Today's video focuses on how individuals can start their investing journey in the right direction. I discuss the many myths surrounding the investing world, numerous resources available from The Motley Fool, and some of the risks involved in investing. Here are some highlights from the video.
- Many myths prevent people from starting their investing journey. One of the biggest culprits is the belief that you need to have thousands and thousands of dollars before investing. That may have been true in the past, but now investors can start with as little as $10.
- The power of investing can lead people to financial freedom. If a person saved $100 a month in their bank account for 30 years, they would have a bit over $36,000 if you account for interest rates. If the monthly contributions were invested in the SPDR S&P 500 ETF Trust (SPY -0.22%) instead, based on 10% annual returns, the account would be worth over $225,000.
- The Motley Fool offers tons of information to beginners for free. These are some articles I would suggest to anyone just starting their investing journey: How to Invest in Index Funds, Fractional Share Stock Investing, and Best Online Stock Brokers for January 2022.
Click the video below for my full thoughts and analysis.