173: The Dangers of Robinhood

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 27 August 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Robinhood has been taking the investing world by storm the last few months. I thought it would be worth mentioning a few things about Robinhood on the podcast. Robinhood is just a brokerage account. It does have no commissions and allows you to buy fractional shares so it is convenient for people without a lot of money. It has become a bit of a cultural phenomenon, particularly attracting young people who have never invested before. The problem is that it tends to inculcate people with a trader's mentality, making investing fun and exciting. Everything that good investing is not. There are dangers to Robinhood and this trader's mentality that I discuss in this episode to hopefully help you avoid the perils of day trading.

I also answer reader and listener questions about the finances of starting your own practice, whether it make sense to invest in bonds in a taxable account when you have a mortgage, making estimated tax payments as a W2 employee with 1099 income, what to do with a 401k when you leave your employer, and setting up an account to invest in real estate.

This episode is sponsored by https://www.whitecoatinvestor.com/patternpodcast . Shopping for disability insurance is complicated enough. Wondering if you are getting the right coverage, unbiased advice, along with the best prices and discounts can make the process even more overwhelming. Pattern knows doctors have more important things to do than spend hours sorting through numerous insurance options. This is why thousands of White Coat Investor’s followers have trusted Pattern to help them compare and understand the disability insurance they are buying. Their online process is simple: First, request your quotes online. Second, compare your options and ask questions. And third, apply risk-free. Be confident you have the right policy at the best price. Request your disability insurance quotes with Pattern.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast number 173, the dangers of Robin Hood.
0:23.0	First a word from our sponsor.
0:25.0	Shopping for disability insurance is complicated enough.
0:28.0	Wondering if you are getting the right coverage unbiased advice, along with the best prices and discounts can make the process even more overwhelming.
0:35.0	Pattern knows doctors are more important things to do than spend hours sorting through numerous insurance options.
0:40.0	This is why thousands of White Code Investors, followers, have trusted pattern to help them compare and understand the disability insurance they're buying.
0:48.0	The online process is simple.
0:49.0	First, request your quotes online. Second, compare your options and ask questions. And third, apply risk-free.
0:54.0	Be confident you have the right policy at the best price. Request your disability insurance quotes with pattern at whitecodeinvestor.com slash patternpodcast.
1:03.0	All right, we're recording this on the 18th of August. It's going to run on the 27th of August.
1:08.0	So those of you who like your content or produced relatively close to the date you hear it, this one's for you, I suppose.
1:16.0	This is only nine days between production and listening, which is pretty good for us. It takes a while to put these together.
1:23.0	A few things we got going on. Our scholarship contest is coming to a close again.
1:28.0	You have to have your applications in by the end of August, 31st of August, midnight mountain time.
1:34.0	If you want to apply for the White Code Investor Scholarship, we're giving away tens of thousands of dollars in cash and prizes.
1:41.0	This year, if you want that, make sure you get your application in. You can find details at our scholarship page on whitecodeinvestor.com.
1:48.0	So whitecodeinvestor.com slash scholarship will take you there. We need two other things as well from those of you who are not in school.
1:55.0	First, we need some judges. I'm told we only have 40 something judges. We usually have 60, 70, 80, something like that judges.
2:03.0	And we don't want the judges to have to read too many essays each.
	...

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