Are you in the process of deciding on a way to get into an investment career that pays well, is interesting, and offers all the benefits of a fast-growing job market? Then, your timing is right because the 2020s are already shaping up to be an exceptional decade for the entire financial job market.
Here are four ways you can get in on the action and start building a rewarding career right now.
Day trading is perhaps the fastest, most exciting, and riskiest of all ways to earn a living in the investing niche. But many people gravitate to this career because in less than a year, you can be up and running, earning a decent living, and never having to hold a position overnight. That means going to bed each evening with no open positions, a nearly unheard-of luxury for most people who invest for a living.
One thing you must know about is the pattern day trader rule. You won’t be able to operate with a margin account of less than $25,000 if you want to make more than three round-trip (purchases and sales) trades within any five-day time span. There are several legal ways to avoid the PDT regulation, but if you want to make a living as a day trader, it’s best to face the fact that a $25,000 account balance is one of the essential requirements for doing business. If you work for a firm, however, there’s no need to worry about the requirement because the margin account won’t be in your name.
If you want to learn how to short stocks, make swing trades, scalp, deal with futures, trade options, earn a profit on asset sales, and generally offer professional investing advice to private clients, then a career as an investment advisor could be the ideal path for you. You can choose to study on your own or work through one of the many online schools before taking the required examination. After that, it’s up to you to find clients, structure your business, and decide what area to specialize in. Learning to short stocks where you can borrow shares and immediately sell is a key skill because many people seek experts to help them do it. So, that skill should be at the top of your list should you decide on this career.
If you want to get involved in the securities markets as an individual broker dealer or as an employee for one of the large firms, consider studying for the brokerage exam. If you can get a company to sponsor you, they’ll pay the testing fee and possibly hire you as soon as you pass. Note that many securities pros work on commission, so be ready to have a side source of income for the first few months you’re on the job. Once you establish yourself and build up a client base, the work pays well and there’s never a dull moment.
You’ll need to pass a rigorous exam and work as an apprentice before heading out on your own as a financial planner. The plus is that all the hard work pays off. Financial planners make excellent incomes and work in dozens of different financial fields.
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