare for a future that could change — and the sooner you start, the sooner you can build more wealth.
Rogue doesn’t need a lot of money to get started investing, and you don’t, either. Here are 6 tips that can help you get started:
1. Open an Online Brokerage Account
One of the best things you can do is to open an online brokerage account. These accounts are easy to open, and they provide you with the opportunity to invest small amounts of money. You don’t usually need more than $25 to open a brokerage account and start investing. Plus, these accounts are easy to use, and you can start from the comfort of your own home. Often, transaction fees are quite reasonable, so your returns aren’t being eaten away by commissions.
2. Invest Consistently
If you want to see solid returns, consistency is key. Rogue sometimes has trouble sticking to one course of action, but if she can be consistent with investing, she should be able to build wealth without too much trouble. By making regular, consistent investments, it’s possible to grow a portfolio to the point where it is of a good size. Plus, you’ll be able to take advantage of dollar-cost averaging, which means that you are buying when prices are low.
3. Make it Automatic
Ensure that you are investing each month by making it automatic. Most online brokerages will automatically take money from your checking account and put it in your brokerage account. Then, you can have a standing order each month to buy shares of a stock or a fund. Automatic investing means that you don’t have to think abut it all the time, and that your portfolio is growing anyway.
4. Start with Something Simple
Complex investments can be daunting. However, you don’t have to start out with something difficult to understand. Stocks and index funds are fairly straightforward. You shouldn’t invest in something you don’t understand, and that means that you can benefit from simplicity. Index funds are favorites amongst beginners because the offer diversity while at the same time providing some protection against risk. Plus, they are easy to understand. You are more likely to have long-term success with a simple investment strategy.
5. Don’t Invest More than You can Afford to Lose
Before you start investing, you need to understand your risk tolerance. You don’t want to invest more than you can afford to lose. Additionally, it’s important to realize that your money will be tied up to some degree. While you can sell your shares for money, it takes a few days for the transaction to be completed, and for the money to end up in your bank. Don’t put money that you can’t have locked up in an investment account. Carefully consider your situation, and then only invest what you can afford to. You don’t want to over-extend yourself with your investments.
6. Increase What You Invest When You Can
Finally, you want to make sure that you are paying attention to what you can afford to do. What you can afford to invest when you first start out is probably less than you can afford to invest later. As your income increases, or as you find more ways to save money, increase what you are investing. The more money you can set aside to grow, the more you’ll have in the end.