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How you invest is up to you and your preferences. You could hire someone to manage your stocks for you, such as a financial planner, or you could do it yourself. You can also decide your approach to investing. Some people prefer to have an active hand in managing their investments, whereas others prefer a “set it and forget it” approach.
Now that you understand how investing works, determine how actively you want to invest, and consider some of the options listed below to get started, each with their own costs. In many cases, you will pay for a service to help you invest.
Financial Wellness @ Penn is not endorsing any of the services listed below, but instead are presenting you with some common ways that people start investing. It's up to you to decide what works best for you.
For a more detailed guide to investing, visit Investopedia's guide for new investors.
Acorns provides an effortless way to start investing, even when you have little to invest. Acorns connects to your bank account, rounds your purchases up to the next dollar, and invests the difference for you.
While opening a brokerage account and interacting with a human may be the most optimal option, robo-advising provides a similar service at a lower cost. Robo-advisors use algorithms to optimize your investments. NerdWallet provides a comparison of popular robo-advisors.
Brokerage accounts let you purchase assets. NerdWallet provides a guide for how to open a brokerage account.
RobinHood is an app that lets you buy and trade stocks. If you want to learn how to actively invest, this may be a good way to start.
If you're thinking about retirement already, consider opening an IRA. NerdWallet provides a guide to help you understand your options.