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I have an entertainment account that I fund with $100/month, currently valued north of $3700 that I use to buy individual stocks and occasionally sector or specialty ETFs. I do not trade much, as I do not want to deal with cap gains and the paperwork for small positions. I am probably the only one I know that made a (small) profit on SNAP, other than the insiders.
My current holdings include Berkshire Hathaway, JNJ, Starbucks, Target, VISA, and the ishares European stock ETF, among others.
To be honest, over time, I have found this to be less "entertaining" than I would have thought and occasionally feel slightly burdened by the idea that I need to come up with a place to put my new money. Then again, whenever I read about a "hot stock to buy now" or less dramatic, an interesting investing theme, rather than putting real money to work, I buy the position in this play account.
As a standalone brokerage account for all seasons, it does not have enough of the bells and whistles that a full service institution, like Fidelity or Vanguard, where 95+% of our public market investments are held. -
From NerdWallet:
Robinhood is best for:
- Frequent stock or ETF traders
- Mobile users
- Individual taxable accounts
- Margin accounts
while i have a taxable account, i dont need any of this.Comment
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I have an entertainment account that I fund with $100/month, currently valued north of $3700 that I use to buy individual stocks and occasionally sector or specialty ETFs. I do not trade much, as I do not want to deal with cap gains and the paperwork for small positions. I am probably the only one I know that made a (small) profit on SNAP, other than the insiders.
My current holdings include Berkshire Hathaway, JNJ, Starbucks, Target, VISA, and the ishares European stock ETF, among others.
To be honest, over time, I have found this to be less “entertaining” than I would have thought and occasionally feel slightly burdened by the idea that I need to come up with a place to put my new money. Then again, whenever I read about a “hot stock to buy now” or less dramatic, an interesting investing theme, rather than putting real money to work, I buy the position in this play account.
As a standalone brokerage account for all seasons, it does not have enough of the bells and whistles that a full service institution, like Fidelity or Vanguard, where 95+% of our public market investments are held.
I've heard that RobinHood does not have as many features and that's the trade-off for free trades. I don't plan on becoming a day-trader, just buying and holding a few stocks and ETF's for the long run. Will this be sufficient for my needs?Comment
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I have an entertainment account that I fund with $100/month, currently valued north of $3700 that I use to buy individual stocks and occasionally sector or specialty ETFs. I do not trade much, as I do not want to deal with cap gains and the paperwork for small positions. I am probably the only one I know that made a (small) profit on SNAP, other than the insiders.
My current holdings include Berkshire Hathaway, JNJ, Starbucks, Target, VISA, and the ishares European stock ETF, among others.
To be honest, over time, I have found this to be less “entertaining” than I would have thought and occasionally feel slightly burdened by the idea that I need to come up with a place to put my new money. Then again, whenever I read about a “hot stock to buy now” or less dramatic, an interesting investing theme, rather than putting real money to work, I buy the position in this play account.
As a standalone brokerage account for all seasons, it does not have enough of the bells and whistles that a full service institution, like Fidelity or Vanguard, where 95+% of our public market investments are held.
I’ve heard that RobinHood does not have as many features and that’s the trade-off for free trades. I don’t plan on becoming a day-trader, just buying and holding a few stocks and ETF’s for the long run. Will this be sufficient for my needs?
Yes, I expect so. It's a very bare bones experience.Comment
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why cant you do this at fidelity, or vanguard, or schwab?Comment
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why cant you do this at fidelity, or vanguard, or schwab?
I can but why pay $10 a trade? I just want to dabble in stocks for fun.Comment
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Why are you paying anything anywhere?Comment
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There are better ways to get free trades. What I do is buy most things through Merrill Edge. 30 free trades a month if you're a Preferred Rewards member.
Going with Vanguard or Schwab and only buying their funds/etf's isn't bad either, though this is less ideal when you prefer other options, or want to tax loss harvest out of them.Comment
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Going with Vanguard or Schwab and only buying their funds/etf’s isn’t bad either, though this is less ideal when you prefer other options, or want to tax loss harvest out of them.
I don't know what that means?Comment
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I've been using Robinhood for about 3 months now. I love not having to pay fees and how easy it is to use the app. It's a fun way to play around with stocks. I don't sell frequently because I don't want to deal with capital gains taxes which will kill any earnings you make.
As of now, you cannot donate stocks to charities through Robinhood but I emailed the company and am hoping that will be an option in the future as I donate to my church on a regular basis and being able to donate stocks allows you to avoid the tax hit.
I was just taken off the waitlist to be able to trade in cryptocurrency without fees, but I have yet to do so.
I would say Robinhood is a great way to get involved in the the stock market, but only after you have all your other personal financial goals in order, ie emergency fund, retirement, debt, etc.Comment
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