All investments come with risk. But the key to getting ahead is consistency. Investing even small amounts on a regular basis is preferable to doing nothing at all.
What is Micro-investing?
Micro-investing is a strategy in which you make small and frequent investments as your budget allows. You can add small amounts of money to your portfolio as often as you like.
How does it work?
The idea is to round up your regular purchases to the nearest dollar and save the difference in an exchange-traded fund portfolio. This way you're adding to your investment every time you make a purchase. You don't have to save and wait for a large lump sum. Remember, every little bit counts!
So how do you know where to begin investing?
Apps like Stock Boss Up can help you get the feel of investing without taking the risk. Basically, you’ll be able to join a group to learn the process, create a fictional stock post, and practice managing your portfolio. You’ll gain from group experience and see your progress on the leaderboards.
Stock Boss Up is dedicated to helping investors in the stock market by utilizing the collective wisdom of the crowd. Their community aims to be entertaining while also teaching members how to improve their portfolio performance.
Find out more here.
Now that you’ve learned what micro-investing can do for your financial future, you can put it into action. Start by doing a little research to find the right micro-investing app for you. Read the reviews to learn what other people's experiences have been. Refer back to your practice experience with Stock Boss Up to help you begin your micro-investing journey.
Remember, every little bit counts on your journey to financial freedom. Invest consistently and you'll start to see positive rewards for your commitment.
I/we have no positions in any asset mentioned, and no plans to initiate any positions for the next 7 days