Feb 07, 2017 07:30 AM EST
If you are a college student, having an extra income or money on hand is rare, considering the increasing rates of college education costs. If you have set aside a little savings from your summer job or a small inheritance you have kept in your savings account, you may actually want to consider investing.
Young people at this stage are not yet very well experienced when it comes to financial matters, as they have other things that keep them preoccupied, but if as early as now, investing is something that already interests you, just know that it is never too early to start. Here are some tips to help you guided for a start.
Learn as much as you can
It is important that you invest in your knowledge, according to Young Finances, and this is something you can do by taking time to read books and articles, and other reading materials and resources that will help enrich your learning in becoming a successful investor. Focus on the ones that will improve your skills in terms of analyzing stocks and developing a winning strategy.
Pay off your high interest debts before anything else
Once you have decided to invest you money in the market, it is important to make sure that your outstanding loans and credit cards with high interest rates are paid off, according to USA Today. This is actually how you can get a guaranteed return on your money because you will no longer have to worry about paying future interests on that card.
Select a brokerage
If you have made up your mind and want to start making investments, start with opening or creating a brokerage account, and your two options are online and traditional firms. Traditional firms are the ones that can provide personal advice and services, while online brokerage firms offer easy investment systems.
© 2017 University Herald, All rights reserved. Do not reproduce without permission.