INVESTING 101How to Start Investing for the Future

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about investing.

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Why is investing important?

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“Investing is a great way to make your money work for you and grow your savings.”

- @SFCUNews

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“Savings and being debt free are great starting points, but investing is what will truly help you grow

your money.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Investing helps you take the money you earned make more money on it. Making money while you

sleep.”

- Lacey Langford AFC, @FinanceLacey

When should people start investing?

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“As soon as you start earning money you should start investing.”

- Kristy Welsh, @WelshKristy

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“Today! Like, seriously. Discipline with your finances is key. If you have a plan in place, make sure

investing is in that plan.”

- Dr. Eric Patrick, @HipHopStockDoc

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“ASAP! Investing is important because you can grow your long-term wealth due to compounding

interest if you start early.”

- @care4yourfuture

What are different ways to invest?

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“You can invest in a 401(k), IRA, individual stocks or bonds, mutual funds. There are a

lot of ways, get started.”

- @SFCUNews

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“The stock market is actually just one piece of investing. It includes stocks, mutual funds, ETFs, and

REITs. But there’s also the bond market, foreign exchange (forex), commodities, and the list goes on.”

- Dr. Eric Patrick, @HipHopStockDoc

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“If you need liquidity, consider CDs to start; if not, index funds are a good option for less

experienced investors.”

- @kevincswanson

What are some mistakes to avoid when investing?

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“Impatience. Invest for the long term. Not investing to your employer’s 401k match.

Low effect on take home pay, but could cost you thousands in retirement savings.”

- @Rod_Griffin

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“I like the mnemonic “Real Texans Can Eat Tacos.” So that’s Risk profile, Tolerance, Commissions, Economics,

and Taxes. Know if you are conservative or aggressive or even in the middle. Know how much you can tolerate.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Investing is generally not a short term plan for building wealth. It works best over

the long term.”

- @Kasasa

What are some simple ways to get started with investing?

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“Start small. Consider mutual funds or exchange-trade funds instead of individual

stocks and bonds.”

- @AirForceFCU

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“Using apps like we mentioned Acorns or Loyal3 are inexpensive and easy ways to get started.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Contributing to your employer’s 401(k) plan, opening an IRA account, or going

with an app.”

- Germeen G., @YourlifeFinance

What are some tools or resources to help you invest?

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“Betterment is a straight-forward site for beginners; allows for diversification and

monthly investments.”

- @kevincswanson

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“Investopedia.com is always great starting point as well as my site thebmex.com. Yahoo Finance is a great

source for news and the app is really easy to use.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Use investment calculators and apps to help you decide in which funds to invest.

Beware of fees!”

- @AirForceFCU

How do you decide how much money should go toward investing vs. paying off

debt?

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“Debt generally should take priority, but that doesn’t mean you can’t do both at the

same time. Automation is the key!”

- @Kasasa

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“Although each situation is different more should be applied to paying down debt. Debt is not something we

want, but with outrageous student loans, we can’t afford not to invest at the same time.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Ideally, do both. Focus on paying off your debt and invest any leftover money into an

IRA or other investment account.”

- @care4yourfuture

What advice do you have for those looking for help with investing?

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“When it comes to investing, don’t be afraid to ask questions. We are all in a

continual state of learning.”

- @catherinebyerly

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“You’ll never know it all, but you’ll know nothing waiting on the sidelines. Get a mentor as well.

Someone who has been in the game. Financial advisor or a family friend who’s been doing it.”

- Dr. Eric Patrick, @HipHopStockDoc

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“Research your options, think about your long-term goals and how your money can

help you achieve those goals.”

- @care4yourfuture

Any final tips for those interested in investing or making more investments?

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“Knowledge is key. If you don’t have it, find someone who does!”

- @Rod_Griffin

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“Don’t fall victim to fly by news!”

- Dr. Eric Patrick, @HipHopStockDoc

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“Do your due diligence when it comes to investing. You are your own money

advocate.”

- Lacey Langford AFC, @FinanceLacey

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Check out all the resources and tips shared:

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