Last week we talked about the Power of Compounding – $1 Million Now or Penny Doubling for a Month.
Which would you choose?
A penny doubling a day for 30 days equals 5,368,709.12
This is why you must start investing today even if you start with a few dollars. Over time it will grow exponentially because of the power of compounding.
There are many ways to invest but tonight I will touch on investing in the stock market.
MyWallSt is a teaching app that helps you demystify the stock market. Over 1 million downloads already. I sat down one day and went through the entire app which has given me a great foundation to my understanding of the market and trading. I have since invested in the stock market and have been seeing great returns.
Download this free educational app now to begin understanding what the stock market is and how to invest in the correct companies and how not to lose your pants making amateur moves.
The best way to purchase stocks is with the Robinhood app. Unlike traditional stock trading services, Robinhood offers to trade absolutely FREE. There are no fees, none at all!
Join Robinhood and we’ll both get a stock like Apple, Ford, or Sprint for free. Make sure you use my link. http://share.robinhood.com/raphael8
I’d suggest you first read through all the content on the MyWallSt Learn app so you understand how everything works and then you can invest a few dollars in stocks so you start to learn how everything works hands-on. You can literally start investing with $10.
The Robinhood app also has a section called Investing 101 where they break down all the concepts so you and I can understand it well.
If you just want to learn how to leverage the power of compounding to build wealth in the stock market with the least risk I’d recommend you read: Unshakeable: Your Financial Freedom Playbook by Tony Robbins
Another great book is: Invested – How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money.
In Invested, Danielle shows you how to take command of your own life and finances by choosing companies with missions that match your values, using the same gold standard strategies that have catapulted Warren Buffett and Charlie Munger to the top of the Forbes 400. Avoiding complex math and obsolete financial models, she turns her father’s investing knowledge into twelve easy-to understand lessons
Some great ways to start saving and investing is to start saving pennies every day. It adds up quickly. Just a few years ago I was broke and broke can be and in debt. But that did not stop me from starting to save pennies everyday which ultimately retrained my brain to save money instead of spend it. I slowly increased how much I saved and over time those few pennies became thousands and tens of thousands of dollars.
Its a process and you’ve got to start today! It will take time to reprogram your mind to think and act like the wealthy and start your journey to financial freedom.
The way I started saving pennies was by using a free app called digit.co (backed by companies like Google). Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it.
Another app you can take a look at is the famous Acorns app where they invest your spare change… acorns.com
I really like Robinhood. However I used acorns for a while until I realized they were taking money every month and I spoke to other people who uses it also and they didn’t either realized they were being charged a monthly fee