Investing in stocks for the first time
Match with a pre-screened financial advisor that is right for you. Answer 20 questions and get matched today. Connect with your match for a free, no-obligation call. How to Fund Your Account If you plan on buying stocks via a retirement account like an IRA, you might want to establish a monthly recurring deposit. For all other types of investment accounts, establish clear investing goals and then decide how much of your monthly budget you want to invest in stocks.
You can choose to move funds into your account manually or set up recurring deposits to keep your stock investment goals on track. Here are a few things to keep in mind as you set your investment budget and fund your account: Mutual fund purchase minimums. Many stock mutual funds have minimum initial purchase amounts. Be sure to research different options— Morningstar is a great resource—to find ones with zero or low minimums to start investing in stocks as soon as possible. Trading commissions.
If your brokerage account charges a trading commission, you might want to consider building up your balance to purchase shares—especially individual stocks—until the commission only represents a small fraction of your dollars invested. While not all mutual funds have loads, knowing before you buy can help you avoid unexpected fees. Savarino, an investment advisor representative at Rooted Wealth Advisors , explained.
The market is cyclical, so if you begin investing when the market is setting record highs, the chances of the market declining eventually are very high. And that will happen. What else should beginning investors know before buying stocks for the first time? Understanding an investment includes knowing what you are investing in, how it impacts your financial plan and where to hold it.
Zigmont suggested looking for an advice-only, fee-only fiduciary certified financial planner.
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