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You can’t deny the fact that the world is a harsh place and there are numerous people who could possibly sell you magic cat dung and nail clippings if they could easily get away with that. Sadly enough, the financial industry is full of such opportunists who are more interested to dupe you into accepting something that is of no use to you. They can disguise their feline faces 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 and hence they are the best target for the financial companies. You have to be sceptical about almost everything that a person tells you whenever they’re offering you monetary advice. Read on to know more on 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 which you’re willing enough to risk. Don’t forget that investment will always involve risk and hence you should know your risk tolerance ability.
? There are financial vehicles which 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. You should be smart about deciding.
? In case you’re able to take on risk and invest for a longer period, you can choose mutual funds of ETFs. Mutual fund companies collect the money and manage them for people for purposes related to investment.
? Perform a background research of the company. Research on the past performances and you can take a better decision about the company you choose to invest in.
The top 3 investment apps to help a student
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 they also offer you automatic deposits. All these make M1 Finance one of the best apps for students.
This is yet another popular and famous app which lets you invest for free. Fidelity is an app which provides you with a wide array of commission-free ETFs which allows majority of the investor to build an investment portfolio which is perfectly balances. You don’t require any minimum amount to open a Fidelity IRA.
Robinhood is an investment app which allows you to purchase and sell off stocks for fee. 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, being a student, you have to be careful about the investment steps that you take. Your savings is limited and hence you can’t afford to incur losses. So, take into account the above mentioned tips and apps.