The idea of investing can seem terribly haphazard, especially if you've just finished watching Wolf of Wall Street. What are you going to do with your money? Invest it? Is a money market better? Or what about bonds? But do you know what are you're doing? No? You should start reading then. Even if you chose to have broker do your investing for you, staying up to date with the latest information helps make better long-term financial decisions.
Here are six websites you should be reading, subscribing to or studying.
If you have questions relating to money and finance, then Investopedia is where you turn. An easy to understand dictionary, guides, calculators and stock stimulator can help students and investors alike. If you're not ready to dive into the investing world, there's the Stock Market game, which can give you a practice run and compare how you do with investors without losing money.
One of the more extensive websites, Seeking Alpha provides crowd sourced investing information on over 8,00 tickers. Stock analysts, traders, economists and industry experts create the content and editors curate. Since a community creates Seeking Alpha Investing content, advice is typically from the buy-side of the market.
3. SEC EDGAR
If a company is public, than the SEC has a slew of information on the company that's beneficial for investors. The company's prospectus provides background information on business operations, history, financial conditions and risk assessment— all of which has been audited by a CPA. The 10-K and 10 Q are annual and quarterly financial reports. You can also learn about owner(s) information, any ownership changes, criminal behavior and any legal scuffles. Plus, the SEC kindly provides red flags in the footnotes of company filings.
Yahoo Finance offers real time information on stock quotes along with financial reports, aggregated content and original content. The good stuff is the SEC filings, analysts' estimates for quarters, and ownership data. Plus, you can easily create and save screeners to filter and track stocks based on your investing preferences. Another valuable tool is the "My Portfolio" tool, which can serve as your home base with real-time stock performance and news.
Bloomberg's websitse, newsletters, magazines, live stream TV and radio offer comprehensive economic, business and stock market news and data. Started by former Salomon Brothers partner Michael Bloomberg, the company began as terminal computer system for Wall Street Firms. Basically, it's made by serious investors for serious investors. If you're trading in foreign markets, Bloomberg's around the clock and around the world stock coverage is a serious asset. Even if you don't have an extra two grand for subscription fees, there is plenty of free valuable content.
6. Bank Rate
If you're a what if's person, than Bank Rate will make your heart pitter patter. Use Bank Rate to calculate and compare rates for bonds and CDs. Or use the Investment Calculator to see if your investments are on track to match your goals.
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.