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Start Investing with These Smart and Easy Steps

Does the idea of investing seem like an abstract idea, or something only "rich" people do? If more of us invested our money rather than let it sit in a savings account, we'd soon see just how fast our money can grow. If you've been searching for "title loans near me" more often than you'd like to, then you may want to start thinking about a new financial plan. The truth is, basic investing isn't complicated. Here's some simple guidelines you can use to begin growing your money and protect your financial future.

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When it comes to investing in the stock market, you never want to put all your eggs in one basket. The best way to minimize investment risk is to invest your money in various asset classes (large-cap stock, small-cap stock, emerging stock or bonds) with a mutual fund. For every share that may do badly in a given year, there are some that will likely perform well, keeping things balanced.

Rule of 115

By dividing the number 115 by your return rate, you can calculate how long it will take to triple your money. For example, if you invest $1,000 with an 8% rate of return, your investment would grow up to $3,000 in 14.4 years. This simple calculation can help you figure out how long it would take to reach your financial goals, and the amount you should be investing each pay period.

Invest Automatically

If you have a 401(k), you can easily practice what is known as dollar-cost averaging. This is an investing principle that automatically sets a specific amount of money for you to invest every month, regardless of what is going on in the stock market.

In other words, you will be buying more shares when stock prices are low and less shares when stock prices are high. No matter how values may fluctuate within the market, your defaulted price point will automatically buy shares that fit your price range.

Invest in Mutual Funds

Investing in mutual funds is probably the easiest way to go about diversifying your investments. By investing in a single mutual fund, you'll in turn be investing in several different stocks, bonds or money market accounts. You can automatically spread you investment across multiple assets with one move. Acorns, a popular online tool for investing, can help you do this right from your smartphone.

Time It Right

Timing is everything, especially in the world of investing. Switching your investments or buying and selling at the right time is key to getting the greatest return on your money. The hard thing is knowing the right time to buy and sell. There's no formula for knowing when the time is right to pull your money from an investment. The best thing you can do is to keep an eye on how your shares are performing and feel it out.

If your shares have consistently been performing well, you could afford to wait it out a bit more to maximize your return. The unfortunate thing is, you never know when an investment has peaked until it is in decline. However, if your shares have been performing less than great and suddenly spikes upward, you may want to consider selling while you can and putting it into an investment that is less volatile.

Half the battle of investing is simply doing the work to get started. Try downloading the Acorns app to start investing today. It's an easy-to-use online tool that'll do all the guesswork for you and help you to get started in investing your money with as little as $5. Before you know it, your days of searching for "title loans near me" will be far behind you as you build your savings up and protect your financial future all through the power of investing.