20 years old and enlisting soon. I have saved up a sum of $5,000 for investment and I will be saving up $1,000 every month for DCA/investing purposes. How should I go about my investing journey?
I am considering investing the $5,000 into a stock. Some of the stocks I have been looking at are Facebook, Amazon, Mastercard, Sea Limited.
Next, for the monthly DCA, I am thinking of investing through a Robo-advisor. What are your preferred Robo-advisor? I am thinking of Autowealth, despite the $3,000 min investment. Will Robo-advisors be a superior choice over buying the S&P500 stand alone? If yes, why?
Pls feel free to share any idea or criticize. Thank you in advance :D
Hey bro. Good to see you starting your investing journey early. I would be glad to share some of my experience and tips.
Before you start investing, I hope you set aside a sum of emergency fund. Even though it seems irrelevant/insignificant for our age, it's important in the event of a further economic downturn. It will help in giving you the 'holding power' instead of getting forced to sell your shares at a loss. In this period of pandemic, its hard to predict whats next. Do not ever assume its the worst now.
Moving on to the main question, I am curious how would you be saving that extra $1000 per month after enlisting? Since NS allowance is only around $500-$1000, its almost impossible to save up $1000/mth consistently. It is important as it might affect the way you DCA into the market.
Next on stock picking, if you are new, I wont suggest you to go into specific stock picking. I'll suggest you putting that 5k into robo advisors directly.
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Better leave the concept of single stock investing and concentrate on some of the lower risk/better ...
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