Robinhood is the best thing to happen to investing since the inception of discount brokers. The ability to buy shares for free is freakin’ awesome!
However…there is a very important point I want all you millennials out there to consider.
Unless you are Peter Pan, you won’t be 23 or 33 forever. One day you’ll be 65 or older, and you’ll want to cash out your nest egg. If you have all of your investment dollars in Robinhood, you are going to get killed with taxes.
I recommend opening an IRA with another brokerage for a portion of your retirement savings. With a Roth IRA, you pay taxes up front and keep all the profits when you need the money the most, in older age.
The commission you pay upfront will be more than covered by the profits you incur over time!
My book, The Stock Market is For Everyone, is a short guide for the beginning, inexperienced investor that is easy to understand and can be put into action immediately.
Click here to be taken to its Amazon page.
(Disclosure: As a participant in the Amazon Services LLC Associates Program, I earn a small commission on each sale generated through these links.)