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!
* The Stock Market is For Everyone, Eric Milton’s short guide to stock market investing for beginners, is available in e-book and paperback formats. If you like what you see on this blog, we hope you’ll take a moment to purchase and read the book, let us know what you think via a blog comment or Amazon review, and share this information with others! Thank you. *