My First Investment
Ever since my dad was in college, he's been successfully investing in stocks. When I was young, I would hear him talk about "stocks" and "shares," never really understanding what it meant. As I got older, I started to realize that investing money was smart and that if I started while I was young, I could theoretically accumulate a lot of money as time progressed. I mean it makes sense; the economy goes in cycles, but generally grows more years than it shrinks, so buying stocks at a young age and then selling them much later (around 10-20 years) almost guarantees you a profit. And that is what history shows! For example, when my dad was in college BRK-A stock could have been bought for $6,000 and today it is worth nearly $300,000. Some of the wealthiest people in the world grew rich from their savvy choices in the stock market. Though it's clear to see that if it was that secure, everyone would be wealthy too. But it takes interest, disciplined savings and some education. I got really interested in the subject and had long conversations with friends and my dad about the economy and the stock market. A few kids in my grade became officers of our school's investment club; this was indeed a new hobby for me. I am currently taking an economics course, and it's taught me a lot about how the economy works and how it leads to growth in stock prices. Besides sparking interest, it gave me more of a backbone for choosing my stocks. Recently, I was watching the news on the stimulus packages to deal with Coronavirus and that gave me insights on what stocks may go up in the near future (and I was happy to see I was right!) I use the app "Robinhood," which is a user-friendly way to buy, sell, and watch stocks. I think it's excellent and easy to use for beginners like me. I want to write more posts about which stocks to pick, what to look for when you are tracking your progress, success/failures in my investment journey, etc.