I'm currently 18, I already have investments in a variety of conservative mutual funds through the Stash app, however I want to get into actually investing for extra income. I currently have a steady cashflow along with expenses settled. Any advice helps! I have Robinhood downloaded but haven't really tried it yet.
I'd highly recommend reading JL Collin's Stock Series. This is a great resource to teach you about how investing works, and gives you a primer on index funds, stock and bonds. Aditionally (and most importantly) it teaches you how to think about your money so that you don't make the bad decisions that so many people do by panic selling every time the market takes a dip. In general he recommends:
- Pay off any debts you have.
- Educate yourself so you're making the right decision. No one will care about your money as much as you do so make sure you understand what the best approach is for you.
- Invest in total US (or world) market index funds (these are some of the safest long-term investments, that have been shown to consistently out-perform actively managed funds (over the long-term). They have historically averaged 10% returns, which is hard to beat without incurring a lot of extra risk. Use a broker like Vanguard which offers a low management expense ratio (MER).
Do some reading - there’s a lot of books out there
Find your leaning - equities (long term, day trading and everything in the middle), real estate (rental, flip), small business etc... determine what matches your personality profile, some of the above, all of the above etc. Each investment vehicle has its own set of positives and negatives.
Do it. Take action.
You will make mistakes, learn from it