Confession time: Despite a financial and business education more comprehensive than most, I never invested. I grew up poor and just couldn’t wait for my first “serious” job and those big bucks. It was so bad, I decided to drop out of college in my senior year. “None of this ivory-tower crap is going to make me any more money,” I told everyone who would listen. Fortunately, both of them were able to talk me off the ledge. One of them was my future wife, bless her little gizzard.
After graduation, my illusions were shattered: There are no high-paying jobs in a recession for someone with just a bachelor’s degree. There are hardly any jobs at all. Carol Burnett came up with the formula: Comedy = Tragedy + Time. That explains why I’ve been able to entertain so many guests after dinner with the now-humorous details of my early career. Bottom line: It took several years to set up a household on entry-level wages. My big break came when, in the final year of my MBA, I landed a job that tripled my income. (No matter what all the critics say, no single degree makes you as much money as an MBA.)
Finally, we were rolling in it. The top restaurateurs in town knew us by name. You would think that someone with such a solid education (in accounting and finance, no less) would realize the time had come to start investing. You would be wrong. We had accumulated us some Joneses along the way, up with which we had to keep, and we did some serious “keeping” for the next few years.
Of course, we told ourselves we were “investing.” (All big spenders do that.) You could call that spectacular wooded plot in the Cape (Town, not Cod) for our next dream custom-built home an investment. We did. You can call anything you spend money on “an investment” — nice cars (they will be collectible one day, you know), good wines (more valuable when aged), jewelry, and any number of other wanna-haves — investments, one and all.
Deluding yourself that what you’re doing is smart is not hard. Wise readers know where that journey ended: Our debt tripped us up in our 40s, and we got wiped out in yet another recession.
That’s when I got mad.
And that’s when I got smart. I discovered the more you make, the more you spend. And it’s true what they say: Money can’t buy you happiness. Lack of money, though, doesn’t bring you barrels of fun, either. I haven’t heard too many people say that, because it sounds materialistic; but take it from someone who’s lived on both sides of that railroad track. There is more peace in the house when the finances are in order.
This post was started in response to a question from a reader, who asked: How do you get started investing? Penny stocks, maybe? In response, I wrote a nice, sterile post with the five-point plan to get started. But after reading it over, I did the electronic equivalent of crumpling it up and tossing it in the wastepaper basket.
Why? Because I’ve heard that all before and it never got me to start when I should have started. Why, then, would it help the non-investing reader?
Everybody has heard the message that you’ve got to invest. And if I have a dollar for every “get-started” plan written, I’d be one of the sharks on “Shark Tank.” And yet, it is equally well documented how Americans are headed for retirement disaster because they don’t invest.
Why not?
1. Passion
Because none of those articles, lectures, books, posts, speeches, or admonitions addresses the starting point: passion.
Until you get mad, you’re not going to change. That’s true for any lifestyle improvement: losing weight, quitting smoking, getting fit… or investing.
So, Step One is making a passionate decision. It doesn’t matter if it’s fear, anger, humiliation, or even (dare I say it?) greed. Investing is a long, long grind. Along the way, you’ll face thousands of temptations to derail you, and very few to keep you on track. In the face of that barrage, you’ll only stay the course if you have a steely resolve, and we human beings are wired in such a way that pretty much the only way to maintain that steely resolve is to have it fueled with a long-term fire in your belly. Nothing but that passion will neutralize the onslaught of temptations coming at you day after day… after day.
Once you’ve made that resolve, pretty much anything you invest in can work. My father-in-law only invested in a savings account. You could argue with him all you want (“C’mon, Dad, you can double your earnings with any other investment!”) but a savings account was the only investment he felt passionate about. He made it work. With passion, you can make anything work.
2. Foreground
I started (late, to be sure) with a savings account. I wanted to open a brokerage account, but back then you needed a couple thousand or some huge number like that to open a new account. Along the way, I discovered a nice thing about a savings account: there’s no minimum to start, or to deposit. When we got a $15 refund for something, I could deposit that into the savings account and nobody would frown. It became a game: how high can we make it grow this month? Saving became a foreground activity, not a background activity as so many people think it ought to be.
And that, I think, is Step Two: Make your investing an intentional, “foreground” part of your life. Facing my mid-40s with nothing forced me to admit that my lifestyle was proof that I’m not a natural saver/investor. And so, just like a recovering alcoholic, I need to be very deliberate in staying off the spending wagon. No more fancy cars, no more fancy nothing… and no more Joneses.
I began measuring my worth in things other people couldn’t see.
We were surprised to see how quickly our savings grew when it became an endeavor of passion. So we signed up for 401(k) plans where we worked, and went for the maximum deductions, matching or no matching.
Mechanically, I think it’s important to start with safe investments, like a savings account, a 401(k) plan at work, stock market index funds — stuff like that. For the first four or five years, the lion’s share of your investment value will be your contributions, not your returns. You can always change your investments along the way.
The important thing is picking a safe investment you’ll feel the most passion for. Then learn as much as you can. You’ll find out soon enough what generates the most passion. Then study that for a few years and you’ll be good.
3. Opportunities
There’s something else very few people talk about, and that’s opportunity. J.D. wrote about it recently, but he’s one of very few. I discovered this a few short years into my now-passionate investing career: Once you make investing a foreground part of your life (i.e., you think about it a lot) it’s natural to want to learn more. As you do that, you become aware of things that passed over your head before. And one of those things is… opportunities.
Life brings everyone a string of opportunities. Until I became conscious of investing and made it a priority, I was totally oblivious to them. When someone would mention something that sounded like an investment opportunity, I’d cut them off with a put-down like, “Oh, that’s just a scam. Nothing could be that good. What a waste of time. Wall Street’s just a casino!” And then I’d continue debating whether this great chef’s new restaurant would be as good as his previous one.
When you’re thinking of buying a Honda, what do you see? Hondas all around you. Same with investment opportunities. It’s a well-known trait of the human brain that once you’re conscious of something, you notice much more of it. Every person has a few outstanding investment opportunities that come their way. So I’d say Step Three is to keep your eyes open for all investment opportunities that come along. Be prepared to pass on 90 percent of them, but be ready to pounce on a good one when it comes along. Being prepared comes naturally with anything you’re passionate about because you love to read about it, talk about it, and think about it.
The nutshell
As I said, it doesn’t really matter which particular investment vehicle you pick to get started, as long as it’s not too risky. Success in the long run will come from:
Passion
Putting investing in the foreground of your mind
Preparing yourself to take advantage of unique opportunities which will, almost inevitably, cross your path. Preparing includes learning how to distinguish between get-rich scams and real opportunities.
No two of the people I know who succeeded in their investing followed the same path to success, or invested in the same things. But all of them were passionate about it, thought about it a lot and took advantage of at least one good opportunity which gave them that boost you can never plan for.
It’s easy to talk yourself out of anything and find fault with any option. Those who succeeded didn’t talk; they acted. To misquote my good friend Vern: thinkers think and doers do. Until thinkers do and doers think, investing is just another word in the overburdened vocabulary of broke Americans.
Being employed in the securities industry has its fair share of unique and challenging situations. One situation that I always find comical is when a client calls me and wants to buy some obscure penny stock that they claim is the next “sure thing.”
Each time this occurs, it never fails that the stock is some random recommendation from the client’s brother’s barber’s son-in-law who guarantees the stock is getting ready to take off.
Every time this occurs I always sigh to myself and think, “Sure it is”. Before you go out and try to strike gold let’s find out what a penny stock really is and what risks they have.
Pennies on the Dollars
One would think that a penny stock would cost only pennies, right? Well, not quite. Actually, to qualify as a “penny stock”, the stock price will be less than $5.00. Here are a few other characteristics of a penny stock:
They are not traded on any exchange or the Nasdaq
Priced less than $5.00
Company has not met financial standards of listed equity companies.
Why Are Penny Stocks Risky?
Many investors are attracted to penny stocks because of the buying power (you can buy lots of shares without a lot of money) and “potential” payoff. The keyword is “potential” or better translated as “not likely“.
What makes penny stocks so risky is there lack of liquidity. Penny stocks are not traded on the major exchanges (NYSE or Nasdaq) and are traded on Over the Counter Bulletin Board (OTCBB) or the Pink Sheets.
The listing requirements of these are far less stringent than the major exchanges, so many of these companies do not have to have as detailed reporting as their publicly traded counterparts.
All these factors combined are what make penny stocks that much more risky.
Liquidity is an Issue
Since these stock are more thinly traded, it can be hard to find a buyer if you hold the stock. And just because the stock may list for a certain price, doesn’t mean that there is a buyer out there.
Think trying to sell a Barry Bonds rookie card for what the pricing guide lists it for. Chances are you are not going to find a buyer.
Beware of Penny Stock Scams
Many of us have been exposed to some sort of scam promoting penny stocks. According to a study conducted at Oxford, 15% of all e-mail spam was related to penny stock fraud. According to the study,
“People who responded to the ‘pump and dump’ scam lost 8% of their investment in two days. Conversely, the spammers who buy low-priced stock before sending the e-mails, typically see a return of between 4.9% and 6% when they sell.”
The most common penny stock fraud is the “Pump and Dump“. A small group of speculators will accumulate a large number of shares in a penny stock. Once their positions are in place, they will release positive financial propaganda, news so unexpected and titillating it can drastically affect people’s perception of the stock.
The intent is to get small-time investors to start trading irrationally. The news is almost always false, but before this is discovered, the price of the stock often skyrockets and the original speculators exit with large profits.
Over the years, I have received countless solicitations at work from cold calling Boiler Room types trying to get me to take a look at a hot stock so that I would call my clients about it. It never failed that this next supposed gold mine was some thinly traded penny stock that was going anywhere but up.
Here is a sample email I just received trying to convince me to buy the next hot stock. FYI, I changed the symbol to protect you from rushing off and buying it.
ABCD Energy Corp. Siymbol: ABCD Traading: $0.32
ABCD Energy Corp. is an Oil & Gas Exploration and Development Company based in Denver,CO with a focus on Wyoming. Using a geology-based methodology, the US Geological Survey estimate a mean of 2.4 trillion cubic feet of undiscovered natural gasand a mean of 41 million barrels of undiscovered oil in the Wind RiverBasin Province of Wyoming. ABCD Energy Corp. has acquired 75% working interest in the Diamond Springs Prospect located within this prolific area. The Company’s shaares are publicly traaded on the OTCBB under the tiicker siymbol ABCD.
Get in before word hits the street!
Another example of a scam that I and another blogger Mrs. Micah both experienced was receiving a fax at work involving penny stocks.
The fax is made to somebody else’s attention and you are led to believe by the scammers that you have been on the receiving end of inside information by mistake. They are hoping that you will go out and buy the stock and tell all your friends to buy it, too.
If you get a similar fax at work, don’t call your stock broker or think about logging into your online brokerage account to buy it. Head to the shredder and save yourself the trouble and money.
You know those flashy “real estate seminar” types, the ones who wear $10,000 wristwatches and flash cheesy Powerpoint slides of their Lamborghini at you? 🙄
Don’t trust them. (I reaaaalllly hope I’m stating the obvious.)
I call them Lamborgurus, driving their Scamborghinis. They can be found lurking in the spotlight, dispensing a blend of platitudes and high-leverage, high-risk speculative strategies from the stages of big hotel chains.
They can be forgiven for being tacky. But not for destroying peoples’ retirements with their shoddy ‘investment’ advice.
Here’s the thing:
Be careful about choosing who you take advice from. This is true in any arena — health, fitness, personal finance, business, real estate, travel. Some teachers are better than others. The slick, sentient-infomercial Scamborghini types offer the most dramatic cautionary example.
But there’s another reason.
Most people who teach or offer advice (on any topic) are good people — great integrity, great heart — but they’re not a good fit.
There’s nothing ‘bad’ or ‘incorrect’ about them; they’re a great fit for someone else. But they hold a philosophy, approach, strategy and framework that’s not right for you.
If you want to learn about index funds, you don’t seek out a day trader.
If you want to learn about asset allocation, you don’t ask the neighbor who’s obsessed with penny stocks.
If you want to learn about financial independence through rental property investing, you don’t seek out the mega-deal, high-leverage, speculative-style instructor.
I made a video about this. You can watch it here.
In the video, I chat about real estate investing, but the big-picture idea applies across topics — including music, art, fitness, cooking, creative writing, nutrition, stock and bond investing, and personal finance 101.
Choose your mentors wisely.
— Paula
Our class, Your First Rental Property, is an 11-week online training that walks you, A-thru-Z, through everything you need to know as a beginner rental property investor. Learn more here, where you can also check out stories from our students and alumni.
If you want to prepare for investing in real estate this year, join our VIP waitlist, where you’ll get a 7-day sneak peek of the material inside the course.
We open enrollment twice a year – once in the spring, and once in the fall. Our students have lifetime access to the course, which includes quizzes, worksheets, spreadsheets, templates, forums, and peer support from small accountability groups.
Our students benefit from learning from our Teachers Assistants (TA’s), all of whom are alumni from our course and successful real estate investors. Students can also bring their questions to me directly during our live Q&A Office Hours calls on Zoom. We will hold Office Hours twice weekly during the 11 weeks, and students and alumni are welcome for life.
P.S. Got questions?
“I’m an out-of-state investor.” “I’m interested in Airbnb.” “I’m househacking.”
Cool. This video explains whether or not the course is right for you.
“Wait … what’s inside the course, exactly?”
This video walks you through everything.
If you’re interested, get more information and join our VIP waitlist here!
Webull is an online brokerage that offers commission-free trading on stocks, options, and ETFs. Key features of the platform include real-time market data, advanced charting tools, and a customizable newsfeed.
With most investing apps now offering commission-free trading, online brokers must find more creative ways to stand out. Robinhood, for example, is now offering a 1% match on IRA contributions. Webull, on the other hand, tries to place the focus on the customer by offering free stocks, fractional share investing, a user-friendly trading platform, extended hours trading, and 24/7 support.
But is Webull a suitable platform for beginner investors? In this Webull Review, I cover Webull’s trading platform, key features, pros and cons, and more.
About Webull
Launched in 2017, New York City-based Webull is a self-directed investment platform that offers commission-free trading. You can buy and sell stocks, options, exchange-traded funds (ETFs), and even cryptocurrencies. And unlike many newer online brokers, you can trade over-the-counter (OTC) stocks with Webull.
Webull describes itself as “a financial company with the customer at heart, the Internet as our foundation, and technology as our lifeblood.” The company delivers on this description by providing a user-friendly investment platform, free real-time quotes, multiplatform accessibility, full extended hours trading, and 27/7 online support.
Key Features
Zero Commissions
No deposit minimums
Hold crypto alongside stocks, ETFs, etc.
Taxable or IRA accounts available
Supports margin trading
Paper trading option
Access to initial public offerings (IPOs).
Webull Community allows you to share investment strategies with other investors on the platform.
24/7 online customer support
Free stock bonus, as well as a referral bonus program
Is Webull Legit?
Yes, Webull is 100% legitimate. They are a US-based broker-dealer, and a FINRA, SIPC, NYSE, and NASDAQ member. It’s estimated that Webull has more than 12 million users and over $40 billion in Assets Under Management (AUM).
At the time of this writing, the company has a rating of 4.4 out of five stars from more than 174,000 Android user reviews on Google Play and 4.7 out of five stars among more than 275,000 iOS user reviews on The App Store.
Unfortunately, they rate poorly with other major rating agencies.
Webull has a Better Business Bureau “F,” the lowest rating on a scale of A+ to F. It scores 1.07 out of five stars, though that rating is based on just 54 reviews.
The company doesn’t do much better with Trustpilot, where it rates 1.3 out of five stars, or “Bad”. However, it’s worth noting the Trustpilot rating is based on just 137 reviews.
Webull Account Types
Webull offers two taxable account types: cash and margin. With the cash account, your buying power is limited to the funds you have on deposit. The margin account allows you to use leverage for the purchase of securities in excess of the cash value of your account.
The margin account requires a minimum of $2,000 to be maintained in the account at all times. Since a margin account will involve leverage, you must maintain a minimum account balance of $25,000 for unlimited day trades (see below).
You can also open a Traditional, Rollover, or Roth IRA with Webull. Each user can have one IRA account, but you must have an individual account before you can open an IRA.
Day Trading Rules
According to FINRA rules, you can make no more than 4 day trades in a margin account within five business days; otherwise, you will be flagged as a pattern day trader (PDT). That will trigger the requirement of the $25,000 minimum balance.
Margin accounts are also available for LLCs, C-Corps, and S-Corps with 2X overnight leverage and 4X day trading leverage.
Webull Trading Platform
The platform offers intuitive tools and support for traders and supports extended hours of trading, both before and after the market closes.
You can do the following on the Webull trading platform:
Real-time quotes
Customizable screens
Stock market trading ideas from top traders
Sort stocks between top gainers, top losers, and most active and best-performing industries.
More than 50 technical indicators and 12 charting tools.
Quant Ratings to provide an overall rating for each stock based on objective data.
The ability to analyze your past trading performance to look for areas of improvement.
Real-time stock alerts to notify you of price action and technical conditions.
In addition, you can execute the following orders:
Limit order
Market order
Stop order
Stop-Limit order
Trailing Stop order.
Stop-Loss/Take-Profit orders (Bracket orders)
One-Triggers-the-Other order (OTO)
One-Cancels-the-Other order (OCO)
One-Triggers-a-One-Cancels-the-Other order (OTOCO).
Margin Trading
Webull offers margin trading for both long- and short positions. You must maintain a minimum account balance of $2,000 in your margin account to qualify for margin trading. The account will provide up to 4X buying power per day trades and 2X for overnight trades.
Webull Paper Trading
Webull offers their Paper Trading feature to help you learn how to trade or to become a better trader without risking real money. And unlike some paper trading accounts offered by other brokers, Webull Paper Trading comes with unlimited virtual cash.
You can take advantage of real-time quotes, explore integrated charts with indicators, and set up price alerts, the same as you would with live trading. The feature offers more than 50 technical indicators and 12 charting tools. Paper trading can be used for options trading practice.
Initial Public Offerings (IPOs)
IPOs are when a private corporation offers stock to the public for the first time. The stocks are in registration and awaiting listing on the secondary market. The registration phase allows the issuing company to raise capital from public investors, who will be the first to receive the stock as of the listing date. In theory, it’s an opportunity for investors to get in on a newly listed company as it is going public.
Webull makes IPOs available to investors. You can locate IPOs by going to the Market page, then to the IPO Center for a list of available offerings. You can even subscribe to notifications of upcoming IPOs as they become available.
Cryptocurrency
You can trade cryptocurrency on Webull commission-free. As is the case with most cryptocurrency exchanges, Webull charges a spread of 100 basis points on both the purchase and sale of crypto. You will need a minimum of $1 to begin trading crypto.
Crypto trading requires either a cash or margin account for crypto trading (no IRAs). You can trade 44 cryptos, including Bitcoin, Ethereum, Litecoin, Dogecoin, Stella Lumens, Ethereum Classic, Cardano, Tazos, USD Coin, and many more.
Crypto trading hours are from 5:30 p.m. to 6:30 PM, Eastern time, seven days per week (23 hours per day).
Crypto Wallet. Webull offers a crypto wallet so you can buy, sell, store, and transfer crypto to and from the wallet.
Stock Lending Income Program
This program allows you to earn extra income on fully paid stocks in your account. If you allow Webull to borrow certain stocks, you’ll be paid interest while those stocks are loaned out.
Apex Clearing, Webull’s clearing agency, will identify fully paid stock in your account, which is considered “in demand” based on the market. You will be paid 15% of the interest earned by Apex Clearing on the loaned stock.
For example, if Apex earns 10% per year, you’ll earn 1.5%. Interest earned through the program is credited daily and paid monthly.
Webull Community
Webull adds a social component to its investment platform. You can participate with millions of other Webull investors to discuss market and exchange strategies, and swap ideas with other investors.
How Does Webull Make Money if they Don’t Charge Fees?
Webull charges very few fees, but they do charge some. After all, they can’t stay in business without any revenue. Here is a list of Webull revenue sources:
Payment for Order Flow (PFOF). This is a common practice among commission-free retail brokers. When Webull sends trades to market makers, they receive rebates for the practice. This income flow is part of the reason why brokers can allow commission-free trading.
Securities lending. This is another common practice in the brokerage industry. Webull uses the services of Apex Clearing as their clearing agent. Through the Stock Lending Income Program, Apex can loan out investors’ shares to other investors and institutions, usually for short sales. Those borrowers will pay interest to Apex, a portion of which is rebated to Webull.
Interest on cash balances. Since Webull doesn’t pay interest on uninvested cash held by investors, the company retains any interest earned on those funds from outside sources.
Interest on margin trades. When you use margin to purchase securities, Webull charges interest which represents income to the company.
Deposit and withdrawal fees. Webull charges fees of between $8 and $45 per transfer for both deposits and withdrawals made by wire.
The basis point spread on crypto trades. Webull earns a 100-basis point spread on the purchase and sale of cryptocurrencies.
Other Features
Income Tax Reporting
Webull provides a consolidated Form 1099, which includes reporting information from 1099-B (transactions), 1099-DIV (dividend income), 1099-INT (interest), and 1099-MISC (other income and information). The form can be downloaded from the Webull app.
Account Protection
Webull is a fully regulated broker-dealer, and your account is protected by SIPC insurance for up to $500,000 in cash and securities, including $250,000 in cash. For additional protection, Webull offers two-factor authentication for an added step on accessing your account and to prevent unintended parties from entering your account.
Free Stock Bonus and Referral Bonus
Webull is currently offering a free stock bonus to include free fractional shares in two stocks. The stock will be worth between $3 and $3,000, which could make the bonus as high as $6,000 in total. You must be new to Webull and meet other eligibility requirements.
You can also receive fractional shares in four, eight, or 10 free stocks by depositing any amount into your new account within ten days. Each fractional share will be valued between $3 and $300. That means you can earn up to 12 fractional shares with a total value of as much as $9,000. Stock rewards must be claimed within 30 days, or the offer will expire.
Under the Webull Referral Bonus, refer family and friends to Webull, and you’ll receive three free shares of stock. Refer three friends, and you’ll receive nine shares. Once you’ve received nine shares, each successful referral will provide you with two free stocks. Each share of stock will be worth between $12 and $1,400.
Your referral must use your unique referral link, and the free stock will be issued when the new user opens a brokerage account with an initial deposit of at least $100.
How to Sign Up for a Webull Account
You can sign up for Webull from either the website or the mobile app by clicking “SIGN UP” at the top of the page. You’ll need to enter your phone number and a referral code if you have one.
Webull will require you to supply your name, US residential address, date of birth, taxpayer identification (Social Security number or individual taxpayer ID number), telephone number, and citizenship.
To verify your identity, Webull may ask for copies of your driver’s license, passport, or other information as necessary.
Due to Webull’s review process, it will take a minimum of 24 hours to open your account. More time may be needed if manual verification of information is required. Webull will perform a soft credit check, which will not negatively impact your credit score.
Funding Your Account
You’ll need to connect a bank account to fund your Webull account. Webull will make two micro-deposits to your account to confirm a valid account connection. Once verified, you’ll be able to begin transferring funds to and from Webull.
The easiest way to fund your account is through ACH transfers, which are free to complete. (Note that Webull charges domestic and international wire transfer fees.)
ACH deposits initiated before 4:00 PM Eastern time will give you instant buying power, enabling you to begin trading immediately. However, the instant buying power feature is a provisional credit representing a portion of the deposit. Full ACH deposits are generally available on the fourth or fifth business day after the ACH is initiated.
Alternatively, you can transfer securities from another broker into your Webull account. The transfer securities must match those available through Webull.
Webull Pros and Cons
There’s plenty to like about Webull, but the platform also has limitations. Here’s my list of Webull pros and cons.
Webull Pros:
No minimum initial investment
Commission-free trading
Get free stock when you open an account and make a deposit
Available crypto wallet where you can manage your cryptocurrency holdings
Connect with millions of investors in the Webull Community
24/7 online support
Webull Cons:
No joint taxable accounts, custodial or trust accounts
You can’t invest in mutual funds, penny stocks, or bonds
Must have a taxable account to open an IRA
No dividend reinvesting option
No interest on uninvested cash
Fees for domestic and international wire deposits and withdrawals.
Webull Alternatives
Before signing up with Webull, I recommend checking out these alternatives, which offer many of the same features as Webull.
Robinhood
Robinhood is a popular online brokerage that offers zero-commission trades of stocks, options, ETFs, and cryptocurrency. No minimum deposit requirement exists, but like Webull, Robinhood doesn’t allow bond or mutual fund trades. One very interesting feature: Effective December 2022, Robinhood now offers IRA accounts with a 1% match, the first online brokerage to do so.
According to Robinhood, “the IRA Match is an extra 1% that Robinhood adds to eligible contributions to your IRA. It’s not counted toward your annual contribution limits and is typically available to invest immediately.” For more information, check out our full Robinhood Review.
Public
Public is an easy-to-use trading app that is geared toward new investors. Like Webull and Robinhood, Public doesn’t charge any trading fees. You can also buy fractional shares and connect with other users in the Public social community. That said, intermediate traders will want to steer clear of Public due to their lack of advanced trading options – they don’t offer IRA accounts and have little in the way of market research tools.
Learn more in our Public Review.
Interactive Brokers
Interactive Brokers (IBKR) is a truly global trading platform offering investors access to 150 markets in 33 countries. You can also trade in more than 24 currencies. Like Webull, there are no commission fees on stock and ETF trades. Interactive Brokers is hands down the more powerful platform for sophisticated traders looking for access to global markets, but it may be overwhelming for new and intermediate investors.
Webull FAQs
Is Webull good for beginners?
Webull is a safe trading platform for new investors. Accounts are protected by SIPC insurance for up to $500,000, and the platform uses numerous security features, including two-factor authentication.
We also like that Webull has no minimum initial investment requirement, though you will need to deposit funds to begin trading. And as a beginning investor, you can certainly benefit from the paper trading account with unlimited virtual cash.
However, other investment brokers may be a better choice for new investors. Webull is designed primarily for active traders and those with at least an intermediate level of experience. Larger brokerage firms will be able to provide higher levels of customer service and a greater variety of account tools and educational services.
What is the minimum deposit for Webull?
There is no minimum deposit requirement for a Webull account, but a $2000 minimum balance is required for all margin accounts.
What is the downside to Webull?
The main drawbacks to Webull include the lack of a dividend reinvestment program and the inability to buy fixed-income and mutual fund investments.
Does Webull work in Canada?
Webull is a US-based online broker. Because it’s not registered in Canada, it’s not available to Canadian citizens.
Final Thoughts on Webull
Webull is an intuitive trading app where you can trade more than 40 cryptocurrencies on the same platform where you hold more traditional investments. They offer plenty of investment tools, including margin trading, day trading, and short sales.
And if you’re new to Webull or have friends to refer, you can take advantage of free stock bonuses.
While Webull is geared more toward intermediate and advanced traders, its intuitive trading platform shouldn’t overwhelm new traders. That said, beginner investors may want to give Robinhood and Public a long look before signing up with Webull.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
If you’re looking to make a big difference with your money, then read on.
You might be thinking that it’s unlikely for anyone to generate $100k in revenue on their first go.
But we have good news: You don’t need to – people can earn more than 10x the amount they had initially invested into them!
This is possible because there are so many ways to make money today that cost less than what most would consider “big-ticket” investments like a car or a house.
Today, you will learn from this article provides tips on how to turn $10k into more money in 2022.
The goal is to learn how to make your money work for you.
We have included 20 different ways to make quick and easy money.
The methods included are varied and include things like investing in stocks, starting a business, and finding work that pays well. This guide will help you get started on making extra cash quickly and easily!
What can I do with my 10K to make money?
There are many ways to make money with your 10K. You can use it to invest, save, or spend.
You can also use it to purchase items that will generate income such as rental properties, stocks, and businesses.
The most important thing is to find something that you enjoy and that will help you grow financially. Making passive income is even better!
How can I grow 10K to 100K?
The goal is to find the method that works best for you and makes the most money. That is who you will grow 10K to 100K this year.
There are many options available below to help you grow your money, so choose what will work best for you.
You don’t need expensive equipment or special skills to start making your money multiply. In fact, learning how to invest $100 to make $1000 a day is a common question answered here by Money Bliss.
You can start with simple methods and add on as you get better at it.
What are some fast ways to invest 10k to make 100k?
While it is difficult to make a living from one job, the ability to work multiple jobs has been shown in many studies as an effective way of generating income.
More and more people today, are focusing on ways to build passive income to grow their wealth.
Setting a goal of how to turn $10k into $100k is a great way to multiply your money.
Option #1 – Stock market investing
The goal of investing in the stock market is to earn profits by buying and selling stocks at a higher price than what was paid for them.
There are several ways to invest in the stock market, but the simplest way is to buy and sell individual stocks. You can also purchase mutual funds, which are collections of different stocks that are managed by an investment company or ETFs. Other investors prefer to look at dividend stocks.
Investments in the stock market can be risky, but if you do it correctly, you could see significant returns over time.
Related Learning: How To Invest In Stocks For Beginners: Investing Made Easy
Option #2 – Invest with Retirement Accounts
Investing in retirement accounts can help you turn 10K into 100K over time. By investing in a 401k, IRA, or other retirement accounts, you will have access to growing assets that can help you reach your financial goals.
When you invest money in a retirement account, the funds are held by the company and grow over time. This means that even if the stock market experiences tough times, your 401k or IRA will still be growing steadily. This is important because it allows you to delay taking major financial risks and focus on long-term planning instead.
By investing early in your career, you can build up a sizable nest egg that will provide security for yourself and your loved ones when you retire.
Option #3 – Invest in Rental Property
Investing in rental property can be a great way to make money. Rental properties often have high yields (the percentage of income returned to investors), and there’s never been a better time to invest in this type of property.
Rental properties are an attractive investment because they tend to have stable yields, which means you can count on making a certain amount of money every year.
In addition, rental properties are usually less risky than other types of investments, so you can feel confident about your returns even if the market goes down.
There are many ways to buy and sell rental properties, so you can find one that’s right for your financial situation. And since rents always go up (to some degree), investing in rental property is a guaranteed way to grow your money over time.
Option # 5 – Flip Stuff To Make Money
Flipping is the process of buying and selling assets in order to generate profits. It can be done through stocks, bonds, real estate, furniture, art, sports equipment, or any other type of material item.
There are a few ways to flip stuff for money. One way is to buy assets and then sell them at a higher price later.
For example, you might buy stock in a company and then sell it two months later for a higher price. This technique is called “swing trading.” Others do the buying and selling within the same day for “day trading.”
Another way to flip stuff is to wait until the asset has reached its peak value and then sell it. For example, you might buy property in downtown Chicago for $100,000 and wait six months until the market reaches its peak value of $200,000 before selling it for $200,000 minus commission.
On a smaller scale, many people flip items found at Flea Markets and easily make $100k with a few transactions. If that sounds like you, then take a free flippers class!
Option # 6 – Start An Online Business
Starting an online business is a great way to make money. There are a variety of ways to do this, and the sky is the limit!
Some people start their own businesses to create something they’re passionate about, and others start businesses in order to make extra money. Whatever your reasons for starting an online business, there are plenty of ways to do it fast.
In fact, learning how to make money online for beginners is a hot topic!
Option #7 – Start a Side Hustle
Not willing to start a full-fledged online business yet? Then, look at a side hustle. This is an extra job or business you do on the side to make money.
It is flexible, easy to start, and doesn’t require much time commitment. You can work part-time or full-time, as long as you’re able to devote enough time each week to it. And since it’s your own gig, you have complete control over its success!
There are plenty of resources available online that will help guide you through the process (including this blog post on best gig economy jobs). Just remember: don’t give up on your side hustle until it becomes profitable and meaningful to you – because once it does, that’ll be worth double the effort!
Option #8 – Invest In Cryptocurrency
Cryptocurrencies are digital tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Many people view cryptocurrencies as a way to make money online. Bitcoin, for example, has increased in value by over 1,000% since its inception in 2009! While there is a lot of speculation involved with cryptocurrencies, if you’re patient, you can find opportunities to invest in them as well.
There are two main ways you can invest in cryptocurrencies: buying them on an exchange and mining them. Buying cryptocurrencies on an exchange allows you to quickly and easily trade them for other currencies or assets. Mining coins involves trying to solve complex mathematical problems that reward participants with cryptocurrency tokens.
While it’s important to do your own research before investing in any type of cryptocurrency, these fast ways could help you double your money within just a few short weeks!
Option #9 – Peer-to-peer lending (P2P)
P2P lending is a type of online lending where individuals lend money to other individuals, usually without any collateral.
P2P lending has become increasingly popular in recent years because it offers borrowers and lenders an alternative to traditional banking products. Borrowers can borrow money from multiple lenders at once, which gives them more options and access to financing. Lenders can earn interest on their loans while also taking advantage of the high demand for P2P lending products.
Because P2P lending is a new product category, there are still some risks associated with it. For example, borrowers may not be able to repay their loans, and lenders may not be able to collect on the loans they have lent out. However, the growth of P2P lending indicates that there is room for this type of financing in the marketplaces.
Peer-to-Peer Lending Options:
Option #10 – Invest in Yourself with Education
The fastest way to turn $10,000 into $100,000 is to invest in yourself. This is very often overlooked, but one of the best returns on investment that you can have.
Consider taking courses to improve your skillset or investing in real estate or stocks.
My favorite online courses to improve your income:
With hard work and dedication, you can make your money work for you and achieve your financial goals.
Option #11 – Day Trade (or Swing Trade) in the Stock Market
Investing in the stock market is a way to make money by buying and selling shares of companies.
There are two main ways to make money through investing: buying and holding (also known as long-term investing), and active trading (also known as short-term investing).
Many people in this popular investing course choose to become active investors by day trading or swing trading for income. In fact, many people have made the $1000 in a day club.
Option #12 – Trading Stock Options
Option traders can make money by predicting which direction prices will move and then trading on those predictions.
Trading options is risky because it’s possible for prices to change after you’ve bought or sold them – so your profits (or losses) may depend on how well you guess what’ll happen.
But if you do manage to make money by trading options, it can be very lucrative – especially over short periods of time (days or weeks).
First, before trading stock options, you must learn how to trade the underlying stocks first. Learn how to trade options with this VIP investing course.
Option #13 – Invest in an Initial Public Offering (IPO)
Wouldn’t you love to invest in Amazon (AMZN) or Google (GOOGL) when they first went public??
If you invested $500 into AMZN, it would be worth $855,505 (as of August 2022) – source)
If you invested $500 into GOOGL, it would be worth $27,502 (as of August 2022) – source)
An IPO is a type of stock market transaction in which a company sells shares to the public. An IPO offers businesses the opportunity to expand their reach and raise money quickly.
IPOs are popular because they provide investors with access to new companies at an early stage. As such, IPOs can be a great winner or a great loser of your capital. Thus, do your research.
Option #14 – Flip Websites
Flipping websites is a quick and easy way to make money. All you need is the right software and some knowledge of how the internet works.
Flipping websites means buying a website, fixing up the code, improving the SEO, and selling it to another owner or business. This process can be done quickly and easily with the help of some simple tools. By flipping websites, you can earn a profit while also increasing your web traffic.
Flipping websites is a great way to make money on the side and supplement your income. It’s also an excellent way to learn more about online marketing and build your own business skills.
Option #15 – Start Affiliate Marketing to Turn 10k into 100k
Affiliate marketing is a great way to turn 10,000 into 100,000 by earning money through promoting other people’s products. This is also known as an influencer. And you don’t have to carry inventory yourself!
There are a few different ways to get started with affiliate marketing, and the most important thing is to find an affiliate program that aligns with your goals and interests.
Once you’ve registered with an affiliate program, it’s time to start promoting! There are a variety of tools and resources available online that can help you build an effective affiliate campaign through social media or blog traffic.
Option #16 – Invest in REITs with Real Estate Market
Real estate investment trusts (REITs) are a type of investment that allows you to invest in real estate without having to own the property. This is done by investing in a portfolio of properties that are owned and managed by the REIT.
REITs offer investors several advantages over other types of real estate investments. These advantages include:
Low risk – REITs are typically less risky than other real estate investments, such as buying and holding single family homes or properties.
Lower fees – Unlike buying and holding individual properties, REITs pay relatively low management fees, which means your money is more likely to be returned to you quickly.
Liquidity – As long as there is demand for REIT shares, the prices will generally continue to rise, giving you an opportunity to make significant profits over time.
Investing in REITS can be a great way to diversify your real estate portfolio and achieve higher returns while avoiding some of the risks associated with other types of real estate investments.
My favorite REIT platforms are:
Option #17 – Invest in penny stocks
Penny stocks are a type of investment that is usually considered to be risky but can offer high returns if the right investments are made.
Penny stocks are small companies that trade on the stock market for under $2-10 per share. Because these companies are relatively new and often have little financial stability, penny stocks can be volatile – meaning they can rise or fall in price quickly while low or high volume.
Because penny stocks are so risky, it’s important to do your investigation before investing in them. However, if you make the right choices and invest in carefully chosen penny stocks, you could see high returns over time.
Option #18 – Make Money With Retail Arbitrage or Flipping
Retail arbitrage is the practice of buying products in one market and selling them in another market to earn a profit. Many do this with dropshipping.
There are a few fast ways to get started with retail arbitrage. The first is by using online tools like eBay, Facebook Marketplace or Amazon’s Selling Manager. These platforms make it easy to find specific items that you want to buy and sell at a profit.
All in all, you are looking for low price items and selling them for a profit.
By taking advantage of flipping methods like these, you can quickly increase your income without having to spend too much time researching each opportunity. Learn more withthis FREE webinar.
Option #19 – Start A Service-Based Business
Starting a service-based business can be a great way to make money by finding clients willing to pay for your services. There are many different types of service businesses, and each offers its own unique opportunities and challenges.
Service businesses can be profitable in a number of different ways. You may be able to charge high prices for your services or offer them at a discount in order to attract customers.
There are several advantages to starting a service-based business.
First, you have control over your own schedule and work environment.
Second, you can set your own hours and earn a flexible income.
Finally, service businesses tend to be more recession-proof than other types of businesses because they don’t rely as much on consumer spending habits.
Option #20 – Buy a business
Buying a business is a great way to increase your wealth and expand your empire. There are many different types of businesses available for purchase, so it’s important to choose the right one for you.
There are two main reasons why buying a business can be beneficial. First, buying a business gives you access to valuable assets that you couldn’t otherwise own – like cash flow, customer lists, and intellectual property. Second, buying a business can help you build a dynasty by passing on the company name and legacy to future generations.
There are many different factors to consider when purchasing a business, so it’s important to consult with an experienced advisor and do your due diligence.
How to Turn 10K Into 100K FAQs
Obviously, you probably have a lot of questions when trying to decide on which investment opportunities are best for you. While affiliate programs may work for some, you may want to use your stock market knowledge. Maybe even a dog walking business?
Ultimately, you have $10k in investment capital to start with, now you have to make some decisions.
What are the best ways to turn $10k into $100k?
A lot of people have been asking themselves this question lately and wondering what they could do with their money in order to make a big difference in their lives and achieve financial freedom.
In addition, you probably have questions before you make this a reality.
How Can I Get Rich With 10K?
One of the best ways to get rich is to start with a small sum of money and grow it over time by being consistent in your actions.
Learn the best ways to invest 10k.
It’s not about getting lucky, but rather developing habits that will help you achieve your goals. With hard work and dedication, anyone can become wealthy over time.
How to Turn 10k into 100k in 1 year?
There are a few key things you need to do in order to turn 10k into 100k in 1 year.
You need to look for a business to start that has a lot of potential for growth and profit. Don’t forget, that you must be willing to work hard and put in the time and effort required to make your business successful.
You need to be passionate (and adamant) about turning 10000 dollars into 100000. If you are wanting a 900% return on investment, then you must be willing to put in the effort to make that happen.
How to turn 10k into 100k in a month?
For most people, it will take more than just one month to turn 10k into 100k.
Regardless of the path you choose, it will take time to get the education and experience needed to achieve such a high return.
The best options for faster success include: starting an online business, becoming an active stock market trader, or investing in real estate. There are many options available, but it is important to do your research and find what works best for you.
How Can I Turn $10k into $100k Passively?
The key right here is … passive income!
You want to find ways to make money passively – also known as making money while you sleep.
The most common way is through passive income streams, which include investments, real estate, and online businesses. Whichever route you decide to take, the key is to be patient and let the money grow over time.
Many people want to make 10k a month – passive income is even better!
How Do I Convert 10K Into 100K With Stocks?
There are a few different ways to convert 10,000 into 100,000 with stocks.
Buy and hold: This is the simplest option and can be effective for those who are looking to invest for the long term. By buying stock in a company and holding on to it, you will eventually see your investment grow over time.
Day trading: This involves buying and selling stocks quickly in order to make money based on the movements of the market. While this can be very exciting, it is also risky because you could lose all of your money if the market goes down.
Investing in Options: Options allow you to buy or sell a security at a set price within a certain period of time. This type of investing is often considered conservative because you don’t have to worry about losing your investment if the market goes down – you only risk losing money if the option doesn’t expire or hits its expiration date without being exercised (sold).
Dividend stocks reinvestment: When companies pay out cash dividends each quarter, many investors choose to reinvest that money back into more shares of stock – which increases their total ownership stake in the company over time.
Trade shares for assets: Some people choose to trade their shares of stock for other types of assets, such as real estate or precious metals. This allows them to diversify their portfolio and increase their chances of making a profit.
What are some risks associated with these methods?
As always, there are risks with any method of looking for a high rate of return. You must do your due diligence first to make sure the investment is worthwhile and not a scam.
When looking to make a high return on investment, it is important to be aware of the risks involved. Sometimes, these investments are not as secure as low-return options and can result in losing the original investment. It is, therefore, crucial to do your homework before investing in anything.
What are some other things to keep in mind when trying to double your money?
There are a few other things to keep in mind when trying to find a way to double $10k quickly.
Though it can be difficult to turn 10k into 100k, there are ways to make this happen. For example, by investing in stocks or real estate, one can see an increase in their original investment. Additionally, starting a business can also lead to a doubling of one’s money. However, it is important to keep in mind the risks associated with these ventures.
When you are trying to double your money, make sure you are looking at smart investments, saving wisely, and increasing your income. Additionally, don’t forget about enjoying life while you’re working towards this goal!
Be cautious about get-rich-quick schemes
There are a lot of get-rich-quick schemes out there that promise you can make money quickly by following a certain plan or investing in a certain product. While these schemes may seem promising at first, they’re often nothing more than scams.
The reality is that most get-rich-quick schemes don’t work the way they’re supposed to. In fact, many of them actually lead to losses for the people who try them. This is because most of these schemes involve high-risk investments or unproven methods.
So if you’re thinking about trying one of these schemes, be sure to do your research first. You might be able to find a better way to make money without risking everything you have.
What Skills Will Help You Make 100k Fast
The goal of this article is to help you turn $10k into $100K by the end of this year. No need for a fancy MBA or years’ worth of experience, just some simple skills that will help you.
More than likely, you will have to invest in an online course or even a few books to help you along your journey. For instance, I purchased a blogging course to jumpstart my entrepreneurship. Also, I dived straight into an investing course to further my stock market knowledge.
When you are growing your liquid net worth, you are looking somewhere to have your money make more money. The strategy you choose will be different than the person reading this same post. Buy, you have to show patience and know that you will reach your target based on your timeline.
There is a lot of content available to help you along your path.
As we discussed above, there are many different ways to make 10K to 100K this year, so choose the one that works best for you and gets results!
Know someone else that needs this, too? Then, please share!!
By Peter Anderson1 Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited December 17, 2012.
I‘ve been looking more seriously lately for places to invest my money as we complete our large emergency fund and will start really delving more into the investing arena. When you look at the options available out there when it comes to investing and stock trading, there really area a lot of decent online discount brokerages. When it comes to choosing the right one, however, there are quite a few things we’ll be considering, not least among them, the fees, minimums and costs associated with having an account. If trades are too expensive, it will take a bite out of your returns.
TradeKing, one of the first discount brokers that I’ve looked at has $4.95 trades, which is definitely one of the lowest in terms of cost when it comes to the discount brokerages. Add to that the fact that they consistently get good customer service reviews, and have a good set of online research tools to use, and they’re near the top of my list.
TradeKing Background
A relative newcomer to the brokerage business, TradeKing was launched launched in 2005, and has since become one of the top online discount brokers. From Wikipedia:
Launched in December 2005, TradeKing offers online brokerage services for active stock and option traders. The firm was an early user of social networking for investors and traders, offering free blog support and other Web 2.0-based tools to registered members and account holders since the firm’s inception. In March 2007, the firm opened a second office in Charlotte, North Carolina.
TradeKing is member of SIPC, which means your investments are protected by SIPC insurance up to $500,000 and $100,000 of it can be in cash. This means that you are protected against the company going into insolvency. You are not protected against market losses.
Awards
TradeKing has earned quite a few awards over the years and has been recognized as one of the top online brokers. Among the awards:
Smart Money rated TradeKing #1 in customer service in 2010-2012
Barron’s ranked TradeKing #1 for site usability in their 2011-2012 annual review of online stock and option brokers.
Consumer Reports ranked TradeKing third out of 19 brokerages reviewed in an independent survey conducted in May 2007.
TradeKing earned four stars in Barron’s three-years running (2007, 2008, 2009) in Barron’s Annual Survey of Best Browser-Based Online Brokers.
TradeKing Fees, Commissions And Minimums
Probably one of the most important things to consider when opening an online brokerage account is to consider what fees, commissions and minimums you’ll see when using an account.
Stock Trades
TradeKing has one of the lowest rates for stock trades in the industry with $4.95 stock trades. That rate is regardless of how many shares are purchased or if it is a broker assisted trade. Compare that to some of their competitors, like ShareBuilder or OptionsXpress at $9.95 a trade, and you’re getting a pretty decent deal.
Options Trades
For option trades, they charge $4.95 per trade, plus 65 cents per contract. Compare that to some of their competitors as in the graphic below and you can do quite a bit better using them, depending on how much activity you expect to have. Trade more than 8 contracts and they’ll automatically lower the price to $8.95, plus 15 cents per contract. There’s only one base charge for multi-leg option-only trades.
Fees And Minimums For An Account
TradeKing doesn’t have account maintenance fees, monthly minimums, inactivity fees or additional charges for broker assisted trades. To see a full schedule of their fees, head on over to their site.
There is also no minimum account funding level to open a cash account and a $2,000 minimum to open a margin account. Here’s a comparison to some other popular brokerages:
TradeKing Tools
TradeKing has a variety of trading tools you can use including MarketGrader’s research reports, free technical analysis tools, interactive charts, tax reporting tools, probability calculators, profit and loss calculators, options calculators, options strategy scanner, stock screener and more! According to TradeKing their full suite of tools are a big reason Barrons’ gave them 4-stars (tops among web-based brokers) in their 2008 survey. In any event, they do have a ton of tools available for everyone to use – you’ll have no shortage of research, tools and calculators to aid you in making the most informed decisions possible.
TradeKing Community
Another one of the selling points of TradeKing is their well run blog and forums where you can chat with other traders, get advice, tips and tricks and learn from your fellow investors. There is also a section for groups where you can join other beginning investors, options traders, or those who like to specialize in different types of investments including value stocks, penny stocks, ETF’s, hedge funds, dividend stocks, and various segments of the market such as automotive, biotech, or individual companies.
Conclusion
When considering an online discount brokerage TradeKing is definitely one of the best best and most affordable options out there. They’ve got low fees, reasonable commissions and their slate of tools to help you make the right decisions are second to none. They’ve also been awarded for their customer service and for their general usability. When you consider all of these things together they are definitely at the top of my list and I have no qualms in recommending them.
Have you used TradeKing? What has your experience been like? Are you happy with them? Tell us your thoughts in the comments.
Open An Account With TradeKing Or Get Details. Click Here.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Do you want to make $10,000 a month?
I was struggling with this question for days. I wanted more money now and the thought of making $10,000 seemed like a dream spurred on by advertisements in magazines promising “easy” earnings opportunities.
But then again, it may have been too good to be true. And that’s why I’m writing this article: because so many people are looking for these quick ways to earn big bucks online without a lot of work – and I’m here to deliver.
I’ve been browsing the internet for years and have found a few ways to make $10,000!
There are a lot of ideas out there, you just have to decide what works well for you. So don’t get too excited just yet.
When you follow these easy-to-follow steps, you’ll be on your way to earning yourself some greenbacks that will take care of all those bills and more than pay off your student loans (or at least buy you a new car).
I have provided links to each of the sources I used for this article, so you can check them out for yourself and decide if they’re worth your time.
So without further ado, let’s get started.
What is the quickest way to make $10,000 a month?
Getting started on a side hustle has never been easier. But how do you know where to start?
Check out these six ideas that can be done in hours and make money like crazy!
Become a freelance writer
Start an Etsy shop
Create and sell digital courses
Drive for Uber or Lyft
Become a virtual assistant
Learn how to day trade
Three Ways to make $10000 a month
Everyone wants to make money and get rich quickly, but the truth is that it takes time.
There are many ways of making a living today; you can choose the traditional route, make money online, or look at passive income.
Option #1 – Make $10,000 a month by earning a high income
There are a few ways to make a high income. You can work in a high-paying profession, like a lawyer or doctor.
Working in a high-paying profession is the most common way to make a high income. If you want to earn a six-figure salary, you’ll need to choose a career that pays well. Some of the highest-paying jobs include doctors, lawyers, investment bankers, and CEOs.
Starting your own business is another great way to make a high income. If you can build a successful company, you’ll be able to earn an impressive salary. Of course, starting a business is risky and it takes hard work to be successful.
Option #2 – Make $10,000 a month by working online
There are many different types of work that you can do online in order to make $10,000 a month. Some examples include writing articles or blog posts, designing websites, freelancing, selling products or services, and much more.
How much you can expect to make depends on a number of factors including the type of work you do, how much experience you have, and the amount of time and effort you put into it. However, if you are willing to put in the time and effort, it is possible to make $10,000 a month by working online.
For many people, however, the quickest way is by starting an online business. The good news is that most of these businesses are easy and sustainable because they don’t require a lot of startup capital.
Learn how to make money online for beginners.
Option #3 – Make $10,000 a month with Passive Income
Investing money in assets that generate passive income is another option for making a high income.
With this approach, you will use your capital to purchase assets such as rental properties or dividend stocks. These investments will provide you with regular income, which can help you reach your goal of making $10,000 per month.
Best Ways to Make 10k a Month
The internet is a great place to make money if you know how. The best part is that there are no huge upfront costs like starting a brick-and-mortar store or subscription business, so the sky is the limit on how much you can make.
That is why you will see many of the best ways to make 10k a month are online, and I’ve listed some of my favorites below. They all work in different ways, but they all have one thing in common: you can get started with no upfront costs.
Want to make money online but don’t know what to do? This guide will show you the quickest and easiest ways possible.
Invest in Stock Market with Mutal Funds or ETFs
There are a few things to consider before investing in stocks.
First, you need to have a clear understanding of what stocks are and how they work. It’s also important to understand the different types of stocks, such as blue chip stocks, growth stocks, value stocks, small cap stocks, and penny stocks. This will help you decide which mutual funds or ETFs, you want to invest in.
With this buy-and-hold approach, you are looking to make returns in the long run and are not worried about the up-and-down movement of your portfolio.
You need a 1.5 million portfolio to make $10k a month passively (source). This is the intrigue of how to FI and why many people pursue it.
Make Income in Trading Individual Stocks
There are a few things to consider before actively trading in stocks. You need to understand what stocks are and how they work. You also need to know the risks involved in investing in stocks as an active day trader or swing trader.
Stocks are shares of ownership in a company. When you buy a stock, you become a part-owner of the company. The value of your stock will go up or down depending on how well the company does. Once you have a basic understanding of the stock market, you can begin researching specific companies that interest you.
Stocks are bought and sold on the stock market. The price of a stock is determined by supply and demand. When more people want to buy a stock than sell it, the price goes up. When more people want to sell a stock than buy it, the price goes down.
It is possible to make money fast with stocks.
Create a blog
Blogging is a great way to make money because it gives you the opportunity to share your knowledge and expertise with a wide audience. If you have a knack for writing and are passionate about a particular topic, then starting a blog is definitely a good way to make money.
There are several ways to make money from blogging, such as selling advertising space, affiliate marketing, or selling products and services. However, the most important thing is to build up a large enough audience so that you can monetize your blog effectively.
Become a Virtual Assistant
A virtual assistant is an online personal assistant who can help with a variety of tasks, including administrative tasks, social media tasks, and even customer service.
A virtual assistant can help with a variety of tasks that business owners and entrepreneurs need assistance with. You are able to have a non phone work from home job and work during the hours you want. This is why so many people find becoming a VA so appealing.
Use Your Expertise as a Virtual bookkeeper
A virtual bookkeeper is an individual who provides bookkeeping services to clients from a remote location.
To become a virtual bookkeeper, you will need experience in bookkeeping and accounting, as well as strong organizational and communication skills. You will also need to be proficient in using accounting software, such as QuickBooks or FreshBooks.
Create a Course on Teachable and earn $10k a month online
Teachable is an online course platform that allows you to create and sell your own courses. You can use Teachable to earn extra income or even make a full-time living from your courses.
In fact, Teri Ijeoma is one of Teachable’s top course creators and easily surpasses this threshold.
Etsy shop in just a few minutes. This is a great way to use your graphic design skills and easily make money from $1-3 printables.
Write Articles with a Freelance Writing Business
Freelance writing is a great way to make a comfortable living from your writing. Whether you have a passion for writing or you simply enjoy writing for fun, freelance writing can be a great way to make a living from your work.
Copywriting is a type of freelance writing that requires more specialized skills and offers higher ROI for clients. This is because copywriters are responsible for creating compelling and persuasive content that can drive conversions.
Build a Coaching Business with Clients
An online coach is a professional who provides guidance and support to clients through online communication tools such as email, chat, video conferencing, and social media.
Engage in a social media management
A social media manager is a professional who helps businesses grow and interact with their customers through social media.
Social media managers typically create and post content, monitor and respond to comments and messages, run ads, and analyze data to track results.
Drop Shipping
Drop shipping is a business model where you don’t keep any inventory and instead outsource the production of products to a third party. When someone orders a product from your store, you simply contact the supplier and have them ship the product directly to your customer.
This is a great way to earn passive income, as you don’t need to do any of the work yourself. You can also hire freelancers to do all of the low-value tasks for you, such as customer service, order fulfillment, and marketing.
Amazon FBA
Amazon FBA is a service that allows you to sell products on Amazon.com and fulfill orders through the Amazon fulfillment center.
For example, Amazon FBA is an online store that Amazon handles a lot of the stuff that causes headaches for most e-commerce store owners, such as shipping and customer service. This means that store owners can focus on more important aspects of their business while still benefitting from Amazon’s massive user base.
Customers are more likely to buy from you if they see that your product is eligible for Prime shipping.
Affiliate Marketing
Affiliate marketing is when you promote other people’s products and services to make a commission. The easiest way to get started with affiliate marketing is through Amazon.
You can sign up as an Amazon Associate for free and then use the Amazon Associates link generator to create links for the products you want to promote. Amazon will pay you a commission on anything that is purchased through one of your links, even if it isn’t something that you promoted.
Make a Salary Off Flea Markets
There are many ways to make a salary off flea markets and search through other people’s junk. It is completely possible to make an income from selling items online.
You can start by finding a market that you are interested in and looking for items that are in high demand. Then, you need to know what to look for when you are shopping. When you are ready to start selling, you will need to find a place to sell and know your profit margins.
Invest Your Money to Make More
Investing is the act of allocating resources, usually money, with the expectation of generating an income or profit.
The first step is to understand what you want to achieve with your investment.
Once you know your goals, you can start researching different investment options and choosing the one that best suits your needs. It’s important to remember that there are risks involved with any type of investment, so be sure to do your homework before making any decisions.
Learn all the best ways how to invest 10k.
How hard is it to make $10k a Month?
There is no one-size-fits-all answer to this question, as the amount of work required to make $10,000 a month varies depending on the individual’s circumstances and career path.
However, in general, making $10,000 a month requires a significant amount of hard work and dedication.
For example, someone who is self-employed may need to put in long hours to build up their business before they start seeing a return on their investment. Similarly, someone who is employed by someone else may need to put in extra effort to stand out from the crowd and get promoted.
How much money is required:
Again, there is no definitive answer as the amount of money required varies depending on the individual’s circumstances. However, in general, making $10k a month usually requires having a good income from employment or from other sources such as investments as you build your side hustle. It’s also worth noting that saving up enough money to live on while you’re working towards your goal can also be helpful.
Also, spending money on online courses to jumpstart your process is helpful!
How long does it take:
The time it takes to make $10k a month also varies depending on the individual’s circumstances. For example, someone who already has a well-paid job may only need to save up for a few months before reaching their goal, whereas someone who is starting their own business may need to work for several years before seeing a return on their investment.
How to make $10k a month FAQs
Many people are interested in earning a high income, but they don’t know how to get started. In this section, we go over many of the frequently asked questions.
There are many ways to make money without a job. You can start your own business, work as a freelancer, or find odd jobs.
How much you can make depends on how much time and effort you put into it. You could potentially make thousands of dollars a month if you’re willing to work hard.
If you have the right skills and connections, you can make a lot of money in a short period of time.
To earn 10k a month, you need to average making $333.33 per day (assuming a 30 day month).
If you plan to work a normal 9-to-5 schedule, you must earn $500 a day.
There are many jobs that pay $10,000 a month. Some of these jobs include:
CEOs or any C-level executive
Investment bankers
Lawyers
Doctors
Different jobs require different skill sets. For example, CEOs need to be good at managing people and finances, while lawyers need to be good at research and writing.
The cost of living varies widely depending on where you live – yes the debate of HCOL vs LCOL. But $10,000 a month is generally enough to cover basic expenses and leave some room for savings.
Of course, if you have a family or other financial obligations, your expenses will be higher and you may not be able to save as much.
How to make $10000 a month from home?
There are many ways to make money from home. You can start a blog and sell advertising, write eBooks and sell them online, or even start a YouTube channel and sell products through affiliate marketing.
The amount of money you can make from home will vary depending on the method you choose. For example, if you start a blog and sell advertising, you could make a few hundred dollars per month starting out. However, as you grow and expand into other niches like affiliate marketing, you could easily make over $10,000 per month.
Tips for success:
No matter which method you choose to make money from home, there are some tips that will help you succeed.
First, be sure to choose a niche that you are passionate about so that writing or creating content is not a chore.
Second, be consistent with how you plan on making money from home.
Finally, invest in online courses to jumpstart your learning.
What are some tips for making $10,000 a month?
In the past few years, there has been a shift in how people get rich.
People are now making money six-figure salaries by doing what they love and starting their own businesses or becoming influencers.
Here are the best tips to make sure you have success in how to make 10k a month.
Tip #1 – Set a Goal
Setting a goal is important because it gives you something to work towards. It can also help motivate you to take action and stay on track.
When setting a goal, it is important to be specific and realistic. You should also make sure that your goal is measurable so that you can track your progress.
Example goals:
Enroll in online course to expand your earning potential
Earn an extra $500 per month from side hustles
Have your side gig income to take over your 9-to-5 income
Be able to retire and enjoy time freedom
Tip #2 – Make a Plan
As James Clear, the author of Atomic Habits says, “Many people think they lack motivation when what they really lack is clarity.”
You have to start by making a plan. You can daydream all you want about making $10000 in a month.
Here are a few steps to get you started:
Brainstorm ideas for a side hustle
Research the market and start small
Figure out which online courses to take to jumpstart your learning
Study. Study. And study.
Stay consistent with your plan.
However, the best way to find out if a side hustle will work is to start small. You can always build up your business and make more money later on.
Tip #3 – Be Patient
You need to be patient if you want to make $10,000 a month. It takes time and effort to make this much money.
Don’t think you can walk away after a few hours and make $10k each month.
It takes time to be consistent in making $10k month after month.
However, if you put in the work, you can make $10,000 a month.
Tip #4 – Take Action
In order to make $10,000 a month, it is important to take action.
Each and every day, you should be working on something that will help you reach your financial goals.
Whether it is watching a Youtube video, listening to a podcast, or actually putting reach work in.
Taking action will help you reach your goals quickly.
How to make 10k a week
Making 10k a week is definitely possible, but it’ll take work and dedication to see results.
You’ll need to have the right money-making idea and put in the time and effort to make it successful. Additionally, having multiple streams of income can help you reach your goal faster.
Which Income Stream will you choose to Start with?
So there you have it! A few different ways that you can start earning an extra $10,000 a month.
Which one will you choose to start with?
There are many ways to make money quickly and easily, but not all of them are created equal. In this guide, we’ve outlined some of the quickest and most effective ways to make $10k a month.
Choose the option that best suits your skills and interests, and get started today!
Let us know in the comments below.
Know someone else that needs this, too? Then, please share!!
I get sick when I think about that day and the mistake that cost me $5,000.
I compare it to something in between smashing my thumb with a hammer to breaking your mother’s most beloved piece of China.
It is something that makes me sick just reliving it.
I actually just puked in my mouth a little bit. <ugh….>
I had been a financial advisor for almost four years so I should’ve known better.
But thanks to a lot of greed and even more ignorance, I got my rear handed to me on a silver platter.
The Temptation
I was meeting with a client who was telling me the story about their daughter’s boyfriend whose dad worked for some mining company.
[Do you see how bad this starts off? I usually make fun of people that will even entertain stories like this. And here I was caught up in the moment. Back to the story…]
The client was telling me how this company had just signed some new deals and since it was a penny stock, otherwise known as an OTC or over-the-counter thinly traded security, there wasn’t a lot of news about it. His theory was that this penny stock could soar pretty quickly.
[Don’t you like how I’m getting advice from my client who really knows nothing about investing. And I’m really considering taking his advice about what the next stock is I’m going to buy? This has “epic fail” written all over it. ]
I had some cash in my investment account (lucky me!) so I thought I might as well give it a shot.
[Seriously, that was my logic: “might as well give it a shot”. I should have hired one of these advisors to punch me in the face.]
I proceeded to place a trade to buy a certain number of shares of this stock that was going to make me millions.
[Hah. Not even close buddy. Not by a long shot.]
Buying an OTC Stock – Woops
When buying an over-the-counter stock, otherwise known as a penny stock, you must be sure to protect yourself and make sure that when you place an order to buy or sell, that you put a specific price on it. I unfortunately put an order in to buy “at market”.
Translating, that means that I put an open order to buy whatever a price that someone is going to sell it to me for. If you think about it in Ebay terms, instead of bidding on the price, I elected to “Buy Now” and the seller could increase the price if they so choose.
In larger stocks that are traded on the New York Stock Exchange or NASDAQ, that’s typically not an issue because the market will keep that price in check. In the over-the-counter market, it’s a different story. An entirely different story.
The Wild, Wild West
You can think of the OTC market like the Wild, Wild West of trading. Just because the stock is trading at $0.90 doesn’t mean that you’ll buy or sell those shares at $.90.
If I put a buy order in “at market”, that price could shoot up to $1.90, $3.00; whatever their price might be. Essentially that’s what happened in my case.
I had put in an order to buy say 2,500 shares (I don’t remember the exact number) and a few 100 of the shares executed at what I thought was the market price. But I quickly and expensively learned that a lot of them issued at a price double of what I intended to buy it for.
To make matters worse, after the trade settled, the prices were displaying what I thought I was paying for it in the beginning. To summarize:
I submitted a buy order for 2500 shares of a penny stock “at market” and thought I was buying it for $.90.
I bought a few hundred shares at $.90 but most executed at least 2 if not 3 times that. That means I made an investment of $5,000 instead of what I thought was going to be $2,250.
After the trade settled, the price reverted back to the original price of $.90. If I sold it that day I would take an immediate huge loss.
If I’m doing a bad job of explaining how the system works, it’s a further demonstration of why I have no business buying penny stocks. Chances are if you’re reading this, you fit that description, too, so let’s reflect of how I screwed up royally.
Don’t Do as I Do, But Do as I Say
Before you start trying to make yourself believe that you can make millions off buying penny stocks, take note of how I screwed up and I let my over-confidence and flat out ignorance get the best of me.
I listened to advice from someone I had no business getting advice from. My client knew nothing about the stock, knew nothing about the company, other than what his daughter’s boyfriend had told him. Whenever you’re getting investment advice from someone, make sure you consider the source.
I had no idea how the over-the-counter market works. This system works nothing like logging into my TD Ameritrade account and picking up a stock on the NY exchange. It’s more like traveling to Spain, going to a flea market, and trying to bargain with a vendor even though I don’t speak the language. Chances are I’m going to be screwed just like I was in this situation.
Greed is not always good. I don’t care what Gordon Gekko says, I was doing just fine making a decent return on my boring mutual funds but the chance of quadrupling my money in a short amount of time got the best of me.
That was the last penny stock that I’ve ever bought and will ever buy again. I don’t care if my best friend’s uncle’s seamstress knows a guy that has an insider at some other company. Never again…
Have you invested money into something that you didn’t understand?
As you increase your interest in building wealth and investing, you might be looking to take your knowledge to the next level. And as you consistently work on your investing strategy and expand your interests, there will be more to understand and manage.
While I’ve never been into active day trading stocks, buying and holding onto individual stocks should conservatively be in your portfolio. Meaning, you should have some exposure to great individual stocks, but only be a fraction of your overall portfolio to minimize risk.
What percent of individual stocks you have in your portfolio is a personal choice based on your goals and current finances. However, I like to look at it as being between 1-5% max of my portfolio.
However, most people do not have the time or knowledge to research every potential investment or find great individual stocks that are out there. But one option you have is to sign-up for The Motley Fool’s Stock Advisor program.
In This Article
What is The Motley Fool?
The Motley Fool was founded in the early 90s and has continued to be a leader in the financial space. Currently, the company is led by the founders (and brothers), David Gardner and Tom Gardner.
The company has its headquarters in Virginia, but they have offices around the world and employ hundreds of people. Their website covers the latest stock market news, numerous blog posts, and guides around investing, detailed guides, podcasts, and much more.
I think their about page sums up their approach to investing, business, and work culture nicely.
Here is a quick snippet:
“We believe in treating every dollar as an investment in the future you want to create. We believe that investing in great businesses, for the long term, is the most effective path to wealth. We believe in the power of a community to learn and grow together. We believe in keeping score and being transparent in our investment performance. We strive to fulfill our purpose by truly serving every Fool, from our employees to our members to our community.”
What is the Stock Advisor Program?
While The Motley Fool offers a plethora of free content, guides, and news — one of the staples of the company is its Stock Advisor Program.
The Stock Advisor program is a membership service that offers stock picks and various recommendations to their subscribers to help them invest wisely. And the goal of the program is to make it easy for beginner investors to get started picking the right stocks and improving their results.
What the program includes is Tom and David Gardners insights, research reports, and all the information as to why they are choosing certain stocks.
While they are looking to help you beat the traditional returns, these are not “get rich quick” options. Instead, these are stocks you should invest for the long-term that have great fundamentals.
What stands out about their recommendations, is these are not “pump and dumps” or junky penny stocks. Instead, they are legit companies that show various indicators of strong potential results over time.
And currently, the Stock Advisor program has over 600,000 active members using their services and accessing their stock market picks. So let’s explore more about the Stock Advisor program in this Motley Fool Review below.
How The Motley Fool Picks Their Stocks
While I won’t get into every little detail, I think it’s essential to cover the basics of their stock-picking approach and what investors get to see.
What’s cool about The Motley Fool’s approach to stock pick investing is its blend of strategy and information. They aren’t just throwing random stocks out there, getting paid to push a stock, or choosing a hot industry.
Their entire philosophy revolves around picking solid businesses based on current results, future potential, current management, market factors, trends, and other business signals.
This interview of co-founder David Gardner is from 2014 but goes into their process for stock picking and a bit about their Stock Advisor service.
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Here are just some past recommendations they had made to their members, before the stocks took off: Hasbro, Bookings, Disney, Amazon, Costco, eBay, United Health, and Netflix. Many of which, their first recommendations, came in the early 2000s before any big price gains.
Quite the track record and it gives you an idea of the kind of companies and stocks they look at for their members.
What members get in the Stock Advisor Program
As a member of their Stock Advisor Program, you can expect the following:
Two new stock picks each month – That is the team’s latest stock recommendations based on their analysis that is delivered monthly
The best buys for right now – The Motley Fool will provide ten timely recommended buys from over 300 various stocks.
Starter Stocks – These are identified stocks that should be considered as the foundation of your portfolio.
Their newsletter – The Stock Advisor newsletter comes with fundamental analysis, the positives and the potential negatives of the picks, and more. It helps you understand the reason for their choices, and figure out which stocks are best for you.
Additional community and investing resources. While The Motley Fool has numerous free content, guides, and podcasts — they offer members exclusive materials that the general public readers will not have access to.
Another important feature for members, is they get access to a record of all the recommendations The Motley Fool has ever made. That means access to all their winners and losers in their investment picks.
I like this transparency because you can quickly access all the information, why it was recommended, and the results since the recommendation.
Personally, it’s great to see that they do not hide any picks that maybe did not perform as well. No financial company, investor, or advisor will have 100% accuracy.
The stock market and companies can do many unexpected things, so there is no way anyone should not have any losers or “low performers.” Instead, you want to see that the winning recommendations are more consistent with strong returns.
Motley Fool Review: Pros and Cons
Now that you understand The Motley Fool’s service for investors, what you get, and how it works — what are the pros and cons of being a Stock Advisor member?
Pros of The Motley Fool
Founders and analysts have decades of stock marketing and investing experience.
Tons of in-depth content, news, resources, tools, and services.
Proven track record of results for their members in the Stock Advisor.
It takes the burden of detailed research and analysis. Making it easier for you to make decisions about stocks
Stock Advisor subscription costs $99 for a one-year membership and protection by their 30-day membership-fee back guarantee. You can cancel within 30 days and get 100% of your money back.
Cons of The Motley Fool
Purely investing in individual stocks is still risky, as there is no guarantee a stock will win long-term or the company will have enormous growth over the years.
These are recommendations, so you still need to do your due diligence. While the recommendations come with detailed information, risks and rewards, and more — you still should read and understand the stocks before just investing because they said they were good picks.
You must be prepared before. That is not to get rich quick, and you can still lose money. Understand your goals, what you can risk, and what you are willing to hold during rough times if The Motley Fool is recommending that.
Is the Motley Fool Stock Advisor Worth It?
The Stock Advisor service from The Motley Fool is worth it if you are very interested in individual stock investing and looking to have more of the research done for you in advance. It’s also a good option if you plan on managing your portfolio and have a hands-on approach to investing.
Is the Stock Advisor Program Good for New Investors?
The Motley Fool Stock Advisor program can be a great and affordable choice for new investors that have long term goals and want to mix in individual stocks to their portfolios. Even though the Stock Advisor program has a strong track record, it’s important to understand the risks and do your research on stocks they recommend.
What Type of Investor is Motley Fool Best For?
Motley Fool’s Stock Advisor service is best for new investors and experienced investors looking to have an advantage over others and boost their portfolio returns. The recommendations are also best suited for long-term investors who want to mix in individual stocks that have the potential for higher traditional returns.
If any or a few of these points speak to you personally, then the program can be a great option if you:
Are long-term investor (buy and hold for 2-5+ years)
Like individual stocks and prefer them over mutual funds
Are you looking to add new stocks to your portfolio monthly or annually beyond index fund investing, bonds, etc.
Is The Motley Fool Trustworthy?
The Motley Fool is trustworthy and legit. Compared to other similar products or newsletters on the market, the company is not promising what they can’t deliver. Nor are they doing anything that would be considered fraud.
As someone who works in marketing, I will say they may come off a bit scammy with their aggressive sales tactics; however, their track record and quality content show they are legitimate.
There are also many scams and newsletters of people trying to lure readers into stocks with the promises of massive returns. If you see those, runaway! Most are paid to select these stocks to send them out to readers, and most are junk or hold no real value.
Fortunately, The Motley Fool does their homework, has a proven track record, and helps you build a nice portfolio of some individual stocks to help you make money while you sleep.
They may have aggressive marketing or sales tactics, which I tend not to like. But, since they are transparent and have proven results, I don’t judge them as much on those tactics since they can back it up (unlike most stock picking newsletters).
This article originally appeared on Your Money Geek and has been republished with permission.
Itâs good to have options, so the saying goes. For insiders, whose definition of âoptionsâ includes tangible instruments of remuneration, not just intangible choices, itâs even better. When insiders exercise their incentive options or other derivative securities, itâs usually so they can immediately sell the shares they acquire at below-market prices for a risk-free profit.
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