How to Buy Stocks

Earn Your Leisure

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Education, Entrepreneurship, News, Business News, Investing, Careers, Business

4.8 • 7.8K Ratings

🗓️ 19 January 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to EYL! In this insightful conversation, our hosts Troy Millings and Rashad Bilal chat with the knowledgeable Chris Sain about the essentials of beginning your journey in stock investing. 🌟

Starting with the basics, Chris highlights the importance of opening a brokerage account, explaining what it is and why it's necessary. He elaborates on traditional options like Vanguard and Fidelity, which are favored for long-term investments. For those who are more tech-savvy or prefer user-friendly alternatives, newer apps such as Robinhood, WeBull, and Interactive Brokers are also discussed.

Rashad further expands on why investing is crucial, especially in the context of beating inflation. He differentiates between public and private companies, stressing the importance of owning public company stocks. He walks us through the straightforward process of setting up a brokerage account via popular platforms like Charles Schwab and Fidelity. Rashad makes a key point: understanding the "know your customer" requirements, such as providing personal details and linking your bank account, are crucial steps to funding your investment account effectively.

Our hosts also share practical tips on expediting fund transfers between your bank and your brokerage. Troy provides a handy hack, emphasizing the advantage of using wire transfers for quicker fund deposits, which can be crucial given the market's volatility.

Before wrapping up, Rashad discusses a common misconception about 401(k) investments. Simply contributing to a 401(k) isn't enough; workers need to actively choose their investments to see growth. He explains that money initially goes into a money market account and needs to be directed into specific stocks or funds of your choice.

Chris concludes by comparing different brokerages for long-term and short-term investors. While Vanguard and Fidelity are excellent for long-term holding, platforms like E*TRADE, Robinhood, and M1 Finance offer useful tools and information for a richer investing experience.

Whether you're a novice or looking to expand your knowledge on investing, this clip is packed with valuable insights to equip you on your financial journey. Don't forget to like, share, and subscribe to stay updated with our latest clips!

#Investing101 #StockMarket #BrokerageAccount #LongTermInvesting #EYL #ChrisSain #FinancialLiteracy #Robinhood #Vanguard #Fidelity #CharlesSchwab #InvestingTips #FinancialEducation #BeatInflation #WeBull #ETrade #M1Finance

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Transcript

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0:00.0	Earner's up, look, the holiday season is supposed to be about joy and celebration, but let's be real.
0:06.0	Finances could take a serious hit this time of year.
0:09.0	Have you ever found yourself dipping into your savings or even adding to your credit card debt just to cover some holiday expenses?
0:16.0	I know I've been there. In those months of catching up afterward, they're not fun.
0:22.3	But what if you could approach this holiday season differently without the stress?
0:26.7	That's where a chime comes in.
0:28.1	With a time checking account, you get features designed to help you stay in control of your money,
0:32.8	like no monthly or maintenance fees, fee-free overdraft up to $200 with spot me and my personal favorite
0:39.9	getting paid up to two days early with direct deposit think about it no surprise fees draining
0:45.8	your account and the flexibility to handle those holiday expenses when they pop up let me tell you about
0:51.5	spot me i remember a time when an overdraft fee hit me just because
0:55.9	my timing was all for my paycheck. It was frustrating and unnecessary. With Chim, you don't have to deal
1:02.3	with that. Spot Me lets you overdraft up to $200 without fees and your next deposit just covers
1:08.4	the balance. And here's something unique.
1:11.2	Chime is all about community.
1:12.9	You can even get a boost from a friend to temporarily increase your SpotMe limit.
1:18.3	And when you help a friend out, they can boost you back.
1:21.7	It's a real give and take that makes managing your finances feel a little more supportive.
1:26.6	Millions of Chime members are making financial progress every day.
1:30.3	To date, Time has spotted members over 32 billion in transactions through SpotMe.
1:35.3	And with access to over 50,000 fee-free ATMs, you can take care of your money anytime, anywhere.
1:43.3	So enjoy the holidays while keeping your financial goals on track with time.
	...

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