We all know that you should never put all your eggs in a single basket. However, just how many baskets you should have and how many eggs should be held in each of those is a complete mystery to everybody. Unfortunately, I simply saving up your money is not enough to build a financial future. Instead, you must invest your savings. Yet, making an investment is not seen as something particularly safe or secure, which means it feels like the wrong thing to do with our money. However, according to Dan Purjes, investing on the New York Stock Exchange is something all of us could consider.
Dan Purjes on Investing on the New York Stock Exchange
Pick up any copy of the New York Times and you can guarantee that at least one main story will be about some sort of investment going sour or an asset turning out to be worth millions overnight. It seems that I will never be a final list that tells you exactly what is and isn’t a good investment to make. However, this is also one of the things that makes investing so exciting. Yes, the stock market is risky, but it is also an acceptable risk.
The economy in this country is thriving and this is why the new New York Stock Exchange is one of the largest and most interesting in the world. However, many of us believe that only professional investors and Wall Street professionals are able to get into it, which is simply not true. According to Dan Purjes, there are a few things that you need to be aware of.
- The time for shadow boxing is over. Educate yourself instead of relying on the media and the brokers. Go to the New York Stock Exchange’s website And educate yourself on things such as the rules and regulations, the investor relations, an overview of the bonds, company listings, market activity, and so on. Do also take advantage of the available independent outreach and investor education programs.
- Open up your investment account. It is time to bite the bullet and get started. Investigate the different brokerage accounts and pick the one that feels right for you. You can often do this through your bank and it is increasingly common for brokerage accounts to be available online, which means you don’t even have to go to a bank.
- Start building your portfolio. Through the New York Stock Exchange website, you can store as many as 20 different stocks. This is a great opportunity for you to see how the stock moves and whether they are worthy investments or not.
- Swim with the flow. Once you are at this point, you really aren’t a novice anymore and you need to stop treating yourself as one. Have confidence in your ability and in the research you have done and the things that you have learned. Having a positive, winning, can-do attitude is as important to making solid investments as experience.
- Have a checklist. Once you start making investments, you need to monitor them against variables that work for you. Additionally, you will have to perform daily actions, such as monitoring stock movements, buying and selling, and more. Having a checklist to hand will make this a lot easier.