Do you want to invest your money early to make your future richer? If so, then these are some ways for college students to start investing their money. The easiest and simplest way to save money is to save money every year or month and store it in a bank account. The earlier the better, because you can gain interest on the money in the bank account. Some other ways to invest your money is to invest in the stock market, invest in retirement accounts and opening specific bank accounts.
Investing in the stock market can be confusing and overwhelming, but the stock market is becoming more easily accessible to the general public. The first thing you need to do to invest in the stock market is to do your research. You need to decide how you want to invest in the stock market and how you want to invest. Then you need to decide if you want to find an online broker or invest in stocks on your own. A broker helps people buy, trade, and sell stocks. Some online brokers that you can use are E*Trade, TradeStation and Interactive Brokers. Then you can decide what stocks to invest in. Some apps that help with investing are Robinhood, M1 Finance, Fidelity and Streitwise.
Another great way to invest your money is to invest in your retirement funds. First you need to decide how much money you want to have when you retire. Studies say to be able to afford to retire at age 67, you need to save 15% of your annual income every year. You should invest this 15% of your income into a 401K and/or Roth IRA. A 401K is a retirement plan through your employer, and a Roth IRA is a government retirement plan that you handle individually.
Another way to invest your money is to invest in bank accounts. Some of the best bank accounts to invest your money in are Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and many more.
These are just a few ways to invest your money and it is never too early to start saving and investing in your future.