I am sure that everyone dreams of hitting the multi-million dollar jackpot, failing into a large sum of money, or finding a job that pays you a ridiculous amount of money; I know I think about being so lucky on a daily basis. However, the truth of it is you have to earn your net worth…..unless you are part of the lucky minority that has a nice inheritance to fall back on.
So what have I done to make money to help pay my bills and start myself on the path to being financially sound in the future? The answer is investing; for me it started at the age of 17 when I decided to get my first CD, when I turned 19 I started to dabbled in real estate eventually leading up to investing in mutual funds and bonds through a financial advisor. Making money has become my drug, with that first CD back in 2000 being my gateway drug. Just like a drug addict, I always wanted more kickback: a greater return on investment, which leads to me to where I am today; ready and raring to go make my millions in the stock market. Before I dive into something, I like to do my research, and learned that technology can help educate people on how to invest in the stock market, which I will now share with my readers.
Before the time of the internet people would have to go to library or some type of schooling to learn the ins and the outs of the stock market. For most of us, we can’t make investing our fulltime job; however, I have used two websites that crammed a great deal of knowledge into a small time frame: Investopedia and MarketWatch. They say the best way to learn something is through experience, but when it comes to the stock market you don’t want your learning experience to cost you your life savings. With today’s technology, we can play stock market games, on both Investopedia and MarketWatch, virtually.
MarketWatch’s version of the stock market simulator is called the Virtual Stock Exchange (VSE) and Investopedia’s version is called the Stock Simulator. Both are setup very similarly: public and private games, select starting cash, setting different trading options (like short selling), defining a start and end date; however, I tend to lean towards using VSE since the delay is only 20 minutes instead of the 40 minute delay the Stock Simulator had. You can simulate a real world situation by starting a game with the amount that you are thinking of investing, or you can go to the extremes and start with extremely large or small dollar amounts. Being that my friends and I all love competition, we turned the VSE into a pool, having everyone chip in $10 and the winner walked away with a share from One Stock; allowing our competitive drive motivate us.
Some things that I found extremely helpful and useful were things like learning how to buy on margin, what put and calls are, and what short selling is and how to do it. Although I want educate my readers, I find that the best way to learn about these are through experiencing them in a virtual stock game.
Using MSN for Real-Time Information
In conjunction with the VSE or Stock Simulator, I stumbled upon MSN’s real-time quote information. When going to Yahoo’s Finance section, just to name one of many, the stock quote that you will receive is approximately 20 minutes delayed; in spite of this, MSN allows registered users to get 50 free real-time quotes per day per account, which of course prompted me to get another MSN account to be able to have 100 free real-time quotes every day.
Go Make That Money
Now that you know where to start learning, it’s time to get out there and start Virtually Investing (vInvesting ). Learn the tricks of the stock market that makes people rich; or conversely learn that it’s not that easy to make a quick buck in the market. When you are comfortable and ready to take the dive into the stock market, evaluate the different online brokers and what they have to offer: some have free trades, like Zecco, while others may charge for trading, like Fidelity, e*trade and Scott Trade. Remember to diversify your risk by investing in multiple sectors and to be cognate that if you are going to invest be wise with your money and realize the risk that you are taking.