stock market (1)The stock market has made people millions of dollars over the years. People have also lost their life saving due to horrible stock advice. If you’re planning on getting into the stock market game, you should make sure you know what you’re doing. In this post, I will be going over some stock market tips for beginners. Who knows, you could become the next Gordon Gekko.

Don’t invest more than you can afford to

The first tip is never to invest more money than you can afford to lose. Don’t be foolish because you may think you have found a lucky stock. If you can’t afford to invest, don’t do it. Money markets are something that you should check out if you don’t want to risk too much. Money market investing can be done through individual accounts or as a part of a pool in a money mutual fund. Money markets are very safe investments, but they yield the lowest returns.

Risks

The more money that you have to invest, the greater your chances of taking risks will be. Try not to make any crazy risks, though. As a beginner, it is good to invest in what you know. If you are familiar with a product or company, you should research them. If their stock is doing good, you should invest your money with them.

You also have to ask yourself how much money you’re willing to risk. Can you risk $500 or can you afford to risk $5000? There is no right or wrong answer. Every single person has different amounts they can risk.

Long term

While short-term wins are great, the stock market should be for long term investing. Everyone is not cut out to become a day trader. The best thing for beginners is to stick with your stocks for the long haul. Take advantage of what you already know about the company. From there, make the decision to invest or not. The main thing to remember is that you’re investing for the long term. Your goal is to see growth over time. If you make a good choice, I’m sure you will be doing good a few years down the road.

The stock market isn’t a get rich scheme. You should not buy and sell stocks too often.  You will never make any real money by doing that. You would have a better chance of flying to Las Vegas and winning at blackjack than buying and selling stocks that you really don’t understand as a beginner.

Understand the basics

When beginning with the stock market you need to make sure you know the basics. Learn the jargon. The stock market has a lot of terms. A few that you should be aware of are bear market, broker, dividend, exchange, hedge, IPO, portfolio, rally, and volume. You should also understand the stock market order types, the financial metrics and definition and the methods of stock selection and timing.

The stock market is a great place to grow your money for the long-term. Your return will be better than it would be if it just sat in your bank account. When getting stocks, make sure that you research and make good decisions.

Disease Called Debt

argument-238529_640This is a guest post from Pauline of InvestmentZen.com

When it comes to earning, spending and investing money, I am fiercely independent. I don’t want to report to anyone, justify my spending or share too much about my financial life. However, I am also aware that if there are two of you, you are much stronger together than alone. It can be complicated, and probably will be, until you have a strong enough relationship to trust each other, support each other, and consider all your efforts are made for the greater common good.

Living on one income requires a sacrifice on both parts. But if you are able to save 50% (or more, if you live on the smallest income) of your joint income, you can retire as a couple in less than 17 years. That is assuming a 50% savings rate, 5% returns on the market, and a 4% withdrawal rate in retirement. First, you need to make sure you are both on board. You can’t make it work if one of you is dragging their feet. Then, you must define your financial priorities. Where will the savings go? Will you invest the money? Will you pay off your mortgage early? Will you keep six months worth of expenses in case an emergency arises, or just three? How much will each person be entitled to as a no questions asked allowance?

And since you are now living on half what you were before, you will need to cut on some stuff. What do you start with? It can’t be just one person’s hobbies, even if there is usually a spender and a saver in a relationship, you can’t deprive just one party. It has to be a joint effort.

Again, because money is often the cause for tensions and even divorces, communication is key. You have to gently encourage your other half to drop their coffee habit, or their gym membership if they haven’t gone in a year. You can’t point fingers and say they are the cause of your financial ruin. For everything you cut on, try to find a satisfying alternative. Think of it as a financial diet. You must stay off the chocolate, but you can have as many strawberries as you like.

So if you cut on expensive nights out, try to find frugal ideas to keep having fun. A picnic with your friends, a camping trip at a nearby state park instead of a hotel getaway, and so on. The easiest things to cut on will be the ones you share as a couple. Date night at your neighborhood restaurant can easily be substituted by a gourmet diner at home. It might be a little trickier to get your friends and family on board, but from personal experience, I have found out that if you suggest something equally entertaining for half the price, most people will happily come along. Once in a while, they’ll still suggest expensive outings, and that is when, as a couple, you will have to decide whether there is room in your budget for that or not.

There are so many ways to save money if you are a little resourceful, that even if you live on one income, there should still be enough left for the occasional treat. But it has to remain just that, occasional. You can quantify it from the start. For example, you both get $100 a month to do whatever you please with it, and then you get $100 as a couple, to either spend now, or save and grow for a bigger treat. That way, no one feels deprived. And if your $100 are gone by the 10th, that’s it for the month.

But globally, living together should be saving you money compared to single life. You share living expenses, you don’t go out as much as you used to, etc. So if you are aware of that, you might find out that living on one expense isn’t that much of a stretch. And it can definitely help you build a solid financial future.

PTMaking extra money is something that a lot of people want to do. Whether they are paying off debt or saving for a trip, extra money comes in handy from time to time. In the past, I’ve discussed different ways to make extra money doing things like blogging or selling stuff on eBay. Today, I want to go over five part-time jobs that you can do to make extra money.

Restaurant Server

The first job that you can do to make extra money is to become a restaurant server. If you have a 9-5 gig, working on the weekends at a restaurant will be perfect for you. Weekends are usually the busiest time at most restaurants anyway, so you can probably make close to $100 a shift. If you work at a top tier restaurant, you may be able to bring in close to $300 each day.

Car Valet

The next job that will help you make extra money is to become a car valet. This is another job that can be done on the weekends or weeknights after work.  Valets get paid by the hour plus they earn tips. The amount of money that you can make depends on where and who you’re valeting for.  Certain hotel brands may be good to work for.

Bartender

The third job on the list is to become a bartender. If you know your alcohol and know how to mix drinks, you will always be able to find a part-time job. I have several friends who have been bartenders over the years. They can make hundreds of dollars on Friday and Saturday nights. If they decided to do private events, they could make even more money. The better the drinks are, the more tips that the bartenders can get.

Retail

Working retail is the fourth job on the list. Many retailers are flexible with their hours, so they allow some people just to work on weekends. Retail positions are very popular around the holiday season. Those businesses are looking for as much help as they can get. I’ve worked retail as a part-time job before. While you won’t make as much as you can as a server or bartender, it’s still a very easy job.

Part-time driver

Driving part-time is the last thing on the list. It’s not technically a job, but you can make a lot of money driving part-time with Uber or Lyft. I have a friend who used to drive for Uber. She would make about $300 a week driving for them part-time. That’s not bad for working 15-20 hours each week.

Those were five jobs that you can do to make extra money. There should be no complaining if you are making enough cash at your full-time position. There are options out there for you to earn more. Some of these jobs may pay more than others, but you should find one that you like. Figure out which one works for you and start bringing in this extra money.

What have you done to make extra cash?

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