Lmao there's a stock buying app in the country I live in that has a "savings" account of sorts stored in a bank that invests in a broad range of stocks. Maybe something like that would be good as it's less risky?
It's called robo investing, I work at a company that does it and for the most part I'd say it's better than just throwing money at the stock market.
Usually your money will get spread across dozens of companies and funds, as well as govt/corp bonds. It means less chance of going to the moon but you're also less likely to lose your entire life savings if a company goes under. Plus these platforms usually have investment teams that have some idea of how stocks work so you don't have to deal with that.
TLDR less risky, (but all investment is risky by nature) and less instant returns.
Thanks for the explanation. Would it be okay to try this out (the company I'm talking about is reputable they're not shady) with a little bit of money to compare it to my bank's savings account?
As with all investing of any kind, any money you put in always has a risk of being lost. That being said, the value going up and down isn't so bad over a long term as long as capitalism's endless growth paradigm exists.
Personally, I've split half of my savings between my company's Stocks & Shares ISA and a Cash savings account just for the added stability. In the UK, savings accounts are insured up to £75,000 with the company backing the funds but that might not be the same in other countries which might make your decision on who and how you save different to mine.
(Also, I'm the app developer so any financial stuff here isn't advice and also is only knowledge I've picked up from the wider company and mandatory training).
sigh
Time to buy stocks I guess.
Lmao there's a stock buying app in the country I live in that has a "savings" account of sorts stored in a bank that invests in a broad range of stocks. Maybe something like that would be good as it's less risky?
It's called robo investing, I work at a company that does it and for the most part I'd say it's better than just throwing money at the stock market.
Usually your money will get spread across dozens of companies and funds, as well as govt/corp bonds. It means less chance of going to the moon but you're also less likely to lose your entire life savings if a company goes under. Plus these platforms usually have investment teams that have some idea of how stocks work so you don't have to deal with that.
TLDR less risky, (but all investment is risky by nature) and less instant returns.
Thanks for the explanation. Would it be okay to try this out (the company I'm talking about is reputable they're not shady) with a little bit of money to compare it to my bank's savings account?
As with all investing of any kind, any money you put in always has a risk of being lost. That being said, the value going up and down isn't so bad over a long term as long as capitalism's endless growth paradigm exists.
Personally, I've split half of my savings between my company's Stocks & Shares ISA and a Cash savings account just for the added stability. In the UK, savings accounts are insured up to £75,000 with the company backing the funds but that might not be the same in other countries which might make your decision on who and how you save different to mine.
(Also, I'm the app developer so any financial stuff here isn't advice and also is only knowledge I've picked up from the wider company and mandatory training).