Financial experts want to give you the inside scoop how to get started in the market.
There might be some misunderstandings about getting involved in the money market. If you think you have to have an inheritance or a six-figure income to get ahead in these markets, that certainly is not the case. While it may be intimidating, there are simple ways to get started in the market. Our finance experts share their tips for how to get involved in the market.
"The best way is to begin with a single stock with a small amount of money and then build a portfolio from there. Maybe there is a particular service or product you like. Once you are comfortable you can then add stocks. The best way is via a mutual fund with is a bunch of stocks. This way you can eliminate single stock risk and get a return with a relatively simple plan."
Mary Anne's Advice
"Learn the basics in a class or read some good basic books. Understand equity versus fixed investments. Learn about diversification. Start small. If you are not comfortable, work with a professional while you learn."
"Getting involved in the markets and investing your own money used to seem overwhelming. However, in this day and age, there are so many educational resources available online. Everything you need is available at the click of a button."
"Open a brokerage account and use it as a savings. Then, when you have the knowledge, you will be ready to start investing."
About the Experts
Scott Shellady began his fiscal vocation in 1990 as the European Managing Partner of Prime International Trading London. He continued his career overseas with high-level positions at Muirpace Ltd, Deutsche Bank AG, and was Managing Director of Futures Operations in London for The Industrial Bank of Japan. Mr. Shellady was integral in building a technology company for electronic futures trading called Patsystems Plc. After 11 years in London, Mr. Shellady returned to Chicago to run the family commodities business that was started 40 years ago. Currently, Mr. Shellady is a CEO of Bradford Capital Management. He is a frequent contributor on CNBC, Fox Business News, Bloomberg and Sky News.
Mary Anne Ehlert is the founder and president of Ehlert Financial Group and Protected Tomorrows, Inc.. She is a dynamic financial expert with more than 25 years experience in the industry, focusing on divorcing and single women as well as widows and families with special needs. Personally and professionally, she knows how caregivers should plan and has shared her expertise with the New York Times, Chicago Sun-Times, and Investors Business Daily. She is a sought-after speaker at national women's, financial, and disability conferences. Find her at Ehlert Financial Group.
Liz Dierking is a co-host of of The LIZ & JNY Show. She has spent eleven years on the Chicago Board Options Exchange floor making markets. During this time, she also acted as a Designated Primary Market Maker, Floor Broker, and Floor Official. She also represented her firm on the Market Performance Committee before joining the TastyTrade Financial Network. After leaving the trading floor in 2010, Liz picked up improvisational comedy as a hobby. She learned to merge her passion for finance with comedy and entertainment. She teaches strategies that give viewers an increased probability of success with a decreased capital requirement.
Jenny Andrews, host of The LIZ & JNY Show, brings six years of trading experience to the tastytrade Financial Network. Beginning her career at the Chicago Board of Options Exchange (CBOE), she was the quickest clerk to move to a market maker seat. Jenny has traded in seventeen pits on the CBOE trading floor and was appointed instructor of an Options Theory Course for one of the nation's largest trading firms. This experience gave Jenny the knowledge to leave the trading floor, trade for herself, and share her expertise with others interested in investing, even if intimidated by the seemingly complex endeavor. Jenny joined Liz Dierking in 2011 to co-host The LIZ & JNY Show where she teaches simplified strategies to novice and experienced traders to take the fear out of investing. The LIZ & JNY Show airs live Monday through Friday from 11:00am CST at TastyTrade.