WCI #173: The Dangers of Robinhood
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 27 August 2020
⏱️ 36 minutes
🧾️ 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.
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Transcript
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| 0:00.0 | This is the White Coat Investor Podcast, where we help those who wear the white coat 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. |
| 0:15.0 | This is White Coat Investor Podcast |
| 0:20.0 | Number 173, The Dangers of Robin Hood. |
| 0:24.0 | If you're finding our podcast informative and helpful, |
| 0:26.4 | we would encourage you to sign up for our monthly newsletter. |
| 0:28.9 | It is totally free and includes useful, |
| 0:31.4 | actionable information not available on the regular blog post or this |
| 0:35.2 | podcast. |
| 0:36.2 | It's almost like being in a secret club, the kind of club that can boost your knowledge and enhance |
| 0:40.0 | your wealth at the same time with no strings attached. Sign up today at white code |
| 0:44.4 | investor.com slash newsletter. You can do this and the white code investor can help. |
| 0:48.5 | All right, we're recording this on the 18th of August. It's going to run on the 27th of August so |
| 0:54.5 | those of you who like your content or produce relatively close to the date you |
| 1:00.1 | hear it this one's for you I. This is only nine days between production and |
| 1:04.4 | listening, which is pretty good for us. It takes a while to put these together. A few things we got going |
| 1:10.5 | on, our scholarship contest is coming to a close again. You have to have your applications in by the end of August. 31st of August, midnight mountain time. If you want to apply for the White Code Investor Scholarship, we're giving away tens of thousands of |
| 1:24.5 | dollars in cash and prizes this year. If you want that, make sure you get your application in. |
| 1:29.6 | You can find details at our scholarship page on whitecode investor.com |
| 1:34.3 | so white code investor.com slash scholarship will take you there. |
| 1:37.6 | We need two other things as well from those of you who are not in school. |
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