On Bloom, you can buy a stock for as little as $1! ๐ฐ
This makes stocks affordable, but it also gives you the responsibility to decide how much money you want to invest ๐ค
Realistically, youโll invest out of a dedicated pool of money you set aside for investing ๐ฅณ
Hereโs how to determine how much you should set aside ๐
First, and most importantly, never invest more than you can afford to lose ๐ฆบ
This means you should avoid depositing funds that you might want to spend in the next month or two on things like rent, food, or any other expense ๐ค
Next, try to put aside money regularly ๐ธ
This could look like depositing $20 every week โ
How much are you comfortable investing every week? ๐ค
Jot this down and consider setting up a โrecurring depositโ on Bloom to automatically set aside funds for investing ๐ช
You can start by picking a percentage of your savings or income ๐ฃ
Some experts suggest investing 10% of your income, while others say up to 50% ๐
The real answer is that it depends on what your expenses and risk tolerance are, so just pick something that feels comfortable for you ๐
So in summary: take a look at your savings, allowance or job income and either decide on a flat amount to contribute regularly, or a percentage! ๐