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Motley Fool Money
Before You Open an Investment Account
Apr 20, 2024
Financial expert Matt Frankel discusses investment choices for new investors. Topics include the three things needed to invest in individual stocks, selecting a brokerage, and how to avoid fees. Insights on companies like HOOD, SOFI, and SCHW are shared to guide novice investors.
26:28
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Quick takeaways
- Understand investment account purpose for retirement vs. short-term goals.
- Optimize work-sponsored retirement accounts like 401(k) for employer matches and wise investments.
Deep dives
Decide the Purpose and Timeframe of the Account
When starting to invest, it is crucial to determine the purpose and timeframe of the investment account. Whether saving for retirement, college, or other goals, understanding the account's objectives is essential. It is advised not to invest money needed in the short term or that cannot be risked. Differentiating between retirement and non-retirement accounts like traditional or Roth IRAs helps in aligning investments with specific goals and potential tax benefits.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode