So in 2020 I learnt my lesson.
I need to build up some savings for when the bad times come.
But savings alone will not be enough.
With the current non-existent interest rates savings will just be eaten away by inflation.
I've realised I need to go one step beyond and enter the world of investments.
This is new territory for me.
The only 'investment' of any sort that I have ever made has been our property. And that will just be for the children when the time comes.
Any spare cash I've ever had in the past has just gone into a bank account or a few Premium Bonds. And I haven't found favour with Uncle Ernie so far.
I need to try my hand at investing.
But I don't know what and I don't know where.
That is my task for the year.
I am going to take it slow and steady, learn on the job, and invest little by little as I gather money and gain experience.
I watched this 'Million Dollar Cup of Coffee' video from Larry Jones on YouTube that gives me encouragement...
It is rather late in the day for me to make a million but you have to start somewhere.
I think I can manage £10 ($13.5) a day at the moment so that is my starting point.
Popping some numbers into one of these investment calculators can be fun...
In his video Larry throws about some wild 35% annual returns.
That's too fantastical for my way of thinking. I'd settle for a more realistic 10 - 15% per year if I can play my investment cards right.
First I have got to learn about investing.
I am going to try my hand at both stocks and crypto.
Crypto might be fast and furious but I fear the road might be too bumpy.
Stocks may be a little more safe and steady but I know they can be dice rollers too.
So my investment journey begins.
For stocks I am setting up an account on Freetrade...
This seems to a popular free trading platform for the UK. I believe RobinHood is the main equivalent in the US.
If anyone has any experience of using Freetrade in the UK do let me know.
For crypto trading I need to find a UK friendly, easy to use for beginners exchange.
Any recommendations?
I now begin my studying in earnest, and hope to make my first stock and crypto purchases in the next few days.
This could be fun, or it could be fearful.
Hot tips welcome...
[ image from pixabay.com ]
Posted Using LeoFinance Beta
You win or you learn my friend. Keep learning and you will find yourself getting luckier. ;)
Hi Zeke. I love learning, and winning is good too. But I know you can't win all the time, but you can keep learning!
You bet my man.
It has been a while and I hope you are happy and healthy.
You can try Binance, I think it is not for nothing that it is considered the best in the world, and many training lessons make it pleasant and easy to understand.
Posted Using LeoFinance Beta
Thank you, will check it out.
There are lots of good articles here on @leofinance where you can learn a great deal about investment. @taskmaster4450le is very knowledgeable about such matters. I have him on my follow list. Also there are a great many that do well that post here.
Posted Using LeoFinance Beta
Hi Dan, yes I've been getting to know LeoFinance - some good material there. And always reading TM4450.
I've started on FreeTrade too, mostly looking at dividend paying stocks and trying to build up a retirement plan. If you need any help getting started or learn from my mistakes then give me a shout. Don't forget to fill in the tax form if you plan to buy any USA stocks (you'll get charged 30% tax on them otherwise - form takes it down to 15% and then that 15% can be used against your personal tax allowance if needed).
Also note you don't need the ISA unless you're earning more than £2k from dividends/capital gains per year (capital gains only gets applied when you sell a stock and you can DCA or Dollar Cost Average to bring that down).Hi @pennsif !