It's an easy way to build a portfolio. So, now that you understand the basics of investing, why would you invest versus just saving your money - especially since there is the risk of loss? Because, over time, investing has provided better long term returns that other places of putting your money. And if you want to retire someday, you need your money to work for you and grow.
Saving alone will probably not get you to where you need to be. They're historical - meaning that because this happened in the past doesn't mean it will happen exactly the same in the future. However, for the long term, investing has outperformed keeping your money in cash over the long run. So, if you're 30 years old, and looking at how to grow your money to a solid amount by the time you're 65, investing is the way to go. Savings alone just won't cut it for you.
Now that you know the basics of what investing is and why you should invest, you need to understand some basics on getting started investing. Long term returns on investing typically outperform other investments. In the account, the money grows tax free, but you can only take it out without penalty in retirement - which can be limiting for some. But the tax benefits make it worth it!
You are better off just savings your money, or maybe looking at a Certificate of Deposit. Remember, investing is for the long term, and in the short term, you can lose money. If you need the money in the near future, you likely shouldn't invest. If you want to invest for the medium term, and don't want your money locked up into retirement, you can still open a regular brokerage account. This is the actual account that holds your investments.
It's a little different than a savings account, and you usually have to be at a different company than your bank. Where you open your account really depends on how much you want to do when it comes to your investments. If you don't want to think about investing at all, and just want it all handled for you, you might consider investing at a robo-advisor like Betterment.
With a tool like Betterment, you open an account, answer some questions, and deposit your money. Betterment handles the rest for a small annual fee. It's that easy. You can even setup direct deposits and have it done automatically for you! Check out Betterment here. If you want a little more control over what you invest in, maybe want to pick some of your own investments, check out M1 Finance. They are a free investing platform that requires a little more work, but they do allow you to customize your portfolio beyond their basics.
And best of all, it's commission-free.
Investing – beginner’s guide
Check out M1 Finance here. Once you have your account open, you need to actually invest your money. This is a step that some people forget to do - they simply deposit money into their brokerage and nothing happens with it.
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If you're investing at a robo-advisor like Betterment, this is taken care of for you. But if you're investing anywhere else, you need to go in and choose your investments. This is the hardest part for most people, because it can be scary and confusing about what to actually invest in. Here's we like to keep things simple, especially if you're reading Investing for Dummies.
That means a simple, small, low cost index funds portfolio.
Retirement Investments for Dummies: Get the Answers You Need to Rest Easy
Here's a few examples we recommend: Lazy Portfolios. If you like the investment, you simply find the symbol the letters representing the investment , enter that trade, and you're set. If you're investing on M1 Finance, you can setup each symbol as a pie slice to make it really easy for future investments. Once you're invested, you're not done. I know I will go back to it as I get closer to investing. I was looking for a book that provided details on investment opportunities in up and coming technologies and alternative energy sources and this book delivered I have learned about new concepts and technologies to put on my watch list and companies to monitor.
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Energy Investing for Dummies is now available. Here's what people have said about the book: Dummies has published yet another 5 star book, this time Energy Investing for Dummies. This book will provide the tools you need to become an energy investor all on your own. Energy and Capital editor Megan Dailey looks into the top five renewable industries in the world and identifies the final hurdle every one of them will have to cross soon The future of personal transportation will not be defined by the internal combustion vehicle, nor will it require gasoline.
Here's why Wind Power has the most to gain from the Trump Administration. Will Donald Trump go down as one of the biggest advocates for renewable energy? Lithium has been the front-runner in the battery technology market for years, but that is all coming to an end. Elon Musk is against them, but Jeff Bezos is investing heavily in them. Hydrogen Fuel Cells will turn the battery market upside down and we've discovered the tiny company that is going to make it happen.
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