Don’t Stress, Everyone Starts Somewhere! Begin with understanding your money situation -income, expenses, savings potential.
What steps would you recommend someone take if they want to start investing but have no previous knowledge of investing or finance?
First, don’t stress! Everyone starts somewhere. Start by figuring out your money situation – how much you earn, spend, and can save. Next, set a goal: Are you saving for a house, retirement, or just growing your money? Once you’ve got that down, learn the basics of investing. Don’t overcomplicate it – watch YouTube videos, research investing accounts and maybe even invest in an investing course! Then, open an account like a TFSA if you’re in Canada or a brokerage account in your country. From there, you can start small. Even $50 a month is enough to get going!
What tools/ resources do you recommend new investors use?
There are so many tools to help you get started! For apps, I’d suggest platforms like Wealthsimple or Moomoo – they’re beginner-friendly and don’t charge high fees. If you want to learn from others, check out Blossom Social. It’s like Instagram for finance – you can see what other people are investing in, learn from their strategies, and even connect with a community of like-minded investors. For general knowledge, websites like Investopedia are great for breaking down tricky terms. And, of course, follow finance creators on social media that can resonate with you.
How do you know what type of investment is suited for you (Stock, Bond, ETF etc)
It depends on your goals and personality! If you’re someone who doesn’t want to spend a lot of time picking individual stocks, ETFs are a great option – they’re like a basket of stocks all in one. If you’re okay with taking on more risk and putting money in one individual company, you might try stocks. Bonds are safer but grow slower, so they’re better for long-term stability. A good rule is to think about your risk tolerance: Can you handle seeing your money dip temporarily? If yes, you might like stocks or ETFs. If not, start with safer options.
What tips do you have for people to stay within their budget this holiday season?
It seems like people always forget to budget for the holidays (myself included). First, make a budget before you start shopping and stick to it. List out everyone you’re buying for and set a limit for each. Second, consider shopping early! You’ll have more time to look for deals and not make quick last minute purchases. Lastly, try to buy things in a bundle (this tip has helped me every year!). For example, I can buy holiday candles in a bundle for sale and separately wrap them up as individual gifts!
What is your number one investment tip to “becoming a billionaire” in the future?
Start early, stay consistent, and let compound interest do the work. The sooner you invest, the more time your money has to grow. You don’t need to be perfect – just keep putting money in, even when the market looks shaky. It’s all about playing the long game and being patient. Oh, and don’t forget: invest in yourself too. Learning skills, building a career, or starting a business can be just as powerful as any investment!
To learn more from Joyee Yang, visit instagram.com/joyeeeyangg.
