Taking the first step!
Just remember CARROT! In my previous post, I briefly mentioned CARROT as the first few questions to ponder about when starting an investing journey. In this article, I will elaborate a little more on the specifics of CARROT. C for Capital The mother of all questions! "How much do I need to start investing?" Honestly, there is no answer to this question because it differs from person to person. I recently saw an ad on Facebook which allows one to invest with as little as $1!!! Sounds to good to be true... just imagine this, with your $1 investment that you have started today, you happened to buy into a stock which gives you a 100% return tomorrow and your account is now $2. YES! $2!!! but is that enough? So how much do you really need? This is really a difficult question. To determine how much you need to start investing, you need to first answer these few questions: 1) Is this amount of money part of your "emergency fund"? 2) Will you go "broke" if you lo