As CEO of Invest Diva, I believe it’s time to take control of your financial destiny by becoming your own money manager.
In this blog post, we’ll explore the five steps she outlines to help you turn your salary into a flourishing investment.
Step 1: Trust Yourself, Not the Wall Street Pros
I challenge the notion that only Wall Street professionals can successfully navigate the stock market. Drawing from my own experience and success during the 2008 recession, I argue that everyday individuals possess a unique advantage.
By picking stocks from companies you know and understand, you can potentially outperform the so-called experts.
Step 2: Identify Promising Products
Create a list of products you and your family regularly use, indicating those likely to stay relevant. By examining your credit card statements or taking a stroll through your favorite mall, you can identify the parent companies behind these products.
Consider focusing on 5 to 10 companies that resonate with you.
Step 3: Calculate Your Risk Tolerance
Understanding your risk tolerance is crucial in navigating the stock market.
I always emphasize the importance of assessing both your ability and willingness to take risks.
A risk management toolkit, available after attending my free masterclass, can help you determine the perfect strategy for your risk profile.
Step 4: Open a Brokerage Account
To start investing, you’ll need a brokerage account. For the US I personally like trusted platforms like Fidelity, TD Ameritrade (now owned by Charles Schwab), and for beginners, Robinhood.
Select the platform that aligns with your investment goals and financial capacity.
Step 5: Dive into Investing with Chart Analysis
Contrary to popular belief, reading stock charts isn’t reserved for math whizzes. I simplify chart analysis as an artistic skill involving pattern recognition.
Utilize tools like TradingView and TD Ameritrade for free chart analysis. By identifying peaks and valleys, you can understand market trends and make informed investment decisions.
My approach empowers individuals to take charge of their financial future, encouraging them to trust their instincts and make informed investment choices.
By following these five steps, you can start turning your salary into a lucrative investment, potentially thriving even during economic downturns. As I like to say, “make your money have babies” – your future self will thank you for it.
So, what’s the number one company you’re already a customer of? Share your thoughts in the comments below and let the investing mastermind begin!
Have you always wanted financial education to be fun and exciting?! If so, come on over and join the Invest Diva movement here where we champion these principles and strive to make finance engaging, empowering and prosperous for all.
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If you’re ready to become a premium investor and you want to learn how to take control of your financial future and make your money work for you, join me and my fellow Invest Divas and Divos in building a brighter financial future today! Our fun loving and supportive community is ready to welcome!