Step by Step SoFi Investing Guide | Investing for Beginners
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- Опубліковано 24 чер 2020
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So the first thing you want to do when getting started with investing is obviously to choose an investing platform and open an account with them. Now today we're going to be looking more in-depth into the SoFi investing platform and if you want a comprehensive review on that then be sure to check out that video from my channel but there are tons of options out there including other mobile platforms like Robinhood and Webull as well as the more traditional large brokerages like TD Ameritrade or Fidelity. So do some research and decide which platform is best for you but at the end of the day they all offer pretty similar features and for me, it's just easier to have all my finances under one umbrella which is why I love SoFi and use their SoFi money platform as well.
Once you've opened an investing account the next step is to obviously fund that account, and this brings us to what step two really is and that is making what I like to call your investing budget. Now there's a reason I refer to this as a budget and I'll explain that in a second but basically you need to decide how much money you are able to part with for a long period of time and are willing to put to work and risk in hopes of earning profits on that money.
Now there are a million theories all over the place on what the best strategy is and it is so easy to get confused and distracted. Now in my unprofessional not a certified financial planner opinion, consistent and long-term investing in index funds or ETFs is the best strategy for 99% of individuals. Hear me out. Index funds and ETF's charge significantly lower management fees than mutual funds since there is no one actively managing your money. Now you may think that you want someone actively managing your money however, statistically diversified index funds outperform the average mutual fund over long periods of time. Just a quick side note, if you use that first link in the description you can get $75 worth of VOO or whatever investment you select for absolutely free so don't forget to use that link.
That brings me to another important point which is never ever try to time the market. But trying to time the market just doesn't work out and doesn't make any sense. So once you've done all of these steps and made your investment, that's really it and it is important to monitor your money and see how your investments are doing but my bonus tip to you is don't be that paranoid investor who's checking their account every single day. First of all, you'll drive yourself crazy and also you're more likely to panic during short-term volatility and sell everything which throws the entire long-term plan out the window. Pick a day at the beginning or end of each month to go on and see how your investments are doing but I really encourage you to try not to look at it all the time as weird as that sounds because most people especially if they're new to investing will panic and just decide that investing is not for them but if you use the strategy that we talked about above and stay consistent, leave your money alone and let it work for you.
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Great video by the way and it makes sense having everything in one platform . It's making my life easier I've been a customer since 2017
Great info! Thank you so much!
Thank you this was helpful..
Great info. Thank you!
Of course, thanks so much for the support!
Thank you, thank you, thank you for this video. I have been so nervous with investing, because like you said risk, but understanding that investing is long term and not short term definitely helps me feel more comfortable. I was wondering, do you have a video on how ROI works. If you invest $500 how that could turn into $100k in the future. I just want to make sure I have an IDEA on what that could look like over the years to come after I start. If you already do I would love to watch if you can link it for me. Once again, AMAZING video.
thank you for the video. If it helps anyone else having recently went through the barefoot investor there was one quote that applies here to anyone considering investing: year over year the stock market only increases in value. The only risk is not investing.
the Tai Lopez bit had me rolling HAHA!
great video, Do you use the diversified portfolios? or maybe just buying specific stock bits? :)
I have used their portfolios but I prefer to use the ETF VOO since even there “aggressive” portfolio isn’t that aggressive in my opinion. As I get older though, their options are fantastic for anyone looking to minimize risk. Thanks so much for the support!
Great videos brother, keep it up!!
Thanks so much for the support, I really appreciate it!
Late to the party, but thank you for this helpful vid!
Haha no worries! Better late than never. Glad it was helpful!
I’m coming from Acorns, which I like, but I’ve been watching your videos and I do like the idea of having everything in one place. I like the the simplicity of just adding money and not worrying about it. Do you have any advice for a beginner like myself from transferring from Acorns to SoFi?
Thanks so much for the great question. As far as the transfer itself, it’s pretty simple to link other bank accounts within your Sophia account and move money around wherever you need to. As far as moving from one platform to another, I would just say that SoFi is definitely going to be more hands-on in the sense that you are going to have a hand-picked portfolio that is automatically invested for you like what acorns does. So definitely just keep that in mind and be prepared that you will have to choose your own stocks for ETFs to invest in. Thanks so much for the great question!
@@MagnifiedMoney thank you for replying! I will definitely keep that in mind. Let’s say I put money in every week, would I have to allocate the money myself or does SoFi spread it out for me?
Great video!
Thanks so much for the support, I really appreciate it!
@@MagnifiedMoney I love sofi so much and I've only been a part of their infrastructure since September. I have the debit card and am waitlisted for the credit card and have the whole family setting up investment accounts
I get a lot of flack because I talk about it so much of the channel but it is by far my favorite mobile bank without a doubt. Congrats on the new credit card!
First time investor here and I'm 57. Would you In (your not an investment advisor) say SoPhi's Robo invest be good for me? Or should I pick my own EFT's Bonds and Riets?
Thanks for the great question! If you are looking for a robo investing I personally use Wealthfornt but SoFi's service is good as well! Either way, you will probably do better with those then trying to hand pick your own ETF's.
Cant invest it if you live outside of the US, is there another good one like Sofi out there for me. I live in east africa and am new to this.
Hi I live outside of the US, I live in the Caribbean to be exact.I am not interested in trading. Is there any other investing options (online)? Something that brings short term and weekly returns.
Just started using SoFi and investing. How do I actually use the app? I can't figure out how to sell stocks when I do want to, or see how much the share is worth at this moment ?
Thanks for the great question! SoFi has some great resources online explaining all this
but that is actually a great video idea so I added it to my list!
Polling. All in calls or puts this week?
Do do Tai like that! 😂
Just invested today, know some things about it. I am using SoFi and am wondering if I’m what I invested in skyrockets and goes up a lot how am I able to withdraw the money so I can keep it? Do I have to sell the stock?
yes you have to sell the stock than withdraw the money
I'm new to investing, is it required I have a debit or credit card? And if I don't invest right could I go broke and fall into debt I can't get out of?
Absolutely not! You’ll need some way to fund your investing account like a bank account for example but you definitely don’t need a debit or credit card. As long as you aren’t doing anything with options or shorting stocks, the maximum you could possibly lose is your initial investment so there’s no way for you to go into debt as long as you aren’t using some of those margin trading options like I mentioned before.
Do they do premarket and after hrs trades?
I don’t believe so but I could be completely off on that. I have never personally use that myself. That said, if you’re looking to actively trade especially pre-or post market, there’s definitely better options out there that will have a faster transaction times. Thanks for the comment
It was helpful but I was looking for an ACTUAL step-by-step guide that showed screenshots and how to do it on their website or app. Mis leading title imo
I like the dollar to your name or mansion comment. Love the Inclusivity 😭
So if i open account and deposit $500, i earn $75 or $50 along with the other rewards?
Thanks for the great question! The offer has changed several times but for the time being they are offering $50 when you open and fund an account and another $75 when you setup direct deposit.
What if you have a sofi credit card and you want to open the app to get the $0.10
I’m not sure if they are still offering the five points every time you open the app per day. Mine appears to have dropped to one point per day with a five point bonus every few days for a streak. Not sure if this is my account or everyone. Thanks for the comment!
Thank you just wanted to ask if I invested $1000 and made a hundred dollars would I lose my thousand dollars made one hundred with ? Many thanks
I M trying to open sofi account but every time I try to open account and they said they are unable to verify my account what should I do now
Same bruh
Hmm...I'm sorry to hear that. I'd reach out to their customer support and see if that can help! Thanks for the comment!
If u try multiple time, they will probably blocked you. U have to contact their customer support.
Why don’t you try one of the big ones like schwab
My main account for yours was actually TD Ameritrade but I also have used Charles Schwab as well. Everybody’s birthdays performance so definitely check this out if you want some more info. Thanks for the comment!
How do i buy sofi stock? Im from the UK
I’ve heard others mention the SoFi IPO so I should definitely familiarize myself with it. From what I can tell, I don’t think they have gone public yet but once they do, you should be able to buy it just like any other stock regardless of where you live. Even if something is on the New York Stock Exchange you can still purchase it even if you don’t live in the US just as US citizens can purchase international stocks on other exchanges. Most investing platforms especially the larger ones should allow you to do this. Thanks for the great question, I hope this helps!
@@MagnifiedMoney i only have the trading 212 app. Is there a place where I can buy it before it goes live?
SoFi give leverage like robinhood ?
To my knowledge, they don’t have any leveraged margin accounts that I am aware of but perhaps this is something they will add down the road. Thanks so much for the great question!
Investing ita kind of like a gamble high risks high rewards lo risks low rewards
Absolutely! Calculated smart risk is the key. Thanks for the comment!
High risk high loss.
Not step by step, just lecturing.
KNOWLEDGE 😂😂
Noledge😂😂
Haha gets me every time! Thanks for the comment!