Brokerage Account: What It Is And Why You Need to Open One| Financial literacy for Beginner Investor
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- Опубліковано 14 лют 2023
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Brokerage Account: What It Is And Why You Need One. This wealth twins goes tells you what a broker is, the different types of brokerage accounts there are and also the different types of brokerage firms that offer them. If you were wondering why you might need to open an account at fidelity, charles schwab, or vanguard when you already have a job retirement account and a bank account then check out this video especially if you are a beginner that wants to invest. If you are interested in growing your wealth then you need a brokerage account to invest in stocks, bond, index funds and ETFs. Now that you know these things check out this brokerage account for beginners video!
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We are Nadia and Nicole and on the Wealth Twins Channel we are dedicated to increasing your financial independence. We create videos that will potentially help you reach financial independence, build wealth, and create generational wealth. We teach others how to invest money in the stock market and wealth building through the accumulation of passive income producing assets.
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DISCLAIMER: The Wealth Twins, including but not limited to any guests appearing in our videos, are not financial/investment advisors, brokers, or dealers. Our videos are for educational purposes only. They are solely sharing our personal experiences and opinions. There are financial risks associated with investing. All investments involve risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. In order to make the best financial decision for your own needs, you have to conduct your own research and due diligence.
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• Brokerage Account: Wha...
#brokerageaccount #investingforbeginners #wealthtwins
Do you think you need a brokerage account?
I took your advice and opened an account a couple of years ago. I'm focused primarily on index funds. Also like the benefit of withdrawing money from the checking account without atm fees while traveling abroad!
Nice! Thanks for letting me know and thank you for continuing to watch us!
Yes I have two brokerage accounts.
I had a brokerage account in credit union . It was terrible . Very overwhelming. I pulled out my money.
Thanks for your straightforward explanation.
Omg the amount of basic knowledge shared in this video is exactly what i have been looking for thank you so much! I grew up financially illiterate and only now started learning this stuff to protect my kids future. You seem so genuine and humble my eyes were glued to the screen😂 I feel like nobody ever shares their whole truth about investing. Times like this i wish youtube had a super like button
Wow! Thank you so much for this nice comment and feedback. I’m so glad this video helped you and also I’m very happy that even though you didn’t learn about financial literacy when you were growing up you are taking steps to make sure your kids future is protected. That’s what a good parent does! Thank you so much again and I hope you keep watching our videos!
Thank you tons of help.
You’re welcome. I’m glad we were able to help.
The best info i can find! THANKS
Thank you so much for that.
Excellent information ℹ️! You answered all of my questions and left me with no doubts… I am now very well informed 👏
Thank you so much, I really appreciate that you wrote. Our goal with all our content is to help so I'm glad we succeeded with this one.
Thank you for this phenomenal explanation 🙏
You’re welcome! Thank you for taking the time to watch and write.
Thank you for educating me with very plain English. loved it!
You’re welcome! Thank you for letting me know!
This is incredible. I look forward for more powerful info.
Thank you, that means a lot!
You’ve explained this so well. The terminology is so confusing. I’m turning 53. Maybe it’s a bit too late for me to retire “early” but I aware of the options available.
Thank you! Also, don't worry about what age you are starting, if you focus you can always see some good results
It’s never to late to do what you want to do, don’t be at your death bed with the ghost who could of been
It's never to late to start investing!
No, it is like learning a new language. You just keep reading and listening until it makes sense. When I watched the first video on English, I thought I’m too old to learn a new language. Now I speak English at work
@@FSTECVBDXC💯💯💯
Wonderful, informative content. Thank you!
Thank you Erika.
Thanks for sharing with simplicity and understanding with absolutely zero rambling and scrambling✅✅✅
You’re welcome! I’m so happy you liked the video!
@@WealthTwins I'm currently looking to invest in REITS but unsure of what brokerage and type of account best suits those needs guidance is appreciated!
This was explained so well! Iv tried watching other videos about investing and they are not breaking down these terms well enough! So helpful
Oh thank you! I really appreciate hearing that. My twin and I really work hard to break down complex topics to make them easy to understand. Thank you for the feedback and thank you for watching the video!
Thank you. I understand what a brokerage account is.
You're welcome and thank you for watching.
Well explained...even less informed can follow along and expand their research...bravooo
Thank you so much!
Thank you keep up the great work. New subscriber
Thank you, we appreciate it that!
this was a great video
Thank you! I really appreciate you taking the time to write that.
well explained!
Thank you
This was succinct and informative! I am learning a lot from your videos.
Thank you so much for the feedback! I'm glad they are helping!
Thank you for explaining everything so clearly!! I appreciate you!!💞
You’re welcome! Glad you are liking the content.
this was an amazing explanation. it really cleared everything up for me. i am super excited to start investing now at 18 years old!! thank you!
You’re welcome! Also that’s a great age to start.
Very informative. Thanks
Thank you for watching.
Thank you so much, you just gave me the best explanation that I could ever have gotten.
I was first skeptical about opening a brokerage account, but now with this year explanation, I can now knowledgeably open one
That is so great to hear! I’m so happy you found this video and took the time to watch. Can I ask, what made you skeptical of brokerage accounts?
@@WealthTwins I was afraid because when I go through alot of brokerage apps, most people spoke of how their money was scammed.
I am African, especially A Cameroonian, and I am 23 years of age. it's was difficult to find broker apps available for my country, and the few I found, they were alot of negative review of it.
I am a beginner when it comes to the stock market, I am into personal development, and I heart alot about stock market, I know it's a long term something, and that is why I want to start at an earlier age. But I was so skeptical to be scammed by fake brokers
Thank you for this information
You're welcome! Thank you for watching.
I'm a stay at home mommy looking to contribute an income to the house. Your video has made me feel like it's possible to become financially literate and begin generating wealth for my family. Subscribed!
Oh we are so glad to hear that! We definitely believe you can do it and we wish you all the best! Thank you for subscribing!
Thanks for this teaching!!! easy to understand
You’re welcome! We’re glad you liked the video.
Great video and simple to understand
Thank you! We are happy you like the video.
You did an EXCELLENT job!! Thank you!
Thank you so much for the feedback! I'm glad you like it!
I’m 24 and I wanna start investing, I think I started well by watching this video as my first step
That's great to hear! Also great to hear that you are starting to invest at 24, it's great to start young.
@@WealthTwins Who’s the best brokerage company ? I’m 24 and just starting
I have only just started looking into these concepts. You have explained everything 10x better than everyone else I have watched. I appreciate you.
Thank you so much! That means a lot. We take our time to make sure we are giving out good and helpful info. Feedback like this helps us keep going.
Ma'am, I'm new to this country and even newer to the idea of investing. I have to say your simplified explanation has been a blessing. I have just subscribed, and you are the only channel I have ever subscribed to... Well done maam.... wish I could ask questions, but thanks. You make it direct for me to understand the basics and feel more confident to pursue trying to invest for my wife and my boys future...God bless you...gonna sign up for your newsletter too...
Aww thank you so much! Reading comments like these is what helps us keep going and let us know we are helping. Thank you so much for subscribing and I’m so happy it makes you feel confident to get into investing! I already know you are brave if you decided to leave your home country and come here, just keep on being brave and take learning one step at a time.
@WealthTwins May God continue to bless the two of you and your houses for being so generous in sharing your knowledge. You don't charge nor ask people for money. You just share the wealth of knowledge. Bless you... and thanks because I am a jamaican, and I have 3 boys I pray raise to be Godly men who will be able to provide for their wives and children. I don't have much else except God and a hard mentality right now, but. I hope my big son, who i share your videos with, will be able to start early. I plan to start the other two off with two of the custody plans, and i pray God's blessing so i can give them a start in life. So, thanks very much for the videos....
❤❤❤❤Excellent work thank you ❤❤❤❤
Thank you so much!
Well done.
Thank you. I appreciate that.
I have two. One for short term and long term goals. I liked how it provides annual capital gains and dividends. Just don’t like that one of them is taxed account money market fund and I just opened a municipal account for short term.
Nice! It's good to separate your accounts for different types of goals. Yeah, can totally understand the tax issue. Don't think there's anyone that likes being hit with them.
Thank u lady
You're welcome!
Excellent breakdown
Thank you very much and thank you for watching the videoi.
I just started a self investment within my bank Navy Federal Credit Union with a fee of $3.50. Just trying to see where this goes. This video gave me information I've seen searching for years.
How’s it going? I have them too and I’m looking to start investing myself.
Thank you for writing. We are so happy this video helped you!
@@KetovoreQueen_ So good so far. I recommend getting Walmart and AT&T.
Shabbat shalom dear sister you are beyond Heaven., believe me 🌹💕🙏🏾🙏🏾🙏🏾🙏🏾🙏🏾🧐I can't express my gratitude enough for you Dear women... Yeshua bless you and family on this sabbath 🙏🏾🌹🌹🌹🌺🌹🌺🌹🌺🌹🌺🌹🌺🌹
Thank you so much.
I haven’t really watched the video yet but I like the color coded bookcase
Thank you for the compliment. We bet you’ll like the video when you watch it too!
Hey, I'm new to the channel and I'm really trying to change my life by making some short-term investments to start off and so far I heard that ETFs pay monthly and I believe also index funds. How do I start from there?
❤❤thanks
You’re welcome!
I'm new to this. You just made it easy to get. Appreciate it.
Thank you so much. I’m glad I made it easy to understand because that’s our goal! We want everyone to know they can take part in investing to help build wealth.
Hello! I am new to trading. I have been learning on the 2 and 5min timeframe. Which broker should I use, that offer those timeframes! Thank you for all of your information!
Hi, thanks for writing. We aren’t familiar with those timeframes. We teach long term investing not short term trading.
Is it okay to have 2 accounts? Like a ROTH from my credit union and also a regular account from one of the common brokerage firms?
Ps. This one of the best break down videos on yt. Tysm i actually feel like im learning somthing 😊😮
Hi! Yes, its totally ok. Also thank you so much for the nice comment. I really appreciate it.
Hi Nicole, I am from India. I want to open an account in NYSE can you help me in this process.
Please make a video on how one can save money living off their savings/No income due to job loss..
Thanks for watching and suggesting that @Music channel. We will look to add that to our content schedule.
When i opened my taxable account it was so many investment stuff...overload. I put the s&p 500 in it. made a good decision.
How did you get around the overwhelm?
@@WealthTwins i googled which fund was most tax efficient & the s&p 500 popped up. Printed the info & I was done.
The pop ups, flashing of new metaverse stuff was annoying.
@@autobotdiva9268you have an index fund or just sp 500 alone
@@Blu-Man is there sum better than either?
Can you do a video on Fix income Annuities
We can look to add that to our list for future videos. Thanks!
Guys,
1) Is it normal for my fractional shares held by the broker as a custodian through a sub custodian or nominee when the broker acts on principal capacity? Any associated risks?
2) Fractional transactions entered into by the client with (my online broker) could result in a loss to the client and a gain to the broker . How would you interpret this term? Any associated risks? Thanks in advance..
This was exactly what I needed and perfectly explained. Thank you!
I am here because my friend asked me to pray for her investments to be successful, so I am doing my due diligence in order to be informed.
Good luck helping your friend!
Hello from the UK. I think I may need this account, but I want to delve into the world of dividends. Help.
Are you a part of our wealthpack community? You will receive our newsletter where we go into more detail. You can join through the link in our description.
I want to open an account
Hi thx for the great info, I am 61 and don't have a lot invested in IRA I lost a lot few mths ago and thought I should change to 70/30, invest, do you think that's a good idea at 61.
Thx.
Hi! Thanks for writing. When you say 70/30 is that 70% bonds or 70% stock? ) Due to licensing, I can't tell you right or wrong, but know that stocks are riskier and regardless of age you should always think about your risk tolerance and how long you can keep it in the market.
All brokerages operating within the U.S. are required to have $500,000 of SIPC protection, which includes a $250,000 limit for cash.
Thank you for commenting. That's good to know.
How do you value a brokerage account compared to a 401k/Roth 401k type account? The long term capital gains tax rates in a brokerage account seem much more favorable than the marginal tax rates one pays if they use a traditional retirement account. With the Roth, the money is locked up until 60 or so, whereas the money in a brokerage is accessible.
I don't see it as an either/or. I like to have both for different purposes. I agree the penalty you pay for withdrawing early is annoying, but you can't get a company match in a brokerage account.
You are correct that the long-term cap gains brackets can be very favorable compared to 401k Ira accounts. I encourage my adult kids to open a brokerage account and only fund 401K's including Roth 401k's up to the company match only. All else goes to brokerage accounts.. just too many advantages with the brokerage accounts. However, they are overlooked as the 401k accounts are so strongly marketed at employers.. just unfortunate. Retired at 52 BTW.. thanks to my brokerage account :)
That's awesome. Congratulations! @@mrbigglesworth375
Hi, I’m new to all of this! I’m looking to start investing, I need help all around. How can I contact you personally. Being black and wanting to learn these kinda things in my area they hardly tell you about 🖤
Hi! You can join our newsletter and just send us a reply to the email. We read them and respond back. If you are interested in investing you can use this link to get our free guide and automatically join our newsletter. We send emails on a weekly basis to really help teach others what we had to find out on our own. Here is the link to the guide. Hope you like it! wealthpack.wealthtwins.com/25terms
The brokerage I have now asked me I have to start with 500 not less than that
Some brokerage do require a minimum Charles Schwab doesn’t.
I saved $25k and paid off 5 credit cards and a loan. I now have $15k remaining and I want to know what the best options are to invest money to maximize the most profit. I do have a Capital One 360 savings account and I'm able to save at least $500 per month from SSI. I think I'll open a brokerage account and open another high yield savings account. I'm tired of having cash laying around and want to get it working for me instead.
Hello maam.. do we need to pay 10% to withdraw our own interest profit money from the brokerage company?
It depends on what account you have at the brokerage company. If it’s an IRA you will have a penalty. If the money is in a standard brokerage account not for retirement you will pay only cap gains tax no penalty.
I want to start trading, but I don't know how to get a Brooker yet😢
Hola, we can teach you how to invest. We don't teach trading. If you are interested in learning you should join our wealth pack community. wealthtwins.com/wealth-pack/
Hello, why is it not a good idea to leave your money parked in a brokerage account?
I just did this, l’m receiving a 5.28% interest rate with a exp. Ratio of 0.11 Vanguard/ VMFXX.
Should I have opened a high-yield savings account instead?
If so, why?
The reason I mentioned it isn't a good idea to leave your money parked is because it is investment account. It seems you are using basically using it as a high yield savings account since you are currently in a Vanguard money market fund which is an investment account, but pretty similar to a savings account. Is there a reason why you chose to use them as your money market account provider?
Thank you for responding.
I sold a property of mine and had a lump sum of money sitting in a Bank of America checking account gaining 00.1% interest. I have a Fidelity account through my job. I initially opened a brokerage account with them, but after shopping around, I found that Vanguard was cheaper, lower expense ratio, and higher 7 day yield rate, so I went with them.
Yes, I am using it as a high yield savings account. However, I do plan on investing, but I think I’ll take a vantage of the high interest rate without the volatility of the stock market for now. Any thoughts?
What’s better? A brokerage or a Roth IRA?
Depends on if you qualify for an IRA and the limits you want placed on your money. Roth IRA is better for tax purposes.
I have 2 accounts with Raymond James; brokerage account and Roth IRA. I have a financial planner helping me with investing.
Thanks for letting us know. We really hope you are happy with your accounts and planner.
I’m 62. I have no debt
I have $50k in savings
I have no clue how to invest in
The S&P 500 ?
Hi! Thank you for writing. We totally understand and that’s the reason why we started wealth twins. Please keep watching our videos and also join our email list. We can definitely help you.
Can you open a brokerage account if you’re a deferred felon?
Hi, yes some brokerage firms do allow it. There just might be a more paperwork to get approved. Check out Charles Schwab and Fidelity to see what they require.
Which is the best brokerage
This video should help you ua-cam.com/video/PKz4GO8TnnM/v-deo.html
What if your brokerage account is from a bank is that good
What bank? It depends on what products and services they offer and the fees they charge?
Chase bank has a brokerage account service with low fees I was looking there
Does this mean anyone who only receives social security cannot invest in the stock market? Because they have no earned incom. This makes no sense
And if you can't work and only have social security that would mean you can't even open a Roth IRA account or an traditional IRA. I'm all confused now
If someone is under 59 and 1/2 and can't work, how in the world are they able to open a IR. When I first opened my brokerage account they didn't even ask me what account they just gave me an IRA. I didn't even know there was a individual standard account.
Hi, thanks for the comment. It receiving social security doesn’t mean you cannot invest in the stock market. When it comes to opening up a Roth IRA it is suppose to be with earned income. Social security doesn’t prohibit you from opening an IRA but the money that goes into the IRA shouldn’t all just come from Social security. By the IRS standards social security benefits are not considered earned income. Here is a quick link to an article that might help explain better. www.investopedia.com/invest-social-security-disability-payments-in-roth-ira-5220765#:~:text=You%20may%20be%20able%20to,longer%20quality%20to%20make%20contributions.
I dont understand very well but I do know don’t want to loose money 😢
What was hard to understand? Is it because the video was in English? If so, I might be able to put it in another language like Spanish. We also hope you don’t lose any money.
Isn't Charles Schwab a full brokerage?
Yes, i believe that’s what I said in the video.
I'm 37 I wanna start investing am I too late
You are not late at all. We’re proud that you have decided to start your investing journey.
❤❤❤❤❤❤😂
Thank you.
I can’t understand this
May I ask what the issue was? Was my delivery confusing or were the terms complicated?
Same 😢
@@WealthTwins no you were perfect. Some people need to learn about basic economics. I have a couple in my family. So I understand why the comment said that.