01/13/2024
Getting started in stocks…….
Individual or group (family, friends)
Individual, set your own budget. Don’t short yourself. If you’re going to dinner, happy hour, sports events, whatever your extra income goes to, use some towards your retirement.
Group or family, set monthly dues. I recommend $100 each. You can always do more on your own. No one should own more than 50% of the account.
Open a brokerage account. Groups can choose a two signature account. If a family, one parent and one child. Everyone can be on the account. Switch the roles of members yearly. President, vice president, treasurer, secretary.
Pick a stock to study. From Fortune 500 companies to small cap firms (penny stocks). The more stable the company, the better the results. McDonalds (which I don’t eat) is not going anywhere. Apple, GE, Intel, Amazon, etc are the same. AI stocks are about to get really hot.
Cryptocurrencies (some EFT’s) and w**d stocks are still going through government and banking regulations and approvals.
Groups have more purchasing power for higher priced stocks. Individuals have to be more disciplined.
I have a simple rule, if I buy it or learn what is popular with people around me, it’s something I want to look at. Again, McDonalds, Nike, Apple, Amazon, etc.
Create a watchlist to keep track of your stocks. Sometimes you have to save up for a few months to buy.
For those that get tax refunds, this is an excellent way to get started. The IRS has saved your money for you. Don’t blow it!
More saving strategies to follow. Feel free to share some of yours. A few of my favorites…..Acorn, dollars with my initials on them, all loose change, $2 bills.
Get EXCITED!!! More info to come 👍🏾✊🏾
