As inflation is still eating your money, how to prevent this via investment is a popular topic for these years, especially on investing VOO and QQQ.
You may be wondering “is it hard to invest in VOO and QQQ?”, especially when you are now in this area.
So here, I will give a guide on how to invest in them, and what you should pay attention to for these processes.
4 steps to start investing VOO and QQQ
Here are 4 steps you need to follow:
Step 1, Open an account in brokerage
Opening your personal brokerage account is an important step.
Charles Schwab, Fidelity, Vanguard, Interactive Broker and Robinhood, are all popular brokerage selections in the US.
If you don’t live in the US, there are still lots of choices. Some US brokers, like Firstrade, Charles Schwab and Interactive Broker, also offer non-US residents to open accounts. Or, you can contact your local brokers if they have a sub-brokerage function, that is a way to buy them.
Once choosing the broker, next we open our “individual account”, not “retirement account”, there will be clear instructions to set up your account, just follow them and wait for brokers’ notice.
Step 2, Check you have sufficient funds periodically
After your account is set up, next, we need to check if we have sufficient funds.
Some brokers may need you to transfer your money in their designated account, so you can start to trade. Some can link to your designated bank account, so you just need to check if your funds are sufficient there.
No matter which way you use, please check your fund balance periodically, this is important.
If you want to keep on buying VOO and QQQ, you must make sure you have sufficient money to invest in, either via monthly savings, or one-time bonus, so your money can grow faster and stronger with these ETFs.
Step 3, Do you assessment before buying them
If your money is all set, then before buying an ETF, you have to do your assessment.
The assessments are including:
1. How long will you invest in VOO and QQQ? 10 years, 20 years or more?
2. Can you ensure you have sufficient funds periodically to buy them?
3. Will you be able to keep prudent and patient when encountering market turmoil?
4. Do you have a conference to keep investing in them for a long time?
Once you have your own clear answer, then we can go to the next stage.
Step 4, Select a date, and regularly invest them
Finally, we come to the last stop.
You can select a day or multiple dates to invest in, like your salary day or pay check day, or in the beginning and the end of month, it depends on your choice. Once decided, then just keep on doing it.
The advantage is that you don’t have to wait until the low price, as I know many people have an idea for this. In fact, we don’t know if the current price is high or low, nor if it will go higher or lower, so why don’t we buy it now?
Here, all the steps are completed.
Notes you should pay attention
Even if we finish our steps to buy VOO and QQQ, there are some points you need to pay attention to.
Don’t check you balance too often
Some people eagerly want to know if their investment is balanced, so they check it not only every day, but also every hour.
Trust me, this does not increase your money, it just brings you more worries.
When you increase more worries, the possibility of improper decisions is also increased, like selling stocks that should not sell, and finally brings you more regret.
Reduce the frequency to read news and discussion in forums
Reducing the frequency to read news and forums can also help you to reduce the possibility of making mistakes.
When you open up news sites or discussion forums, there are thousands of pieces of information in front of you, and each one looks so attractive and reasonable.
Actually, they are all unnecessary for our investment, they just want to catch your attention.
All we need is the 4 steps just mentioned, no need to care about the others noise.
Keep doing it!
Finally, you have to keep going on.
Many people give up halfway due to multiple reasons, like it is too hard to save money, want to chase more returns, or don’t see an obvious increase in balance, etc.
It’s a pity to let your money accumulate to halt here.
Just remember, all the big money is from the accumulation of little money, so keep on investing, even if it’s a small amount, it can be a huge amount in the long run.