What is the key strategy for building wealth? Looking for Income or Growth?

Question by Jeffersons: What is the key strategy for building wealth? Looking for Income or Growth?
Depending on which one you tell me. What are the investments that I need to be going after if it’s growth? What are the investments that I need to be going after if it’s income? Are Blue Chip stocks great for building wealth and income?

Best answer:

Answer by Answer Me
Pick up a few books and read up on stocks. Go for low risk, low yield stocks first since you are new at this. Read as much as you can and watch youtube videos and documentaries. If you find the topic interesting then open a brokerage account somewhere and start buying stocks. Don’t open a forex account, I know lots of ads are out there promoting forex but trust me stocks are much better and safer to start out with.

I recommend a low fee brokerage like sogo who charge $ 3 a trade and also give you 100 free trades to start so make your first few trades really small ones. Trust me when you are playing small for the purpose of learning then you don’t need people charging you $ 10 a trade like most brokers do so sogo is good in that respect.

https://www.sogotrade.com/Setup/Default.aspx?rf=392837

Later if you become more seasoned you might want a fancier broker. And one last word of warning, never never buy and sell the same stock in the same day more than three times a week. It’s the PDT rule.

While you are learning about stocks also read up on options. That is a must if you want to be an investor.

Hit amazon and look for 5 star reviews on books. It all depends on how seasoned your uncle is on the stock market so I cannot answer but here is a hint, if he is not a total noob get him this book on options:

Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg

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