There are many investing resources you can choose. Even small investors pay the best investment resources and knowledge besides nothing for the software.
If you’re a stock market trader, then these are the 5 investing resources you should use.
1. A Discount Brokerage
If you are not working at one of the big wirehouse banks’ trading desks, you can use a discount brokerage for all of your savings.
A discount brokerage will help minimize or eliminate the cost of transactions. Less money in your brokerage’s pockets means more money at the market.
If you prefer an app, check out our favorite investing apps that allow you to invest for free.
2. Personal Capital
Personal Capital uses a read-only encrypted link to connect to your bank account. On the same page, it analyzes your savings accounts and spending patterns.
This tool makes it easy to monitor asset allocation for your portfolio, your 401(k) fees, and even if you are on track to retire. Plus, you can budget, track expenditures, and obtain notice of potential bills.
Investors must consider how their personal investment is impacting their portfolio. Personal Capital will assist in making the link.
3. Free Portfolio Analysis
Every investor needs to analyze their portfolio for risk and opportunity. Some portfolio analysis tools cost a lot of money, but we love two free portfolio analysis tools.
Index fund investors should check out Portfolio Visualizer. The website offers robust analysis tools for free. They have data for backtesting your model from 1972 to the present.
The tools also allow you to run Monte Carlo simulations, find historical efficient frontiers, and test quantitative and factor-based investing models.
4. FeeX
What makes FeeX so great is how easy it is to use. You simply connect your brokerage accounts, and FeeX analyzes your portfolio and calculates your costs.
If there is a similar fund with a lower cost, FeeX will suggest it for you, and show you how similar it is. It will also show you how much you could potentially earn more over time by switching.
5. Education
Investors need good information, and in today’s marketplace, you can get information for free.
But all that information is useless or dangerous if you don’t have the education to use it. Take the time to read investing books or take more advanced investment courses.
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