How I Successfully Saved My First $5,000 to Kickstart My Trading Career
I first showed interest in the stock market during my 3rd year of college. Unlike a few privileged students on campus with their Lamborghini cars and expensive clothing brands, I did not have per diem from my parents, a college fund, or a head start into society.
Were you in my shoes?
Broke College Student?
This is a judge-free zone, so I am not angry or agitated if you are financially privileged. Still, I chose my direct approach because I hope you understand the value of generational preparedness.
Most people reading this will be future parents, and giving your child a financial head start and access to team-building activities or experiences traveling from state to state or country to country will tremendously impact their creative mind.
BACK TO SAVING
If I am being transparent, I didn’t save up my first $5,000 until after college. I was reckless with cash, credit cards and invested everything I had into starting my first business. I had an ‘All In or Nothing’ mindset, but learning to be controlled and balanced took a few more years.
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Let us skip past the small talk.
I saved my first $5,000 by working my first business. Outside of writing newsletters, email marketing, and stock trading, I am an established Cinematographer shooting commercials and films all over the U.S.
Don’t believe me? Watch me at work!
KEY STRATEGY - Scaling In
I learned from my mistakes when trying to save and trade stocks at the same time.
I learned
DO NOT TRADE unless you have already started your long-term investment account and have 3-6 months saved for rent, groceries, and other family-related items.
DO NOT TRADE YOUR WHOLE $5,000. Meaning, if 3-6 months of rent is $5,000 then you should save $6,000 to give you $1,000 to trade with.
Now, let us say you are too eager and overzealous. Well, the key here is to start with $500. From my experience, it’s best to scale in, which gives you a buffer for mistakes.
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A few things to note to accelerate this process:
Set a specific savings goal
Create a budget & track your expenses
Automate your savings & cut unnecessary expenses
Increase your income & minimize debt
Stay motivated
Saving money can be challenging, especially when faced with temptations or unexpected life events. Taking 4 steps forward and one step back can be a part of life. Stay focused and never give up.
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