The world of investment has left the highrise offices of Wall Street and is now accessible to anyone, with endless apps and platforms turning trading into a gamified experience. This accessibility has its downsides, mainly that today's youth are given little to no guidance on how to navigate the stock market before it's dropped neatly into their pocket via their smartphone. Fire The Boss is a free source of financial information that aims to bring freedom to those who long to be financially independent and fire their boss! Covering topics from cryptocurrency and personal finance to savings and real estate, Fire The Boss is a one-stop source for every aspect of investing. Here, the experts at Fire The Boss share with us their top-five investment tips that every 21st-century youth should know.
1. Remove your emotions
The stock market's volatility will destroy your confidence and decision-making abilities if you allow it to affect your emotions. The experts at Fire The Boss advise looking at the money you invest as capital that exists solely to be traded and re-invested, not hard-earned cash that will break your heart as it decreases.
2. Don't hesitate
With the heavy pressure of student loan debt weighing on your shoulders or even a degree still to obtain, it can feel daunting even to consider investing. But, the minds behind Fire The Boss share that if you are asking yourself, "when should I start investing?" the short and simple answer is: right now. They believe that investing and building wealth shouldn't be delayed because of debt.
3. Stock picking knowledge is not essential
When you are relatively young and standing on the outside viewing the machinations of the stock market, it's easy to feel as though those on the inside possess some other-worldly skill of precognizance. The Fire The Boss experts explain that being a master stock picker is not essential to start investing, and most investors are not experts at picking stocks; they learned from experience.
4. Avoid analysis paralysis
Analysis paralysis is the long-term effect of constantly hesitating. But unlike second-guessing your choices because of debt or fear, it is often caused by getting lost in research. The experts at Fire The Boss share that being informed is always a good idea, but planning and analyzing moves you haven't made yet leads to dead ends, not profits.
5. Invest in yourself
Your greatest asset as you journey through the stock market is your own mind, so take the time to invest in broadening your understanding and knowledge. The Fire The Boss experts share that you shouldn't get weighed down in research, but they do advise investing your time in learning as much as you can about the world of investing that you are entering into.
Youth can sometimes feel like a disadvantage, especially when you have to play catch-up with those who have many years of experience behind them. But, the experts at Fire The Boss believe that by keeping a few simple tips in mind, you can dominate the world of investing despite your age or experience.
