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Post by lcjjdnh on Oct 17, 2024 16:08:05 GMT
Can someone walk me through starting a brokerage account? I’m sick of parking cash in a money-market account but I’m embarrassed to say I know literally nothing about investing. Haven’t read this book and I’m sure there are other (free, even) resources, but glancing at the chapter summaries and knowing the authors are well-regarded in the “Boglehead” community, it seems like as good a star as any: a.co/d/ecdDQ4c |
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Post by doctorquant on Oct 17, 2024 16:29:37 GMT
Can someone walk me through starting a brokerage account? I’m sick of parking cash in a money-market account but I’m embarrassed to say I know literally nothing about investing. Who do you bank with? |
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Post by Deleted on Oct 17, 2024 16:50:04 GMT
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Post by sharky, Hunter’s text buddy on Oct 17, 2024 16:51:34 GMT
Anybody else use an online bank? We use Ally and fucking love it.
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Post by doctorquant on Oct 17, 2024 17:38:28 GMT
They offer investment services. They can put you in model portfolios or you can do your own. Nothing to it. |
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Post by Deleted on Oct 17, 2024 18:14:45 GMT
Thanks! Part of the reason I asked is because I figured it couldn’t possibly be as simple as it looks.
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Post by gordonbombay on Oct 17, 2024 19:03:59 GMT
It really is kind of as simple as placing bets on Draft Kings.
But you wanna be careful about transaction fees, as I understand it you can get hammered if you dont read the fine print
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Post by doctorquant on Oct 17, 2024 19:22:36 GMT
Thanks! Part of the reason I asked is because I figured it couldn’t possibly be as simple as it looks. I'm not a member, but the site says there's something like 5,700-plus mutual funds and exchange-traded funds you can invest in if you're a "digital investor" (which I think you'd want to be). You answer a few questions and it'll assemble a portfolio of investments for you. As you get more comfortable, you can make your own investments. That's how I'd play it. One thing I've seen people do is make it needlessly complicated and stressful. Buy no-load*/low-cost index funds** and let 'em ride. You ain't a trader, and you really don't wanna be. Let them do the work for you. *A mutual fund's "load" is its built-in sales commission paid either at the outset of the investment (a front load) or at the liquidation of the investment (a back load). If it's a 2% front load, investing $10,000 will get you only $9,800 worth of fund shares. If it's a 5% back load, getting out of an investment worth $10,000 will net you only $9,500 in cash. You can avoid this by investing only in no-load mutual funds, of which there are thousands. **Index funds are mutual funds that are constructed such that they mirror the performance of some broad index (say the Dow Jones or the Russell 2000). They're great because they are cheap, cheap, cheap to run. |
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Post by Deleted on Oct 17, 2024 23:29:24 GMT
Thank you, good sir!
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Post by lanceyhoward on Oct 20, 2024 23:56:37 GMT
Can someone walk me through starting a brokerage account? I’m sick of parking cash in a money-market account but I’m embarrassed to say I know literally nothing about investing. I would call Charles Schwab and hit the prompt to open an account. That is what I did. Their customer service is awesome. |
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Post by doctorquant on Oct 21, 2024 1:07:14 GMT
Anybody else use an online bank? We use Ally and fucking love it. The last car loan I had was through Ally and they were perfectly fine to work with. I actually have an online-only account* with Citibank ... Their accelerated savings account rates are fabulous (4-plus percent). *I have checks, but I write one a year ... |
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