For all of my life, my mindset approaching money has been from a lack mindset. Learning how to invest was never a priority. The common phrases I am used to are:
“We can’t afford that.”
“It’s too expensive.”
“Don’t waste your money.”
“Money doesn’t grow on trees.”
Yet, at the same time charging things on credit cards was completely normal. Especially to have experiences. And for that, I am extremely grateful. I had the opportunity to do some amazing things in my childhood that instilled a love of travel in me even now.
But…
The decision to go to college and take out student loans is a huge part of my existence now even if I try to pretend they’re not there. I won’t be truly debt free until they are gone.
I wish I would have learned about investing sooner. I remember in 7th grade, we played a stock market game that was really fun. However, much of what I heard about it was that it was risky. And it’s for the wealthy people.
Now…
With the invention of YouTube, TikTok, SkillShare, and Coursera, just to name a few, there are more places than ever to teach yourself what you want to know.
And now, I want to know how to invest. I keep hearing about crypocurrencies, NFT’s, and just general bull and bear stock stuff. And I want to be able to understand it and make smart decisions that could set me up for a successful financial future.
A few months ago, I joined Motley Fool. While they send out way too many emails trying to get you to buy other products, I find much of the information useful in learning how to invest.
The reality is that it’s not a get rich quick scheme. It takes patience and long-term commitment to riding out the ups and downs of the market overall.
So, what have I been doing?
For the last year, I’ve been taking the stock recommendations from Motley Fool and other sources to build my portfolio. I follow money Tik Toker’s and YouTuber’s who share practical advice and tips for beginners.
I am building my portfolio by using Dollar Cost Averaging (DCA). Some of my stocks I bought at high prices at the beginning of 2021. Ever since, I have been investing $10-$25 per stock as the prices fluctuate. Hopefully, in the long term this will result in gains as my central price point takes into account the highs and lows.
Now, I still have so much to learn. And I’m eager to keep learning more about investing so that I can travel the world and work from anywhere. This is just one stream of passive income out of many that I plan to develop.