Every year after my Spring getaways, I start looking for ways to reduce my spending and save more. Now that all the debt is paid off I want my money to work for me. There are so many investing myths;
- You need a lot of money to invest
- You have to be stock broker to buy stock
- You had to study finances
An Investment article in Essence Magazine made me face my fears . First started reading all I could about investing from books, magazines, and even watching YouTube. Second, I opened up a brokerage account. Third, transfer funds into account. Final step buy stock after you do. research, research and more research.
In December 2015 I brought my first stock. Now am ready to build a diversified portfolio.
My 2016 InvestmentChallenge is to;
- Invest 5000 by 12/31/16.
- Buy stock
- Build dividend income to 2000 year ( long term )
- Biuld up passive monthly income 1000 month
- Stop unnecessary spending
- No shopping
- Clean out closet
- Sell unwanted stuff and unused item
- All extra cash go to investing.
So excited to start my challenge cleaning out my closet was a breeze but actually sell it was a problem. While listing a few items on EBay I start thinking of reason not to sell the items. After selling my first item it was a breeze.
Less fee's, shipping and booth, total made $1089
I am really on a roll, only spent $87 in the last 3 weeks and deposited $1000. First $1000, $4000 to go.