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Week 1: Let it Slay – Stock Basics
This week is dedicated to laying the groundwork for success as you embark on your journey as a new investor. You will receive an introduction to stocks and the stock market and we will provide a solid foundation for your long-term investment endeavors. There’s no need for apprehension – we’re beginning at the basics and progressively advancing. This marks an excellent starting point for your exciting venture into the world of investing.
As a reminder, this training/challenge is for educational and informational purposes only. These materials do not constitute a recommendation to engage in any particular securities transactions.
Investment products are: Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value
Today’s Word – Stock
A stock is a form of security that grants partial ownership in a company. There are two primary types of stocks: Common and Preferred. In this challenge, we’ll focus on common stock. Owning common stock grants you voting rights as a shareholder and the potential to receive dividends. Stocks may also be called shares and equity.
Day 1: Write the Vision, Make it Rain
As you embark on your journey as a beginning investor, it’s time to articulate your financial vision, especially when it comes to delving into the stock market. You may be new to investing, but the desire to see your money grow led you here, right?
Consider your unique aspirations as a woman who works hard for her money. Whether it’s paying off debt, securing your retirement, traveling the world, or ensuring Junior’s college tuition is covered – these are common goals, and now is the time to bring them to light.
To attract and achieve these goals, you must quantify them. Whether it’s envisioning a mortgage-free home or confidently handing in that pink slip to your job, determine the precise amount needed for these aspirations.
Owning stocks allows you to have a seat at the table in the business world without taking on the risks of starting or managing a company. However, it’s crucial to grasp the reasons behind your decision to invest and clearly define what you aim to accomplish through your stock investments. This clarity will guide your path as you navigate the exciting (and money-making) world of investing.
Goal-setting is about visualizing the end in mind. Setting investing goals are similar to setting and working towards any other goals in your life. Your investing goals should be CLEAR.
C – Collaborative / L – Limited / E – Emotional / A – Achievable / R – Refine
Here’s an example:
| C – Collaborative | Share with a friend, partner, money mentor (or write a note to yourself) your commitment to reach an investment goal of $100,000 in your brokerage account. |
| L – Limited | Give yourself a limited timeframe, say five years to reach this $100,000 investment goal. This specific timeframe helps you measure progress. |
| E – Emotional | By reaching your investment goal of $100,000, this would give you peace of mind and give you the motivation to keep going to your next goal. |
| A – Achievable | Break down your investment goal of $100,000 into smaller, achievable tasks. Come up with an amount that you can save every pay period or per month to reach your $100,000 target. |
| R – Refine | Refine the goal as needed. If you have to pivot unexpectedly, then refine your goal. Review how you are tracking towards the goal regularly to ensure your goal is still realistic and achievable. |
Got it! Okay, now it’s your turn to write the vision so you can make it rain.
Today’s Investing Activity (click the link –> “Goals” for the worksheet):
Select your investing goals, know your why, and write them down.
- Write down your investing goals using the CLEAR framework
- Rank them in order of importance to YOU
- Share one of your goals in the comments below or in The Stocks & Stilettos Society Group
Tomorrow: Day 2 – Anatomy of a Stock
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Happy Investing!
Cassandra
One of my goals is to pay off my mortgage.
I want this for you, too. Let’s make it happen!