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Personal money management has never been more straightforward or more accessible.  Whether it’s countless apps, websites, or advice columns, you can always find a means and medium to enter into investing.  Unfortunately, because so many people engage with investing, there are loads of people who think they are qualified to give you advice on investing.  This boom in personal investing tech has produced tons of myths and misconceptions about how investing should look.  Since you are ideally trying to grow your money through investment, it’s usually best to make sure you know what sound advice looks like and what common investing myths to avoid.

One of the biggest myths around investing is that you need to have a ton of money to start.  While having more money means you venture to stand more significant returns, investing is not just for the ultra-wealthy.  Apps like Acorns are explicitly designed for small investors to learn and grow their investing skills.  Developing the habit of setting aside a certain percentage of your paycheck for investing is a good investment of both time and money.  While your returns on investment initially might seem small, what you’re doing is establishing a pool for a starting point.  Every cent helps, so continuing to disperse resources into your investment fund is always a practical choice.

The volatility of the market keeps many consumers from investing, and at least at first glance, that seems reasonable.  Day to day, the market can drop or raise as many as 600 points.  It can be daunting to think that one bad day could wipe out your entire investment.  Nobody wants to feel like they are gambling; investments should feel like they will ultimately grow your money.  However, looking at the market day-to-day generally proves to be a wrong way to think about how it operates.  While the market’s day-to-day life might be volatile, its year-to-year growth remains a pretty smooth and steady line trending up.  Many people want to consider investing as a strike it rich quick plan, but honestly, investing works far better when you plan long term.  Think about your investments as a 20-year plan, not a two-month plan.

Don’t get caught up in thinking companies are the only assets worthy of investment.  Because stocks are discussed so heavily, people don’t necessarily realize there are plenty of other markets or goods for investing.  Real estate investment historically pays off with consistency.   U.S. treasury bonds are about as safe an investment as you can find.  Currency is always worth looking into as a specific market for investment.  Commodities still have value because people always need things.  It is generally believed that if you want a diversified investment portfolio, then you should invest at least 20% of your money in interests outside the stock market.  Take time to research and learn about other spaces for investing, and maybe consider consulting an investment advisor to help you understand some of these lesser-known markets.

Personal investing is a tool for personal development.  It empowers you to know about your financial situation. It strengthens your ability to understand how money operates. It’s a space where you can impact your wealth and your financial future.  Taking the time to understand some of the myths around investing can only help you accelerate your success in your investing goals.