How to Buy Stocks

6 snips

Jan 19, 2025

Dive into the essentials of stock investing! Discover how to open a brokerage account with both traditional firms like Vanguard and cutting-edge apps like Robinhood. Learn why investing is vital, especially against inflation, and find out the differences between public and private companies. Get practical tips for quick fund transfers and unravel common misconceptions about retirement accounts. Unpack long-term investment strategies and equip yourself with knowledge to navigate the stock market confidently!

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ADVICE

Opening a Brokerage Account

Open a brokerage account to buy and sell stocks.
Consider Vanguard or Fidelity for long-term investments, or newer apps like Robinhood or Webull.

ADVICE

Why Invest?

Invest in public companies to benefit from their growth and beat inflation.
Investing is crucial for increasing your wealth over time.

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Setting Up and Funding Your Account

Set up a brokerage account by downloading an app like Charles Schwab or Fidelity and filling out your information.
Link your bank account to your brokerage account to easily transfer funds.

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Welcome to EYL! In this insightful conversation, our hosts Troy Millings and Rashad Bilal chat with the knowledgeable Chris Sain about the essentials of beginning your journey in stock investing. 🌟

Starting with the basics, Chris highlights the importance of opening a brokerage account, explaining what it is and why it's necessary. He elaborates on traditional options like Vanguard and Fidelity, which are favored for long-term investments. For those who are more tech-savvy or prefer user-friendly alternatives, newer apps such as Robinhood, WeBull, and Interactive Brokers are also discussed.

Rashad further expands on why investing is crucial, especially in the context of beating inflation. He differentiates between public and private companies, stressing the importance of owning public company stocks. He walks us through the straightforward process of setting up a brokerage account via popular platforms like Charles Schwab and Fidelity. Rashad makes a key point: understanding the "know your customer" requirements, such as providing personal details and linking your bank account, are crucial steps to funding your investment account effectively.

Our hosts also share practical tips on expediting fund transfers between your bank and your brokerage. Troy provides a handy hack, emphasizing the advantage of using wire transfers for quicker fund deposits, which can be crucial given the market's volatility.

Before wrapping up, Rashad discusses a common misconception about 401(k) investments. Simply contributing to a 401(k) isn't enough; workers need to actively choose their investments to see growth. He explains that money initially goes into a money market account and needs to be directed into specific stocks or funds of your choice.

Chris concludes by comparing different brokerages for long-term and short-term investors. While Vanguard and Fidelity are excellent for long-term holding, platforms like E*TRADE, Robinhood, and M1 Finance offer useful tools and information for a richer investing experience.

Whether you're a novice or looking to expand your knowledge on investing, this clip is packed with valuable insights to equip you on your financial journey. Don't forget to like, share, and subscribe to stay updated with our latest clips!

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