Finance/Investing for dummies

HELLO

I would like to start investing my savings in a broker like Trading212 or Interactive Brokers, but I would like to know a bit more before I decide.

Is there any podcast or youtube channel that explains "finance for dummies"?

Something that is not "smoke and mirrors" and that really serves as an introduction for a future investor in Spain, and with a vision of European and/or US markets?

Thanks
 
@nicole_bornagain Hey, so full disclosure, we're a startup in Barcelona creating a financial wellbeing platform for people living abroad.

A lot of what inspired us to create the product is that there's a massive lack of information out there.

What you're going to want to do before researching and finding different content providers is to determine what your investing goals are.

Is it for retirement? Is it to purchase real estate? How far away are you from these goals?

Or do you just want to grow your money now better than you're getting in a savings account and then come up with a more detailed strategy down the road?

Each one of those questions have different answers, at least in terms of starting points for investment strategies and the content you'll need to research to make better decisions.

Since you're on Reddit already, /r/eupersonalfinance is a solid place to get some (mostly) impartial information about the basics to investing in Europe. Just be mindful that they tend to make the same 'one size fits all' recommendations which don't necessarily work for everyone. Also, most of that information isn't vetted. However, the basics are solid enough, especially if you're wanting to do the 3rd option above ("grow money now better than in a savings account and come up with a plan a bit later").

What do you mean by "future investor in Spain?" Do you already live here and are looking to invest? Or are you investing already, live in another country, but plan to move here at some point?

My guess is that it's the latter, but in any case, you'd want to be mindful of the types of investments you make as you might run into some tax reporting or access issues. (For example, if you invest in foreign stocks, you'll need to do extra reporting from Spain. Some local investment funds don't really cross borders all that well, etc).

On another option you can look at is using a 'robo-advisor' to figure out theses questions for you then manage your portfolio on your behalf. Robo-advisors are licensed brokers who build custom portfolios and investment strategies (usually around investment funds) then do the management for you in exchange for a small performance fee, generally under 1% of your portfolio. It's an easy option if you don't want to do it yourself.

In Spain, we have a few, including inBestme, Indexa Capital, and finizens. Open Bank -- Santander's online-only spin-off -- also offers the service.

In terms of YouTube channels and content in general, there's a ton stuff out there for Americans (at least in English) and that's great but many of those concepts don't translate well into Europe.

You should also look for content providers who are actually qualified in this topic as there's tons of bad info floating out there to boot.

I/we really like Ben Felix who is a Canadian financial planner and advisor and does some great content. Check out his channel here: https://www.youtube.com/@BenFelixCSI

We're also now launching or 1:1 coaching/consultation sessions and will be getting our own in-house content learning platform up in the next couple of months. Feel free to hop on our early access list if you're interested.

Hope this helps, and good luck!

(Btw, are you American? Because if you are, then you won't be able to access most brokers and investment funds in Europe. There are ways you can mitigate this, but that's a whole other can of worms...)
 
@rhemajoy thank you for taking the time to answer.

I follow eupersonalfinance already, thanks anyway.

"grow money now better than in a savings account and come up with a plan a bit later" is a good definition, at least for the moment.

I already live in Spain (have residency and will apply for citizenship in the future), but not too long ago, so I'm starting to learn about it and also Europe (I'm South American, so actually somewhat American in the real sense of the word ;) ).

"there's a ton stuff out there for Americans (at least in English) and that's great but many of those concepts don't translate well into Europe", that is also a reason for my question.

I will check your platform, thanks.
 

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