The stock market is a strange creature. When it does well you get nothing and when it crashes you lose your job.
That’s been the prevailing sentiment about the mythical sea monster that is those red and green numbers and what it all entails.
That sentiment shows that too often people are disconnected from what those red and green lines tell us, and are unsure of how to handle anything if something happens.
That is why it may be beneficial for college students to actively pursue knowledge of the stock market and how to work around and within it.
“I’ve been trading for about three years,” economics major Garrett Cullen said. “It’s a tough hobby, but one that can be really worth it if you dedicate yourself.”
I began trading in stocks less than half a year ago. Starting out, I agonized for hours and constantly bothered my stock savvy friends with questions. Even when I actually started, I realized, I still did not know a single thing.
The best way to utilize the stock market for average people is to use personal trading apps such as Fidelity.
Even with these somewhat user-friendly interfaces, trading can still be as difficult to fully get a grasp on as open-heart surgery.
“I was lucky because it was something my dad taught me for years. Knowing what you’re getting into is such an important part of this because if you make the first wrong steps you might find yourself in the hole from the beginning,” Cullen said.
Stocks may not seem important to most people, and trading stocks even less so.
However, if economic history shows us anything, it is that the best way to understand where the economy is going and how to handle your finances whether they be invested or not is to know how to read the market.
Students should be ready to try to familiarize themselves with all of this for two major reasons.
The first is obvious, and that is familiarity is useful when trying to make some cash.
“For most people, the only way they’ll see a bonus for big stock rises is by being invested. I will always recommend that people look into trading as a side-hustle,” Cullen said.
Unless you are invested, when the stock market is doing well you are likely to see very little benefit. So having the ability to trade and try to profit what you can is important for average people.
Secondly, if the stock market were to crash again, it may be important to understand early warning signs and what to do to try to limit harm to you and yours.
“I like to keep an eye on things because that may help me in the future decide if I need to pull investments early, or how to deal appropriately with my savings, or whatever else should that happen,” Cullen said.
You probably aren’t going to stave off the next Great Depression, but being more knowledgeable and aware of animal spirits on Wall Street can help you make timely and wise financial decisions.
Hence why college students should try to pursue learning about the stock market.
“Stocks aren’t just for econ or business majors,” Cullen said. “Get your money y’all.”
