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You can’t deny the fact that the world is a harsh place and there are numerous people who would possibly sell you magic cat dung and nail clippings if they could get away with it. Sadly enough, the financial industry is full of opportunists who are more interested in duping you into accepting something that is of no use than actually helping you. They can disguise their feline feces to look and smell sweeter than a bunch of spring flowers.
As far as students are concerned, they’re more vulnerable to such shady tactics, making them the best target for financial companies. You have to be skeptical about almost everything that a person tells you whenever they’re offering you monetary advice. Read on to know more about students and investment.
Things to do to Jumpstart your Career as an Investor
If you’re starting off with small capital, you should get a broker who will agree to accept that amount. Later on, you may increase the total capital by investing more funds on a daily basis.
Calculate and be sure about the total amount of money that you’re willing enough to risk. Don’t forget that investment will always involve risk so you should know your risk tolerance ability.
There are financial vehicles that guarantee profits and provide students with minimum risks. CDs, Federal savings bonds, and even the student savings accounts which are approved by FDIC are all there.
In case you’re able to take on risk and invest for a longer period, you can choose mutual funds or ETFs. Mutual fund companies collect the money and manage them for people for purposes related to investment.
Perform background research of the company. Research their past performance so that you can make a better decision about the company you choose to invest in.
Here are the top 3 investment apps for students:
1. M1 Finance
Over the last few years, M1 has become one of the most favorite platforms as they offer commission-free investing, the capability to invest in several shares, and automatic deposits. All these make M1 Finance one of the best apps for students.
This is yet another popular and famous app that lets you invest for free. Fidelity is an app that provides you with a wide array of commission-free ETFs which allows the majority of the investor to build an investment portfolio that is perfectly balanced. You don’t need any minimum amount to open a Fidelity IRA.
Robinhood is an investment app that allows you to purchase and sell off stocks for free. Users are allowed to purchase or sell stocks at the market price and this app makes limited orders and also stop-loss orders. If you’re not an active trader, then this app will have too much functionality for you.
Therefore, as a student, be careful about the investment steps that you take. Your savings are limited so you typically can’t afford to incur losses. So, take into account the above-mentioned tips and apps.