My initial approach to investing as a complete beginner having never done so before was to do it myself online. I could technically hire a manager to handle a portfolio on my behalf, but I decided not to at first, because I do not feel like I need one necessarily. It would still be worthwhile maybe later on to work with a wealth firm if I am not getting any returns or for handling large amounts of savings. I first heard of the concept back in high school, but I was never convinced back then as I had no savings, and I did not feel ready to embark on it. Fast forward to today, I decided to get into it seriously and officially even though I should have done so immediately after getting my first savings back in 2016. It is one of my life regrets not having done it at that point just to get into it, learn from my mistakes and let it grow over time. Regardless, I was aware that the whole practice of investing has always been prominent in North American culture. Over the years, whenever I would surf the Internet, I would come across countless ads, famous people, teachers and even institutions encouraging ANYONE to get into it. Common arguments included making one’s money work instead of letting it just sit in savings accounts, to beat inflation, to collect dividends or to sell highly demanded stocks at higher prices than when initially purchased. During my high school and university, I did trading simulation projects so I got familiar with the jargon, but even those did not convince me to get into it, because I was so focused on getting international scholarships and opportunities. Now, because I firmly want to earn a living for myself and become fully free and self-sufficient while unemployed, I am diving deep into it to possibly get some good returns in the long run. I then set myself a goal of investing half of my savings into the following:
- Index funds
- North American stocks
- European stocks
- South American stocks
- Asian stocks
- Publicly traded entities that I admired/heard of
Then I asked myself the question: what are the best online platforms used by the most people where I am based and that are recommended by the most relevant searches on the most credible and reputable websites possible? Using a platform tailored for investors based on where I come from is essential to get special benefits and for tax compliance. I also wanted to invest in international stocks from any stock exchanges worldwide. I will have to deal with international regulations and possibly even sort out some paperwork with people from other countries for tax purposes or for proper ownership and much more. Nonetheless, I still want to try it and I will see what happens. So based on my online research, I narrowed it down to three online platforms with one of them being considered as the best for international investing. I decided to omit some platforms that are affiliated with commercial banks, because if I do not use those banks, I will not have access to their services/benefits or be limited with any assistance. I then went on and read everything I could about them from their websites, online reviews and articles while always thinking about my investment goals. I created accounts on all three to test them and their services even though I will only stick with two. Upon learning all I could about them which took me about four days, I decided to let the knowledge consolidate while I was enjoying some outdoor swimming and cycling and having one night of sleep before pouring in the actual total amount I would like to invest into them. With all of that done, all that is left will be to check the accounts once in a while, verify any growth, try to pinpoint my mistakes, discuss and learn from other investors and iterate on my approach over time! Interestingly, during this whole process of reading about investing and actually getting involved in it with my personal savings and not just through simulations, university lectures, textbooks or videos, I actually discovered a deep love for it! I guess, it was cultivated based on my decision of wanting to be free, self-sufficient and not financially vulnerable anymore. I remember in high school, I was very nervous about spending money and I had a phobia (which is still ongoing) about anything finance related. Now, even if I lose money, I love the whole process of it and I speak with a lot of passion when it comes to it which strangely I did not back in high school or university. I get so excited just thinking about it and learning from other investors. There are still a lot that I do not know about such as if I should sell stocks before they crash or if I should read a few financial statements before buying. Regardless, I can’t wait to get some returns and learn from other investors worldwide!!
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