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brip blap

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how to start investing

Started by bripblap · 3 months ago

If you have never invested anything before - nothing - what should be your very first investment?
I am not a financial advisor, so take this with a grain of salt - you should consult with someone who knows your unique situation and can provide advice specifically for you. That having been sai ... Continue reading »

8 comments

  • FourPillars

    11 months ago

    Too many people try and overanalyze the process

    I'd just like to point out that over analyzing can be a lot of fun sometimes!

    Mike
    reply
  • Matt Wolfe

    11 months ago

    I think the real trick is actually forgetting about your investments. You've got to invest the money and avoid checking the ticker every day. You will drive yourself crazy. I think the biggest problem that new investors have is to watch their investments every hour. This type of thing leads to panic selling and making bad decisions. Ignore the prices on a day to day basis and ignore the media that tries to time the market and explain when the market is going up or down.
    reply
  • Mrs. Micah

    11 months ago

    Over-analysis can be fun, but it can also lead to inaction, which is the bad part.
    reply
  • Steve (Brip Blap)

    11 months ago

    Oh, trust me, I am King of the Overanalyzers, and you are right Mrs. Micah - it does lead to inaction. I agree with you, Mike, I love to settle down with a nice Excel spreadsheet and come up with 38 different scenarios for everything I do, but I do it far too much. It's a helpful skill if you're writing a blog, though :)

    Matt, I couldn't agree more. Investing, especially at first, is definitely not any easier if you sit there palpitating every time the market goes up 1% or down 1%. Ignorance is sometimes bliss...
    reply
  • bubelah

    11 months ago

    I am one of those people who cannot help but check my investments almost every day. It's obsessive. It does drive me crazy. I should make a habit to check it once a month, then move to once every six months, etc....
    reply
  • JimB

    11 months ago

    Steve

    Great post - glad to see you advocating keeping things simple. I agree that until you get into hefty savings and investments over engineering strategy is pointless. Cutting out a few expensive dinners and socking away the cash somewhere will have more impact than splitting hairs over different accounts.
    reply
  • Mark Runta

    11 months ago

    Don't forget to invest in some financial education (books, blogs etc.). By the time you get to step 4 you will need some financial savvy to make smart choices.
    reply
  • Steve (Brip Blap)

    11 months ago

    JimB: couldn't agree more. At first the key is to cut costs and save. If you're debating investing in Citibank versus Bank of America at that point, you're wasting your effort.

    Mark: You just wrote step 3.5. You're right, getting educated before getting fancy with more sophisticated investing is critical.
    reply

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