When it comes to the stock market, a little bit of preparation can go a long way. Before venturing into the trading game, it’s wise for newcomers to learn about best practices, strategies and tips. And there are certainly plenty of educational resources—books, magazines, TV shows, podcasts, websites and blogs—that purport to have the best inside information on becoming a successful investor. But which resources can you trust?
This is where the advice of experienced financial professionals is essential. They know which resources can provide reliable, actionable advice and which are best passed by. Below, nine Forbes Finance Council members share the resources they’d personally recommend for newcomers looking to familiarize themselves with the market and with smart ways to begin investing.
1. The SEC Website
Those thinking of investing in the stock market would do well to peruse the education section of the U.S. Securities and Exchange Commission website. It is designed to help investors gain insight into investing and is written in plain English. – Philip Fischer, Micro Macro Infinity
I send people to nerdwallet.com. It has a ton of information for newcomers to the stock market, hyperlinked throughout the site, on best practices, investment strategies and building a solid foundation in stock market basics. New content is always being added, and there is a lot to take in. There are also FAQ sections and lots of informative articles. – Dave Sackett, Visibility Corporation
3. The Intelligent Investor By Benjamin Graham
There are a few classic investing books that should be required reading in public K-12 schools. I think everyone should read The Intelligent Investor by Benjamin Graham. It would likely change the way the typical investor thinks about investments. – Kyle Cerminara, Fundamental Global®
4. Unshakable By Tony Robbins
I love the book Unshakable by Tony Robbins. Other financial titans join him in that book as well. They make it easy to understand the power of investing and how you should start. – Joe Camberato, National Business Capital
5. Ric Edelman’s Podcast And Books
I love Ric Edelman’s podcast and books. He has a balanced approach to investing in the stock market. I would highly recommend that anyone seeking to educate themselves on stock market investing listen to his podcast and read the companion book, The Truth About Money. – Justin Goodbread, Heritage Investors
I like Investopedia.com. The site offers an A-Z explanation of investment terms as well as online education. Several courses are geared to beginners and cover topics such as cryptocurrency, personal finance and trading. One of the best features is the free simulator tool. This allows users to “play” in the market without losing any money. It’s a great way to learn without risk. – Jared Weitz, United Capital Source Inc.
7. Mobile Investment Apps
For beginners, Stash and Acorns combine the ability to learn and invest in sectors and industries you’re interested in. Once you become comfortable with Stash and Acorns, check out TD Ameritrade and all their free training and classes. You can start by trying some penny stocks and grow into IPOs, large cap and even options—all with support and training! – Kurt Kunselman, AccountingSuite™
What do you consume that you are an expert in—makeup, clothing brands, bicycle brands, food or something else? No matter who you are, you are an expert in something. Look at the results of public stock market challenges where fashion models outperform stockbrokers by investing in brands they know that are exploding in popularity. Parents can just look at what their kids are hyped on; they are trendsetters. – Joseph Orseno, Tiltify
9. A Financial Advisor
The most important investment strategy a newcomer can adopt is finding an advisor who can help them craft a customized financial plan. Investments are an important part of achieving your financial goals, but so is insurance (so you don’t lose wealth) and estate planning (so you protect wealth). A myopic focus on investments alone probably won’t get you to your goals. – Todd Sixt, Strait & Sound Wealth Management LLC