Investing may seem daunting at first, especially if you get started when the market is experiencing a crash, but it doesn't have to be a terrifying ordeal. If you do your research and due diligence, you should be well on your way to a healthy and robust financial future. Do you want to learn how to invest money but don't know where to begin? We've put together this guide for beginners to help you grow your hard-earned money, even when the market gets rough.
There are generally three types of investing styles.
- DIY Investing
DIY or “Do-It-Yourself” investing is a more hands-on approach. It requires you to do all of the research yourself. You will also have to keep track of your stocks regularly, which can be time-consuming. On the other hand, it means you have total control over what is in your portfolio.
If you prefer to invest yourself, then find a stock broker and open a brokerage account. E*TRADE is our recommended stock broker, as it offers low fees and excellent service. Once you have an account open, you can begin buying and selling individual stocks on your own. You can also invest in an index fund, which tracks a stock index like the S&P 500.
- Passive Investing
This “set-it-and-forget-it” approach to investing is for people who don't have the time or interest to do all the heavy lifting themselves. There are a lot of options out there if you want to hire someone to invest for you. You can invest in mutual funds or invest in exchange-traded funds (ETFs) through a robo advisor.
If you'd rather not be too involved in the investing process, then you'll probably prefer using a robo advisor. These platforms do all the work for you, once you've answered a few questions about your investing goals and how much risk you want to take. Betterment is the biggest robo-investing platform in the industry, and it's a good starting point for beginning investors and a useful platform for more experienced investors.
However, there could be a limit in what you can invest in. You can also use a service such as the Paladin Registry to locate a fiduciary investment advisor who'll act in your best interest.
- Getting a Stock Advisor
The third style is a cross between DIY and passive investing. Hiring a stock advisor or signing up for stock picking services can be a way to pick and choose stock on your own while getting the insight of an expert. You will still need to have your own broker account, but you can leave the time-consuming research to others.
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