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<a href="https://www.businessinsider.com/master-your-money"></a><div type="image" title="investing app" height="1414" width="2121" msid="85574203" hostid="261"></div><ul class="summary-list"><li><keyword id="11896289" type="UNKNOWN" weightage="60" keywordseo="investing" source="Orion">Investing</keyword> pros Ashley Tran and Kenneth Chavis IV joined Insider's <keyword id="11931400" type="UNKNOWN" weightage="100" keywordseo="master-your-money" source="Orion">Master Your Money</keyword> Clubhouse event.</li><li>They discussed DIY investing and offered advice for beginners using online <keyword id="11931403" type="UNKNOWN" weightage="60" keywordseo="brokerages" source="Orion">brokerages</keyword>.</li><li>Both experts recommended being confident in your "why" and your goals before investing.</li></ul>If you're thinking of taking investing into your own hands, you're not alone. The year 2020 was a big one for first-time DIY investors (also known as "retail investors"). Of the investors who opened brokerage accounts in 2020, 66% had never had a taxable investment account before, <a href="https://www.finrafoundation.org/sites/finrafoundation/files/investing-2020-new-accounts-and-the-people-who-opened-them_1_0.pdf" target="_blank" rel="noopener">according to a study</a> by the FINRA Foundation and NORC at the University of Chicago.But DIY, or self-directed, investing through online brokerages differs from other options you could use, like full-service financial firms or automated advisors.At a recent Insider Clubhouse event, "DIY Investing for Beginners" - part of our Master Your Money series presented by Fidelity - speakers Ashley Tran, team leader of Investment Solutions at Fidelity, and Kenneth Chavis IV, certified financial planner at LourdMurray, emphasized why it's important to start with a goal or an objective before you begin DIY investing through an <a href="https://www.businessinsider.com/personal-finance/best-online-brokerage" target="_blank" rel="noopener">online brokerage account</a>. <h2>Choose an objective before you choose a security to invest in</h2>"It can feel really overwhelming when you start diving into investments," Tran said during the event. "The first piece of advice that I would give is: Make sure that you feel really educated and confident about what you're investing in and why."She recommends starting with a goal first for your account and money. Goals, Tran added, might include retirement, saving up for a home, or <a href="https://www.businessinsider.com/how-much-money-to-save-in-emergency-fund-rules" target="_blank" rel="noopener">establishing an emergency fund</a>. When it comes to investments, you'll have several options."There's a lot of different things you can purchase in the market," Tran said. There are stocks, she continued, which are like a piece of equity in a company, as well as mutual funds and <a href="https://www.businessinsider.com/personal-finance/what-is-an-etf-exchange-traded-fund" target="_blank" rel="noopener">exchange-traded funds</a>, which she described as baskets of securities that give you exposure to a lot of different companies with a shared commonality.Chavis added that your investment portfolio may change depending on your intended time horizon, meaning you might invest in more- or less-risky securities depending on when you think you'll need access to your money.<h2>Investment taxes can vary depending on how long you hold an asset</h2>Once you have your "why" - or the reason you're investing - you'll want to consider the tax implications of trading."For folks that are really wanting to play the stock game [or] maybe get their feet wet and do a good amount of trading, both with buying securities and then selling them, there are tax implications for that," Chavis said.He made the distinction between two different types of taxes retail traders may face:<ol><li>Short-term capital gains taxes: "If you buy a position and hold it for less than one year, you'd be subject to what's known as short-term capital gains," Chavis said. That essentially means you'd pay the same tax rates as any other ordinary income.</li><li>Long-term capital gains taxes: "For any position that somebody's held for over a year, you get preferential tax treatment, known as long-term capital gains," Chavis said. "Those rates depend on your income level."</li></ol>For most everyday investors, <a href="https://www.businessinsider.com/what-is-buy-and-hold-investing-strategy" target="_blank" rel="noopener">buy-and-hold investing</a> is the best way to build wealth for the long term - and that doesn't involve frequent trading.<h2>The best time to start investing is today</h2>If you're new to self-directed investing, it can be a daunting feat. But Tran and Chavis both stressed two sentiments: (1) The best time to start is now, and (2) There are several resources you can take advantage of to learn more."If you're feeling overwhelmed or unsure, just find one place to start learning more about how to manage your money and how to start investing," Tran said. "Pick up a <a href="https://www.businessinsider.com/personal-finance/best-personal-finance-books" target="_blank" rel="noopener">personal finance book,</a>" she added, or find a blog or <a href="https://www.businessinsider.com/personal-finance/best-personal-finance-podcasts" target="_blank" rel="noopener">money podcast</a> that you feel resonates with you."The best time to start investing is always today," Chavis said.Ready to take control of your money? Join our #MasterYourMoney Bootcamps!Master Your Money Bootcamps are month-long challenges broken into simple one-week exercises to help you take control of your money. So far this year, we're working on <a href="https://www.businessinsider.com/master-your-money-bootcamp-demystify-your-finances-exercise-1-2021-4" target="_blank" rel="noopener">organizing our finances</a> and <a href="https://www.businessinsider.com/master-your-money-bootcamp-decide-what-you-want-2021-5" target="_blank" rel="noopener">putting price tags on our dreams</a>.Use hashtags #MasterYourMoney and #MasterYourMoneyBootcamp to share your thoughts, progress, and connect with others across our <a href="https://twitter.com/BusinessInsider" target="_blank" rel="noopener">Twitter</a>, <a href="https://www.facebook.com/businessinsider/" target="_blank" rel="noopener">Facebook</a>, <a href="https://www.linkedin.com/company/businessinsider/" target="_blank" rel="noopener">LinkedIn</a>, and <a href="https://www.instagram.com/businessinsider/" target="_blank" rel="noopener">Instagram</a> as you make your way through each exercise.Over the course of 2021, we'll conduct four Bootcamps, each culminating in a free, live, virtual discussion among experts about how to make the most of the tasks you've already accomplished. You can take all four Bootcamps this year, or pick and choose.

Thinking of investing for the first time? Experts say you should figure out your 'why' before putting a single dollar in the market

<a href="https://www.businessinsider.com/masteryourmoney"></a><div type="image" title="two men talking to friends" height="1414" width="1885" msid="83583373" hostid="261"></div><ul class="summary-list"><li>A taboo around money persists in America, according to a new Insider poll.</li><li>Talking money with friends is unpopular across all generations, and more so among older Americans.</li><li>Money is a sensitive topic, but discussing it can lead to better financial outcomes. </li></ul>Even after a year in which personal financial hardship dominated the national conversation, results from Insider's new <keyword id="9089434" type="UNKNOWN" weightage="100" keywordseo="master-your-money">Master your Money</keyword> Pulse Poll suggest that Americans still aren't comfortable <a href="https://www.businessinsider.com/personal-finance/millennials-more-open-discussing-money-finances-than-boomers-2019-10" target="_blank" rel="noopener">discussing money</a> with friends.When asked which topics they regularly discuss with friends, each of the following outranked the topic of money: health, sex and relationships, politics, current events, and pop culture. The survey was conducted in May 2021 and included responses from 2,130 people 18 and older.Although there is some variation among generations, the trend tracks across all age groups - Americans are most likely to talk about current events with their friends and least likely to bring up finances. Old Americans say the are less likely to talk about money with friends:<ul><li>47% of 18-to-34 year olds regularly discuss money</li><li>38% of 35-to-54 year olds regularly discuss money</li><li>25% of 55-to-74 year olds regularly discuss money</li></ul>These results underscore a longstanding taboo around discussing personal finances in America. This "society-wide gag rule" exists at varying degrees, <a href="https://www.theatlantic.com/family/archive/2020/03/americans-dont-talk-about-money-taboo/607273/" target="_blank" rel="noopener">Joe Pinsker wrote</a> in an article for The Atlantic, particularly between socioeconomic classes, genders, and cultures."Many Americans do have trouble talking about money - but not all of them, not in all situations, and not for the same reasons. In this sense, the 'money taboo' is not one taboo but several, each tailored to a different social context," Pinsker wrote. <h2>Talking about money can lead to better financial outcomes</h2>Money is an uncomfortable, emotionally charged topic for a lot of people. If you feel like you're lacking or not <a href="https://www.businessinsider.com/personal-finance/how-much-do-you-need-savings-retirement-emergency-fund" target="_blank" rel="noopener">saving as much as you've been told to</a>, there may be embarrassment or shame. If you feel like you're doing well compared to what you know (or assume) of others' situations, there might be a tinge of guilt.The negative associations go on and on, so it's no wonder most Americans aren't chomping at the bit to discuss their bank balances, <a href="https://www.businessinsider.com/paid-off-student-loans-faster-than-expected-using-strategies-2021-4" target="_blank" rel="noopener">debt journey</a>, or salary with their social circle. But this tendency to be tight-lipped can be more harmful than we realize, particularly when it comes to solving issues like <a href="https://www.nytimes.com/interactive/2020/02/19/magazine/salary-sharing.html" target="_blank" rel="noopener">equal pay and the racial wealth gap</a>. Interestingly, when it comes to asking for advice, a higher share of the Master your Money survey respondents said they go to friends than a financial planner - though most turn to relatives and financial websites.The younger a person is, the data revealed, the more likely they are to ask friends or relatives for <keyword id="921234" type="PERSON" weightage="60" keywordseo="financial-advice">financial advice</keyword>. As a person approaches their retirement years, they are more likely to get advice from a financial planner.Working with a professional, such as a financial planner, coach, or therapist, can help you navigate your current money struggles and even uncover the deeper beliefs and attitudes holding you back from making progress. <a href="https://www.businessinsider.com/personal-finance/financial-advisor-worth-the-cost-for-money-advice-2019-7" target="_blank" rel="noopener">Data show</a> people who seek help from an advisor are more likely to report happiness, confidence, and stability in their financial and personal lives compared to those who go it alone.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/paid-off-student-loans-faster-than-expected-using-strategies-2021-4" target="_blank" rel="noopener">A millennial paid off $23,000 of student loans in half the time she expected thanks to 3 simple moves</a></li><li><a href="https://www.businessinsider.com/millennial-couple-benefits-of-automating-money-2020-12">A millennial couple explains how they use automatic savings and bill pay to avoid money stress in their relationship</a></li><li><a href="https://www.businessinsider.com/took-control-of-my-money-tips-2020-12" target="_blank" rel="noopener">4 things I've done this year to take control of my money and get on the path to building wealth</a></li><li><a href="https://www.businessinsider.com/millennial-couple-debt-payoff-strategies-2020-12">A woman who married into 6-figure debt shares the strategies she and her husband have used to pay off $50,000 so far</a></li></ul>

A survey of 2,000 Americans found they're more likely to talk about politics and relationships with their friends than money

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Thinking of investing for the first time? Experts say you should figure out your 'why' before putting a single dollar in the market

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A survey of 2,000 Americans found they're more likely to talk about politics and relationships with their friends than money

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