Now that you have your stimulus money, what should you do with it? My advice is to invest as much as you can. But how do you start? Apps like Robinhood, Webull, and Stash have made investing ultra easy and user friendly.
A huge reason these apps are so popular is the fact that they offer commission-free online stock trading. In the past, financial services companies such as Fidelity, Merrill, and Charles Schwab charged fees for buying or selling stocks. These apps have changed that and enabled users to buy and sell stocks with no trading fees. Some of the apps like Stash charge a $1 monthly fee but that is nothing compared to commissions and fees that companies used to charge. Webull is nice because they are a free platform plus they offer free stocks just for depositing money on the platform.
Each of the online brokers has their own unique benefits along with their different user interfaces. Stash is a good beginners investing app because it has very basic information and graphs. Stash and Robinhood are nice options because you can purchase partial shares, so in case you don’t have $2,000 for one share of Google or $57,000 to buy one bitcoin, you can purchase partial shares with whatever dollar amount you choose. Webull is my personal favorite platform because it displays the most useful information along with news articles about the companies you’re researching. Webull also has a social media aspect where there’s a comment section so you and fellow investors can interact. I really like how Webull gives you more trading options than the other platforms, such as inputting the price your willing to buy or sell at.
To get started, simply search online for the brokerage platform you want to use or download the app from your app store. Next you fill out basic information like your name, email, etc., and then you need to connect your bank account to the platform. Doing this is how you deposit money onto the platform and cash out back into your bank account. You can then deposit however much money you want to invest onto the platform, and then you’re ready to start investing!
Before you start buying stocks, make sure you research the companies you want to invest in. Do you like the newer online brokerages or traditional financial services companies? Leave me a comment and let me know your favorite way to invest.