Did you know you can start investing with $1? (2024)

I've been chatting with many of you, and one topic that keeps coming up is investing. It's fantastic to see your interest in growing your wealth, and today, I want to share something personal that can help you out.

Investing seems harder than it is, but here's the truth: you can start investing in the stock market with just $1. You don't need to be a financial pro to begin, and the best time to start is right now.

Here’s my story:

I began my investing journey when I was 18, working at Payless and earning just $9 an hour. Back then, I didn't have much to spare, but I knew that the best time to start was right then (thank you Dad for encouraging me to get started). I wanted to build a brighter financial future, and I was determined to make it happen.

Fast forward to when I was 23, and something incredible had taken shape—a portfolio of $60,000.

If I can do it, so can you!

Here are the steps to follow:

1️⃣ Research:

Before you begin investing, it's essential to do your homework. Understand the basics of how the stock market works, the different investment options available, and your risk tolerance. Knowledge is your best friend when it comes to investing. Watch this video to learn how to research.

2️⃣ Open an Account:

The first practical step is to open an investment account. You can choose from various platforms like Wealthsimple, TD Directing Investing, Questrade, CIBC Investor Edge, and the good news is, it's a straightforward process.

This is for Canadians, so if you're reading from abroad, find the best platform for you locally.

3️⃣ Fund Account:

Once you have your account set up, you'll need to fund it. You don't need a large sum to start; even $1 is enough. Consistency matters more than the initial amount. Set up a recurring withdrawal that transfers money to your investing account every time you get paid.

4️⃣ Buy Stock (or ETF or Index Fund):

Now comes the fun part—buying your first investment. You can choose individual stocks, exchange-traded funds (ETFs), or index funds. Your choice depends on your investment strategy and goals.

5️⃣ Monitor Growth:

After investing, it's crucial to keep an eye on your portfolio's performance. Don't get discouraged by short-term fluctuations; remember that investing is a long-term game.

6️⃣ Remember: You don't lose until you sell, and you don't gain until you sell.

This mantra reminds you that the stock market goes through ups and downs. Stay patient and focused on your long-term goals.

Check out this podcast episode I did with Eduek Brooks: $47,000 In Debt To Stock Market Success. She shares how she went from being $47,000 in consumer debt to building a portfolio that will help her retire in her 40s. This is one of my favourite podcast episodes to date. It is quite literally a masterclass in investing. If watching hour-long videos isn’t your thing, no worries, check out the audio version here

You can get started by binge-watching my investing playlist on Youtube. You’ll find a value-packed, detailed guide here. I’ve put a lot of effort into this, and I know it’ll help you.

Remember, investing is a journey, and there's always more to learn. The best time to start is now, and you don't need to be a financial expert to begin.

If you have any quick questions, feel free to respond to this newsletter directly.

xo,

Reni