Week 4 – Investing Start Up
Noah B -
Hello, this is my progress for week 4 of my senior project. What I accomplished during this week was the start up to the passive income strategy of investing.
Recent Developments
To start the first part of my investing progress I needed to use a trustworthy investing app. My plan is to have one app that will be used for long term investing or the investments that will be put into less stocks, meant to be left untouched for longer periods of time. The second part is to have a shorter term investing app, involving putting a certain amount of money each day or week into different stocks, monitoring it more often. The long term investing is for making future profit, while the short term investing is for making present profit. The two apps that I used to accomplish this task is Robinhood and Fidelity. This week I tested fidelity’s auto investing feature for my short term plan. Robinhood supports the same feature, but I planned this app for my long term plan. I understand the risk with investing, so I will only be inputting small amounts of money that I am fine losing to declines in stocks. The automatic investing experiment will be made weekly to minimize financial losses. I also need to point out that this process is all under parental permission and is being payed for by the money that I make at my job.
Challenges this week
A problem I faced this week is finding an app that is easy to use and is accessible to anyone. I originally wanted to use another app that had a great automated investment system, but unfortunately it was not easily accessible. The problem with this app is that it needed a minimum of $100 to spread it among multiple stocks. On top of this, there was also a fee implemented based on your yearly income. I did not want to put in too much money on a new app I haven’t used, so I came to the conclusion of using Robinhood and Fidelity. These apps are popular and have been said to be trustworthy, so I decided to use them.
Progression to my overall project
With the knowledge I gain from my investing journey, I will add it to my guide of how viable a passive income strategy is. Investing is very passive and popular, so it is a great addition to answering whether passive income and side hustle strategies are viable. By showing my start up, my guide will eventually reveal how you can follow what I did and help you decide if passive income is worth pursuing. I will reveal how much I have invested so far once I complete finding stocks to invest in. The rest of the week will be used for continuing my investments and research in this field. I plan to start a different side hustle strategy in the following week. Look out for my next post to see more of my developments.