FIERCE ‘Money Moves’ Talks Stocks And What To Do With Them
Money is a hard thing to talk about. It is a taboo topic that we have been trained not to address but that only hurts us in the long run. FIERCE Money Moves is talking with Latinas to get all of the information you want to know about growing your wealth.
Linda Garcia is here to teach you about stocks.
Garcia is the found of In Luz We Trust. The organization is dedicated to helping heal the generational wealth gap within our community. She approaches the work from a unique spiritual angle after years as a tv and movie executive. Garcia is a wealth of knowledge when it comes to stocks and growing your wealth for years to come.
In Luz We Trust is here to give you the tips you need to grow that wealth.
Garcia sat down with Sam to walk us through the process of getting stocks, growing wealth, and how to safely navigate that world.
Sam: “Could you explain the difference between a stock versus a mutual fund and an ETF and what those things do?”
Linda Garcia: “An ETF or a mutual fund, I want you to look at that like a basket of stocks. I do invest in one specific ETF but I’m not focused on ETFs myself. I am solely a stock picker. That’s my focus. That is what has given me the most growth. There’s a really big opportunity when you’re investing in individual stocks, which is something that I specialize in. But the ETF format is like a basket.
“It keeps your money much more diversified. It’s a less stressful, safer investment for those who don’t have a risk tolerance or a risk tolerance developed. Someone that’s maybe newer into the market might feel a little safer with an ETF. I really like to unfold what the market is and what stock picking is and the potential growth that can take place. The $7,000 total that I took month by month, I would have never been able to grow that with an ETF or a mutual fund. That’s a growth that can only take place with stock picking. Understanding the stock market.
“It can feel overwhelming. The way that I like to explain stocks is to imagine a molcajete dominiguero, a swap meet, a trader’s village. Just very simple. Imagine walking into a market and there are all tables, there are all of these business owners that have their businesses out there and you can literally just walk in and start purchasing a piece of that company and becoming part owner in it.”
S: “What would you recommend for somebody who is ready to get started?”
LG: “The first thing you have to do is open a brokerage account. We can’t get away from that. I highly recommend that you do a little bit of research on brokerage accounts. I do feel that there are some out there that we do have to be pretty cautious of. There are newer brokerage accounts that we should definitely be mindful of. I would like to advise someone to go with a well-established company.
“So, you open up your brokerage account and then you become a stock picker. I don’t want to overcomplicate this because it should never be complicated. being a stock picker to me is sit in your living room and talk to me about the electronics that you use. Go to your kitchen and look under your sink cabinet and tell me about the products that are there. Are you using Clorox? Open your spice cabinet. Are you using Lawry’s? What phone are you using? Are you using Apple?
“I don’t think that it needs to be a company that you’ve never heard of. I think it’s really important for us to start with the companies that we’re actually utilizing because being the consumer of the company already takes a lot of the research off of the table. We know the product. We know why we love the product. We know why our tea loves the product. We know why our best friend loves the product. That’s already a big portion of the research.”