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7 BEST WAYS TO INVEST WHILE YOU’RE IN COLLEGE

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Written by
James Royal
Written by
James Royal
Senior investing and wealth management reporter

Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth
management. His work has been cited by CNBC, the Washington Post, The New York
Times and more.

James Royal
 * Sept. 27, 2021 /
 * 6 min read

Edited By
Brian Beers
Edited by
Brian Beers
Senior wealth editor

Brian Beers is the senior wealth editor at Bankrate. He oversees editorial
coverage of banking, investing, the economy and all things money.

Brian Beers
 * Sept. 27, 2021 /
 * 6 min read

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Moving away from home, making new friends and getting to class on time are some
of the big changes college students face after high school. With all that this
new group of adults is facing, it’s a wonder that there’s time for anything
else, let alone investing.

But surprisingly, college is actually one of the best opportunities to get
started in the world of investing. Even those with only a little bit of cash can
begin to build a portfolio, and it can actually be an advantage because you’ll
be learning how to invest – and dealing with some inevitable losses – without
the risk of losing a large sum of money.


COLLEGE IS A GREAT TIME TO START INVESTING

Sure, college can be one of the most difficult times to scrounge up the extra
change just to do the things you need to do, let alone the things you want to
do. But it doesn’t take much money to get into the investing game. With all the
free or low-cost options available today, a modest $20 or $30 can get you in the
game. More importantly it gets you thinking about investing.



In fact, the hardest part of starting to invest is beginning to think of
yourself as an investor – whether as a real owner of publicly traded companies
or even a holder of various cryptocurrencies.

You’ll want to take an owner’s long-term mentality toward your holdings, analyze
what’s happening in the market periodically and make moves that look like they
have a good chance of paying off, for example. Learning these lessons early –
when they’re not costly – is valuable.

While we normally think of investing as reserved for the wealthy, it absolutely
doesn’t have to be that way. Students should consider how they can use investing
to create and secure their financial future, even before they’re out building
their careers.

Here are seven ways for college students to get started in investing, from the
super-safe to the bold.


1. CONSIDER STARTING WITH A HIGH-YIELD SAVINGS ACCOUNT OR CDS

One of the simplest ways to give your savings a boost is to open a high-yield
savings account. These accounts pay interest on your deposits at rates far above
what is available through traditional savings or checking accounts, while still
offering you the ability to make withdrawals at any time.

Savers don’t often think of bank products (such as high-yield savings accounts,
or a certificate of deposit, or CD) as investments, but they are. And they’re
some of the safest alternatives around. CDs will pay you a fixed rate of
interest in exchange for you committing money to the bank for a specified
timeframe. These investments can be a good place to park money that you don’t
need until a specific time in the future.

For example, if you have money for next year’s tuition, you probably want that
in a super-safe account that won’t fluctuate with the stock market. A CD fits
the bill for exactly this kind of requirement.




2. TURN TO A FREE OR LOW-COST BROKER

If you want to jump into investing, it couldn’t be much cheaper to get going.
There are many impressive low-cost online brokers – such as Fidelity Investments
and Charles Schwab – who offer free stock and ETF trades while also providing
great research and educational tools to get you started on your way. Both
Fidelity and Schwab, for example, scored top marks in these areas and are noted
for their overall client service and investor-friendliness.

But if you want to go all free – great for college students looking to cut costs
– then you can turn to Robinhood. Robinhood’s main selling point is that it’s
free to trade on the platform, including options and crypto. Robinhood Gold also
provides Morningstar research for a relatively cheap $5 per month. With a slick
trade-anywhere mobile app, Robinhood makes an excellent choice for those looking
to cut costs to the minimum.

Webull is another option for the particularly cost-conscious investor. Webull,
like Robinhood, also features commission-free trading but has more customer
support options and offers retirement accounts that Robinhood doesn’t.


3. INVEST A LITTLE EACH MONTH

If you go with a commission-free broker, you’re going to be able to invest
modest amounts each month and not have your capital eaten up by fees. So more
money actually goes into your stocks or funds. You can put away even just $20 or
$30 a month, and start to see the money in action in the stock market. A number
of brokers now also offer investors the ability to buy fractions of a share too.

It’s important to get started regardless of what the economy is doing. Even with
a modest amount invested, you’ll likely be more motivated to follow the market.
And importantly, you can begin thinking of yourself as an investor. Having money
invested also encourages you to conduct research and analyze your holdings. So
beginning with even just a little can be really beneficial.


4. BUY AN S&P 500 INDEX FUND

One of the easiest ways for an investor to get started is to buy an index fund,
and many of the most popular index funds are based on the Standard & Poor’s 500
index of large American companies. An index fund holds shares of all the stocks
in the index, hundreds in the case of the S&P 500. By holding so many stocks
across a wide variety of industries, the fund is highly diversified and
typically offers less-volatile returns than owning individual stocks.

Another advantage of an index fund is that you don’t have to know a lot to get
started. Buying an S&P 500 index fund is like buying the market, and you’ll get
the market return. It’s a great way to learn how investing works, and it’s the
strategy recommended for most investors by legendary investor and billionaire
Warren Buffett.


5. SIGN UP FOR A ROBO-ADVISOR

If you’re not ready to pick individual stocks or even an index fund, then you
can opt for a robo-advisor. A robo-advisor automatically creates a portfolio for
you, buying a selection of funds based on your time horizon and how aggressive
you want to be with your investments. Beginning investors can get started with
very little money – even $20 can get you going – and you can add money
incrementally without any additional transaction costs.

For their services, robo-advisors usually charge a percentage of your assets,
often 0.25 percent annually, though some waive the fee for small accounts.
Wealthfront and Betterment are two of the larger robo-advisors that hit this
price point.

Typically you won’t pay any additional fees to the advisor, though any funds
that you own usually have fees based on how much you own. You’ll often get other
benefits from the advisor, too, including attractive interest rates on cash
accounts and you typically won’t have to lock your money in.


6. TURN TO AN INVESTING APP

One way to simplify the investing process even further is with an investing app.
One popular mobile app that may help here is called Stash, and it allows you to
buy some individual stocks or a selection of ETFs. It takes only $5 to get
started, and the basic account costs $1 per month. If you don’t know how to
start investing but want to learn and do it yourself, Stash will help you out.

Another popular investing app is Acorns, and it made Bankrate’s list of top
investment apps because of how easy it is to use. With Acorns, you link a debit
or credit card, and then the app rounds purchases up to the next dollar and
invests that difference into one of a few ETF portfolios. The cost is $1 a month
for their core service, but Acorns also offers an upgraded all-in-one service
for a few bucks more.


7. OPEN AN IRA

It might sound like you’re jumping the gun by thinking about an IRA while you’re
in college. But an IRA can actually be a great opportunity to build your future
savings if you’re earning money with a job, as many students are. An IRA allows
you to defer taxes on any profits or dividends, and deduct your contributions
from your taxable income, saving you money on taxes. Plus, the earlier you start
investing in a tax-advantaged account, the longer you can use the power of
compounding to max out your account.

A Roth IRA can be another great way to get started investing for retirement.
Contributions to Roth IRAs are made with after-tax dollars, so there won’t be
any tax savings immediately, but your withdrawals during retirement will be
tax-free. By making contributions when you’re in college (and likely paying a
low income tax rate), you’ll avoid a larger tax bill down the road when your
income will likely be taxed more. As with a traditional IRA, your investments
will be allowed to compound tax-free in a Roth IRA.

Those advantages can be an easy win for a little effort.


BOTTOM LINE

The most important point for college students who are looking to invest is also
the most urgent – get started today. The sooner you begin learning about the
market, the sooner you can begin planning your financial future. Students can
begin with modest amounts of money and hopefully grow both their knowledge and
their portfolio.

Keep in mind that a measured approach makes sense when you’re just starting out.
Going “all-in” on a stock or particular asset class is particularly risky and
could expose you to considerable losses in the event of a decline. Volatility
comes along with most investments and learning how to deal with the emotions it
creates is an important part of the learning process.


LEARN MORE:

 * How to invest in stocks
 * 15 passive income ideas to help you make money
 * 10 ways to attend college for free


Written by
James Royal
Senior investing and wealth management reporter
Read more From James
Bankrate senior reporter James F. Royal, Ph.D., covers investing and wealth
management. His work has been cited by CNBC, the Washington Post, The New York
Times and more.
Edited by
Brian Beers
Senior wealth editor




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