The recent GameStop-Robinhood stock-trading frenzy reflects a trend among investors using commission-free trading apps. Individuals lurking on r/wallstreetbets and TikTok, convinced that a bet on a hot stock might solve their money woes, have contributed to a false concept of possibile outcomes for novice investors.
As a business librarian, I would never recommend that you head to Atlantic City or Las Vegas to pay your rent, repay student loans, or retire, so it pains me to think that you would gamble away your hard-earned money based upon the advice of a celebrity or influencer on an app.
April is Financial Literacy Month and to celebrate this year, I want to help you chart an alternate path. When your wages are not enough to allow you to save for what matters to you, by all means invest, but you should know the risks and make informed decisions. My colleagues and I in BPL’s Business & Career Center try to offer you sound, alternatives to get-rich-quick solutions to your finances.
First step? Self-evaluation.
What are your financial goals? How much money do you earn? What do you spend? What do you save? And how much can you invest?
Why not start with a 1-on-1 financial coaching appointment, free through the Library? A financial coach can help you look at your finances holistically and develop a comprehensive plan for your money. And part of that plan should probably involve investing.
Next step? Get educated.
There are many ways to invest in the stock market. Many of us invest in mutual funds by contributing to a work 401K plan or an IRA account, as part of a diversified portfolio of investments. What's the best choice for you?
- You'll find some excellent free advice by watching recent BPL webinars Investing During Uncertain Times and Personal Finances During COVID-19, presented by independent personal financial expert Galia Gichon.
- We're a Library! BPL has a slew of books and e-books to help you learn about investing.
- Check out this Investing Basics booklist. Learn how to create a diversified portfolio and more through FINRA's Smart Investing Courses.
- Are you considering using an investment advisor of brokerage firm? Steer clear of the wrong one by using FINRA's BrokerCheck.
If you do decide to take the big leap to invest in stocks and funds, why not find out what the experts recommend, especially analysts who year after year follow the markets and companies closely?
Their recommendations are available to you with your Brooklyn Public Library card. Log in to Morningstar Investment Research Center, Value Line Investment Survey, or Weiss Financial Ratings to read what they have to say.
Any questions about how to use these resources? That's what librarians are here for! Send us an email, and we'll answer your questions about these platforms or set up a 1-on-1 meeting.
The Business & Career Center knows you work hard and take your goals seriously. By all means, watch as many TikTok and YouTube videos as you want, but when it comes to looking after your money, there are some incredible resources available to you through the Library that can help you become a much more informed investor.
This blog post reflects the opinions of the author and does not necessarily represent the views of Brooklyn Public Library.
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