I’m looking to finally open a brokerage account, but I don’t really know what I’m looking at/for. My knowledge is basically limited to (1) some brokerages advertise on podcasts; and (2) Morgan Stanley/Charles Schwab are things that exist; and (3) random blogs found through blindly googling. Anybody have any “explain this to me like I’m in third grade” resources or recommendations?

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Not sure how the crying Dino ended up there. I’m gonna blame the puppy demanding attention as I was posting. 😂

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I use vanguard. It's easy to set up and has free trades on vanguard funds

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Just open up a Vanguard account and contribute to VTSTAX it is an index fund that tracks the broader market and lowers risk

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Use Fidelity or Vanguard both have $0 commission on trades (buy and sell stocks for free)

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I prefer Fidelity interface to Vanguard for investing. You get more choices on Fidelity I believe but both are great. Go for a low cost index fund to start while you learn more

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I use Vanguard. Very easy to use and free. The UX could be more modern but that’s my only ding against them.

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Fidelity is great

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Just gonna pop in here to talk about index funds (I invest in one that follows the S&P). Basically an index fund is a mutual fund that rebalances daily and allows you to to have a diverse portfolio while paying little to no overhead.

Diversity is important because it minimizes the losses you’re going to take (if half your stocks go up and half go down, you’re pretty neutral, whereas you might be subject to some wild market swings eg GameStop). This is also important because the market tends to trend upward over time, so diversification allows you to take advantage of that upward trend.

Also, I use Robinhood for my brokerage

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Thanks, all!

I recommend following Personal Finance Club on Instagram. You can learn the basics there in inforgraphic format and then the above comments will make much more sense!

Robinhood lol

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