There is more to investing than just researching and buying stocks, bonds, and other securities. Where does the money come from? What kind of experience do you have investing? Where should you keep the money you save until you need it for a stock purchase? What’s happening on Wall Street, and what’s going on around the world?
Here are my top recommended tools to get you reaching success with your investment portfolio.
Mint.com
Getting the money to invest isn’t as easy as just earning it. Getting your finances under control is very important. You need to learn how to budget, save, and manage your money effectively. Mint.com is a great free way to help you do this.
Uses
Mint helps you better manage your money by putting all your financial accounts in one place including savings accounts, checking accounts, loans, credit cards, etc. This allows you to see exactly how much money you have where at any given time.
Mint categorizes your spending automatically to make budgeting very simple and easy. Decide how much you want to spend in each category and Mint tracks it for you. For example, if your credit card is attached to Mint, every time you buy something, that expenditure shows up in your account in the right category because your spending shows up in Mint. The same goes with all your other accounts.
Budgeting is foolproof with Mint. The spending limits are set for you. You can check on them at any time throughout the month to stay on track. Using online budgeting software is simple.
Mint is flexible, easy and safe. They keep an eye on your accounts for you, looking for things like sneaky fees. You can also access it on your smart phone which means you have no excuses for staying on track.
Why you Need it
A budget leads to financial success because it makes sure you’re spending your money only on the right things and helps you save money. It’s all paper-less, fast, and easy. Best yet, it’s absolutely free. Using free budgeting software is easy, especially when it is online and can be accessed almost anywhere.
Sign Up for Free
Mint.com- free money management software. Start saving money now. Sign up for Mint.com for free here.
ING Direct Savings Account and Checking Account
Until you begin to invest, you’ll need to keep your money somewhere. You’ll also need a place to store your money until you need it for investing or other savings goals. ING Direct offers you all the tools you need.
Uses
The Orange Savings Account not only offers a competitive high interest rate, it’s easy to transfer money and create as many sub-accounts as you need. Keep your money safe and secure while also maximizing your earnings. Earn interest without the risk.
The Electric Orange Checking Account works with your savings account for the ultimate banking experience. You can instantly transfer money between your checking and savings accounts, withdraw money for free from over 35,000 ATMs nationwide, and earn interest on your money. You can also send money online, use a debit card, and still have a checkbook.
Why you Need it
You need a savings account online because you’ll get more interest on your emergency fund and other savings. The Electric Orange Checking Account is optional, but I find it very useful. I still have an account with my local bank for other banking services and occasional convenience.
Sign Up for Free
Sign up for a free ING Direct Orange Savings Account here.
Sign up for a free ING Electric Orange Checking Account here and get a free $50 bonus!
Wall Street Survivor
Have you ever bought a share of stock? If not, it can be daunting. A little bit of practice and experience will make you feel more comfortable when you start investing, and it opens up another level of learning while you begin your investment studies.
Uses
Wall Street Survivor is a free stock market simulation game you can use online completely free. It’s meant as a trading game, but it makes great practice for budding long-term investors, too. You get $100,000 of fantasy money and can invest it in the markets. Real market data is used for the best simulation. You can also win free prizes.
Use this as a practice tool. you can see how the markets move and how your choices affect your overall earnings. Keep using it when you begin making real investments, or leave it behind. Either way, the experience will prove useful.
Why you Need it
You need Wall Street Survivor as a place to take risks you would otherwise be too scared to take. It’s great practice when you’re new and it’s a great way to experiment new risks now and then. If you’re really good, you can trade frequently and win big cash prizes.
Sign Up for Free
Start winning prizes today! Sign up for a free Wall Street Survivor Account now here!
ADVFN
Research is a critical step with investing, whether you’re a long-term investor or a trader. Having the right tools is important, too. Most online brokers have their own tools, but I prefer to use ADVFN.com.
Uses
ADVFN is a great way to track all your investments in one place and get free streaming prices from NASDAQ, NYSE, Dow Jones Industrial Average and many more indices worldwide. It makes for easier investment research. It’s quick, easy and free to sign up.
Why you Need it
While this isn’t required (you can use other tools), it’s a great way to get everything in one place. With an account, you can see quotes, charts, and news dedicated to whichever stock you’re looking up. It’s worth a try.
Sign Up for Free
ADVFN offers FREE streaming stock quotes and shares data form around the world. SEE MORE
Sign up for ADVFN for free here. To sign up for a free membership, click the small yellow box at the top left of the website above that says “Free Membership”.
The Wall Street Journal
This is another optional investment tool, but it may prove very useful. It’s important to stay up on the news of your own holdings as well as investment news and general news.
Uses
The Wall Street Journal will give you the best business information and news. It is the most respected in it’s industry. You can get the print version, online version, or both. They also offer other subscriptions such as Smart Money Magazine as well.
Why you Should Get it
If you don’t know what’s going on in the business and financial news, how can you make educated buying decisions? Stay on top of things. You’ll feel smarter and make better decisions. These are all important and useful to building a solid portfolio.
Sign Up
Fortunately, The Wall Street Journal is very affordable. You can get the Journal 5 days a week plus the weekend edition 80% off. Sign up here. For a better deal, sign up here for the print and online editions.
Get SmartMoney – USA subscriptions: 24 issues for just $18 – SAVE 85%