HOUSTON – When it comes to investing, gone are the days of needing a broker to help make trades and transactions.
Instead, as with most things today, there are apps out there that help make trading not only convenient, but also more accessible for a first-time investor.
Cassandra Cummings is the founder of The Stocks & Stilettos Society Facebook Group.
She began her investment journey at the age of 17 after her father died and left her a death benefit. She invested that money and then began a career in the financial industry.
She also got in on some big-time stocks from the ground up.
“I think my biggest hit has been Amazon. I started that one off really young. I’ve also done well with Tesla. Tesla was a newcomer, and then triple-digit returns off the tip of a Tesla.”
Cummings said investing has come a long way from when she first began, and now allows the everyday consumer to benefit from the stock market.
“These apps were not around five, 10 years ago, so this is a great time for you to get an introduction and dip your toe in the water when it comes to investing in the stock market.”
The new face of Investing
Nakeitha Ross never thought she would be making money in the market. In fact, prior to just a few short years ago, the local hairstylist and salon owner thought investing was only something rich people were able to do.
“I thought it was something I couldn’t do. Definitely couldn’t do it on my own. I thought it was for people who were affluent and wealthy,” she said.
But after joining the Stocks and Stilettos Society, she definitely changed her mind.
She opened an account on Robinhood and bought five shares of her first stock a couple of years ago for a little over $20 each, for a total $100 investment. She let the stocks sit, and then in the spring of 2020 got a pleasant surprise when she logged onto her account.
“I happen to be bored, out of work, and looked at Robin Hood and I was like ‘Oh, my goodness, that $100 turned into $500. I was like.. wait a minute.”
And that’s not the only pop she’s seen in her account. A purchase of Dogecoin cryptocurrency yielded her thousands recently when the stock saw a surge.
“We’re in the fourth month of this year and this year I’ve literally made $20,000 in the stock market.”
Investing Made Easy
Cassandra said the first step to getting started with investing is downloading an app. Most apps allow you to purchase fractional shares of stocks, so even if you can’t afford the cost of a full share, you can start investing with as little as $5. Here are a few of her favorites.
Robinhood: offers commission-free investing
Acorns: allows you to invest with your spare change from purchases
Public: investing social network, allows users to invest in causes and companies they believe in, as well as learn from other investors on the platform
Stash: allows you to easily invest in fractional shares
CashApp: allows you to purchase slices of stocks starting at only $1
Click to grab Cummings’ Free Stock Guide.
The Crypto Craze
You may hear about the new Cryptocurrencies, like Bitcoin and Dogecoin. According to Nerdwallet.com, Cryptocurrency is a form of payment that can be exchanged online for goods and services. Cryptocurrencies use a technology called blockchain, which is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.
Cummings says she believes Cryptocurrencies will be around for years to come, but cautions investors to research before they begin investing.
“The biggest coin right now that’s getting a lot of buzz is Dogecoin. When it comes to Cryptocurrencies, they are always very high risk, so I just always have a disclaimer that cryptocurrency is a highly speculative investment.”
Kids Cashing in on the Stock Market too
Do your kids earn money for chores?
Well, Gregg Murset wants to help them save and invest those funds. Murset is the founder of BusyKid which allows parents to pay their children for chores, then upload those funds to their BusyKid account. From there, the child can save, spend and even invest the money into stocks they like and use every day.
In the video below, Murset explains how BusyKid works: