SALT LAKE CITY — According to Forbes, only 26 percent of young people under 30 years old are investing in stocks. To draw a comparison, 58 percent of baby boomers are currently investing. Some of the most significant reasons keeping Millennials from investing are lack of funds, lack of knowledge of the market and student debt. Although these seem like reasonable excuses to avoid investing, it is a dangerous move for millennials to avoid the stock market entirely.

As the outlook on retirement security becomes more dismal each year, it becomes more important for young Americans to make riskier moves with higher potential returns to build sustainable retirement savings. Fortunately, most of millennials’ concerns surrounding investing can be met with cost-effective tech solutions.

If you’re ready to make your first move in building an investment portfolio to invest in your future, here are some helpful tech tips you can use to get started.

Conduct initial research on stocks that interest you

Picking stocks for an investment portfolio is a highly subjective, even intuitive process. This is because there are so many factors that affect a company’s health that it is almost impossible to develop a formula for success. That is why Peter Lynch of Fidelity Investments’ quote, “Invest in what you know,” is one of the most popular mantras in the stock market. However, just because the process can be perceived as intuitive, that doesn’t mean you should choose your industry of interest without a plan and thorough research to back your decision.

Related Stories:

How much money do you need to start investing?

"What is the minimum amount of money to buy a stock? Where and how?" — Kaly from Calgary, Canada. This is one of the most commonly asked question from CNNMoney readers. Many people want to become the next Warren Buffett, but they don't know where to begin investing or even how much money they need to make the first purchase.

To elaborate on this, Lynch has added that the best way to choose a stock is to "use your specialized knowledge to hone in on stocks you can analyze then study to find out if they are worth owning."

For example, if you worked at a jewelry store and have some experience and/or knowledge surrounding precious metals, looking into stocks within this industry could be a natural fit for you. However, it will be important to gain further market knowledge prior to investing.

You would need to first look into market trends and potential forecasts to understand where the market has been and where it is going. You could start by looking at precious metal trend charts to get a basic understanding of the industry's history, then look to Google News results for a phrase like “precious metals market” for current and upcoming trends.

Work with a trusted online advisor

If you’ve yet to get your feet wet in the stock market, the idea of putting up real cash in hopes of receiving a solid return on your investment can be a bit scary. Fortunately, we have more affordable and accessible options for receiving guidance than any generation before us.

Once you’ve done your research to get an understanding of what your ideal investing experience would look like, most finance pros will recommend that you take a look at your advisor options. If you’re like most millennials, you’d probably prefer an online option.

Online advisors make investing a bit easier by offering more affordable and convenient options to fit millennials’ needs in terms of budget and flexibility.

The key is to find a trusted online advisor. Forbes has an excellent guide with a list of seven recommended advisors as well as a breakdown of what credentials set these advisors apart from the rest. I recommend checking it out before selecting your advisor of choice.

Use your apps, but don’t get too crazy

Downloading apps to track your investment portfolio should be a given, however, it’s worth mentioning that you should use your apps only as often as instructed by your advisor. Wealthfront, an established automated investment service, recommends that its clients check in on their investment portfolio once or twice a year. Time Magazine recommends checking no more than once quarterly.

Both investment experts say this is because checking your portfolio too frequently can do more harm than good. The concept of loss aversion provides a simple explanation for this.

People hate losing money even more than they love making it, meaning that seeing even small losses could lead investors to make bad decisions early on to avoid additional losses.

The best course of action here is to consult your advisor to determine when and how you should be checking your portfolio for progress. Schedule calendar updates to remind yourself to check your portfolio either bi-annually or once quarterly, then do your best to avoid peeking at it outside of those scheduled dates.

So there you have it — three essential tech tips to help you get started on the process of building and maintaining a solid investment portfolio. For ongoing tips and advice, I recommend following a few financial influencers on Twitter. Some of my preferred accounts for gathering ongoing info and advice are Fidelity Investments and Goldman Sachs.

Related topics