When it comes to investing, some of us are simply better at it than others. Figuring out which companies or organizations you want to put your money into and knowing how much risk to take, is no easy task.
This is especially the case if your background in investing is slim to none.
That being said, if you’re someone who just so happens to be a savvy investor, you might find family and friends flocking to you for advice. While you might be happy to help, taking someone else’s money in your own hands is a heady thing, and might be more responsibility than you want.
Instead of taking the reins solo, consider trying to help family members invest in these three ways.
1. Give the Gift of Stock
There may be risks you’re willing to take with your own money, but not necessarily ones you want to take with some else’s income. So, instead of actually doing investing your family members’ money, why not gift your family members stock?
Help them get started by giving them Stockpile gift cards as presents, which requires no money from them. This way, they can get their start in investing without actually putting forth their own money. Plus, it’s easier than actually investing their money since it won’t require you to acquire all their personal information.
You can also give Stockpile gift cards to children under 18 to help family members invest from a young age.
2. Help Them Strategize
Investing has a lot to do with strategy and diversification. However, if you’re new to the game, knowing how much money to put in certain stocks vs. others, or knowing how much money to risk vs. how much to play safe, can just get confusing.
As someone who knows the world of investing though, you can help your family members come up with a strategy to do just that. Assist them in coming up with a plan for how much of their total income they’ll invest and help them find stocks they think are worth investing in, then together you can decided what to risk or not risk.
3. Assist Them as an Experienced Investor
Like helping them create a strategy, the best thing you can do when helping your family members invest, is to be their investment resource. As a seasoned veteran, you can help them learn the ins and outs and assist them in understanding the terms and ideas they might not be aware of yet.
Show them how to look up their stocks and view their portfolios. Help them figure out how to do a trade. Or, show them where they can find all the business, financial and investment resources and information they might need.
In other words, simply help them get acquainted with a world that might not be known to them.
Dealing with other people’s money, even those closest to you, can feel like a lot of responsibility. After all, you’d hate to leave someone in a bind because of something you invested them in.
You don’t have to actually do the investing for them to help. Instead, follow these three tips and find ways to assist them and get them started on their own investment path.
What are some investment resources you’ve found helpful for beginners? Have you done anything to help family members invest?
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Wise Dollar
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