Part 3/8:
One of the most effective strategies for prospective investors is to set up automatic purchases. By designating a small amount, say one dollar per week, for investments—whether it be in stocks like Tesla or a more diversified option like the S&P 500—an investor can take advantage of the power of dollar-cost averaging. This means that regardless of market fluctuations, investors will be purchasing shares at varying prices, ultimately mitigating the risk of trying to time the market.