6 answers
1
Question
Asked
425 views
As a Stock inverstor, how do you know or learn what stocks will grow your money?
Im a senior interested in exercise science, I plan to own my own private gym but I also want to earn passive income from stocks.
Login to comment
4 answers
Updated
Jeffrey’s Answer
You've received some great advice so far, and kudos to you for planning for the long term here! Stocks are a great way to create long-term wealth, but it requires patience and a willingness to weather the ups an downs of a dynamic market - buckle up, but you got this!
One thing I'd recommend is, if you haven't already, invest some time in learning some of the basic principles of how markets work, the different kinds of investments you can make, and especially the general levels of risk involved with each. A great resource I'd highly recommend is a book called, "A Random Walk Down Wall Street" (https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393330338). It covers everything from the basics to more advanced trading topics like options and derivatives. And it even looks like it's been refreshed several times over since it was recommended to me years ago.
Hope this helps, and wishing you all the best with your investments and your future gym!
One thing I'd recommend is, if you haven't already, invest some time in learning some of the basic principles of how markets work, the different kinds of investments you can make, and especially the general levels of risk involved with each. A great resource I'd highly recommend is a book called, "A Random Walk Down Wall Street" (https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393330338). It covers everything from the basics to more advanced trading topics like options and derivatives. And it even looks like it's been refreshed several times over since it was recommended to me years ago.
Hope this helps, and wishing you all the best with your investments and your future gym!
Updated
Michael’s Answer
Hi Jamir,
Investing is a long game, so it's great that you are already thinking about investing for your future.
I would highly recommend you listen to the Rich Habits Podcast: https://richhabitspodcast.com/ to gain their perspective. You will learn A LOT about how to best position your finances in a way that works for you. I certainly have.
Hope this helps!
Investing is a long game, so it's great that you are already thinking about investing for your future.
I would highly recommend you listen to the Rich Habits Podcast: https://richhabitspodcast.com/ to gain their perspective. You will learn A LOT about how to best position your finances in a way that works for you. I certainly have.
Hope this helps!
Updated
Garrett’s Answer
So first 8 out of 10 people who "day trade" invest in single stocks end up broke 2ed there is no such thing as passive income that's a TikTok thing and they're is just no such thing unless your talking about your 401k then invest in good mutual funds with a good long track record 20+ years and stay in don't jump in and out trying to time the market
Hi Garrett! You mentioned an interesting statistic that "8 out of 10 people who 'day trade'...end up broke". Could you please cite your sources for that number? This can help learners decide if the stock market is something that they actually want to participate in
Gurpreet Lally, Admin
Updated
Shaneh’s Answer
I'm just in the middle of a move right now but I'll have all my stuff unboxed by January 1st if you want to reach out to me on linkedin and remind me to tell you the name of the two books I read. Someone gifted me these two books for christmas when I was 25 and i remember being upset -- turns out it was the greatest gift! I started investing after reading them. Like what other people already said, it's kind of hard to really know WHICH stocks to buy but the books I read were kinda like "for dummies" type books, and just tell you HOW to invest and what to invest-- the safe bets. Grocery stores, old banks, etc.. stocks that give you back dividends. You're not gonna be making passive income right away but once you read these two books you'll understand how it'll work out for you in the long run.
Also side note, since you're still so young, if you haven't already - you should be learning about crypto. I kinda gave up on it a few years ago and I'm trying to catch up now. It's high risk, high reward with a lot of it but there's also low risk stuff you can invest in. Either way, I think it would be extremely valuable to learn about for someone that's young because in a few decades, crypto will be the norm so it's still early enough to get in now.
Also side note, since you're still so young, if you haven't already - you should be learning about crypto. I kinda gave up on it a few years ago and I'm trying to catch up now. It's high risk, high reward with a lot of it but there's also low risk stuff you can invest in. Either way, I think it would be extremely valuable to learn about for someone that's young because in a few decades, crypto will be the norm so it's still early enough to get in now.