Despite the opportunities to slowly grow wealth, only 22% of Millennials have taxable investment accounts, in comparison to 29% of Gen Xers, Boomers at 39% and Silent Generation at 53%. Making small investments into the stock market is a great way to grow wealth, and the great news is that anybody can do it. Depending on the amount of money you want to invest, there are a few ways to go about your venture into stocks and trading that will have you on the path to making millions in no time. Or, at least on the path to paying for a small vacation getaway.
Utilize a Robo-Advisor
If you know you want to invest money but don’t necessarily know how to go about it, try looking into utilizing the services of a robo-advisor. This is a service that offers low-cost investment management for you and is a great way to dip your foot into the industry without having to risk too much. These services are typically recommended for beginners as they provide you with easy access to your initial setup and will yield a customized, diverse portfolio from the get-go.
Invest in Other Things
Okay, so stock market investing tips shouldn’t technically include a tip that tells you not to invest in the stock market at all. However, if you find the stock market to be too daunting, there are certainly other ways to invest your money and see big returns. A unique investment such as gold eagle coins from MoneyMetals.com, for example, is a great way to invest in gold while gaining an asset that’s a little easier to trade than pure gold. Adding an commodity like gold to your portfolio is a smart move when the dollar is trending downwards, and experts even note that American Eagle gold bullion coins are perfect for those looking to add precious metal to their portfolio.
Open a Brokerage Account
Brokerage accounts vary from typical savings accounts in that, rather than earning a fixed interest rate on your money like you would with a savings account, a brokerage account earns or loses money based on the performance of the investments you have chosen. Experts advise that if you’re looking to invest over the long-term, then it may be worth considering a brokerage account as part of your savings portfolio.
Remember to Set Long-Term Goals
As you begin to invest in the stock market and other assets, it is important to ask yourself why you are investing in the first place to understand and form long-term goals. To build long-term wealth, try investing small amounts into low-risk portfolios at first and build your way up from there.