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Transcript

How to Buy Stocks · Earn Your Leisure

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  Speaker 1: This episode is brought to you by P and C Bank.
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  Speaker 2: So, how to start investing in stocks? And the three
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  Speaker 2: of us get this question all the time, so we
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  Speaker 2: wanted to lead with that and we want to break
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  Speaker 2: it down as simply as we can. So first, you
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  Speaker 2: need a brokerage account. What is a brokerage account? Okay?
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  Speaker 2: Count simply guys allows you to buy stocks, sales stocks
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  Speaker 2: invest okay, and so some of the more notable names
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  Speaker 2: you might know of or be familiar with, or you
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  Speaker 2: may not be Vanguard Fidelity. Those are two ones that
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  Speaker 2: has just been around for the test of time. Now
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  Speaker 2: and if you are thinking long term, these two entities
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  Speaker 2: are ones you want to consider. Fidelity Vanguard you want
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  Speaker 2: to think about once I do take this step to invest.
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  Speaker 2: Let me open up a Fidelity account, let me open
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  Speaker 2: up a Vanguard account. You want to start there with
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  Speaker 2: the premise in mind that you are thinking long term.
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  Speaker 2: Then you have everything from more newer apps, more user
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  Speaker 2: friendly ones like Robinhood, we Ball, Interactive Brokers, Tasty Trades,
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  Speaker 2: to name a few. So listen, guys. It starts with
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  Speaker 2: before you can invest, you have to have a brokerage
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  Speaker 2: account to even deploy your money too. Okay. And this
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  Speaker 2: is lateral from your job. This is separate from whatever
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  Speaker 2: you are getting at your place of employment. This is
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  Speaker 2: this is on you. The book came out. We're going
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  Speaker 2: to make sure this book become a number one best seller.
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  Speaker 2: You deserve. This is about you. This is about you, guys. Okay,
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  Speaker 2: And so you need to make sure you have your
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  Speaker 2: own brokerage account. You're doing your your own investing, You're
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  Speaker 2: taking your you taking your own finances and affairs in
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  Speaker 2: your hand. Okay, next up, I'll take it.
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  Speaker 3: I'll take it even stup further too, because I want
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  Speaker 3: to kind of expand on that a little bit because
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  Speaker 3: for some people like to even why investing is important.
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  Speaker 3: On what a stock is, right, Like we talk about
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  Speaker 3: stocks as far as that's ownership, and there's private companies
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  Speaker 3: and then this public companies. Right, So the public companies,
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  Speaker 3: anybody can own it like Tesla, like Microsoft. A private
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  Speaker 3: company is like earn your lesia with we own it. Right,
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  Speaker 3: So it's important to invest in these public companies because
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  Speaker 3: as their value goes up, your investment going to go
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  Speaker 3: up over the course of time as well. Right, So
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  Speaker 3: the only way we took about inflation, the only way
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  Speaker 3: to beat inflation is to actually invest right, because that's
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  Speaker 3: how your money is actually working for you over the
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  Speaker 3: course of time. But another question that I get about
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  Speaker 3: the brokerage is like even like how to set it up,
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  Speaker 3: and it's it's really not too complicated. Guys, like you
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  Speaker 3: go to the app store and you download Charles Schwab
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  Speaker 3: is another one, or you download Fidelity and all of
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  Speaker 3: these these these apps and platforms have similar type of
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  Speaker 3: things where you just got to fill in your information.
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  Speaker 3: So they have to it's called like know your customer, right,
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  Speaker 3: so they're actually you're like your social the actually your number,
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  Speaker 3: your email. You have to provide this information. Guys like
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  Speaker 3: you can't try.
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  Speaker 1: To ain't.
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  Speaker 3: You got to provide. You got to provide this information
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  Speaker 3: and then from there you link your bank account to it.
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  Speaker 3: This is important for people to fully understand as well,
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  Speaker 3: because they're like, well, how do I get money into
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  Speaker 3: the account?
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  Speaker 1: Right?
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  Speaker 3: I gotta fund it. You link your bank account to it,
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  Speaker 3: and then you fund it, and then that that funding
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  Speaker 3: goes both ways. So you put money in from your
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  Speaker 3: bank account and put two thousand dollars for my bank
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  Speaker 3: account into Fidelity, and then when it's time to move
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  Speaker 3: for money from Fidelity to your bank account, vice versa,
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  Speaker 3: vice versa. But where it's hell that this is important,
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  Speaker 3: but retirement.
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  Speaker 1: Can I give them a hack from what you just said.
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  Speaker 1: This is important too because that transaction time. It can
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  Speaker 1: if you're a new customer, that might take five to
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  Speaker 1: seven days. And so for us having money that we
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  Speaker 1: sent and we don't know where it's going and it's
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  Speaker 1: taking five to seven days. Is a new account opening
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  Speaker 1: you could fill a little ANNGST.
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  Speaker 3: Especially robodod.
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  Speaker 1: But what you can do right and this is and
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  Speaker 1: this is a good tip. I use E trade and
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  Speaker 1: so when E trade, I found out the wire instructions, right,
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  Speaker 1: So when I get the wire instructions that come from
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  Speaker 1: E trade, now when I send the money. Right, let's
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  Speaker 1: say I'm sending five thousand dollars to my E trade account,
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  Speaker 1: that's gonna get there within the thirty minutes rather than
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  Speaker 1: waiting five to seven days. And so yes, you can
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  Speaker 1: do the AH transfers with take three to five or
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  Speaker 1: maybe five to seven if it's senior account, or you
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  Speaker 1: can get your brokeraches wire information and have that money
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  Speaker 1: expedited because five to seven days in the market can
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  Speaker 1: change a lot, right, like we saw over the past week,
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  Speaker 1: right on Monday's suth by Friday, you could have lost
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  Speaker 1: a lot or you could have gained a lot. So
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  Speaker 1: you want to make sure that your money gets there
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  Speaker 1: in expedited fashion. Why transfers is another way that you can.
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  Speaker 1: You can hack that.
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  Speaker 3: And then the last day I say before we move on,
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  Speaker 3: is that I used to get this a lot. When
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  Speaker 3: people are talking about their four one ks, they'll have
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  Speaker 3: a four to one K. The money's coming out of
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  Speaker 3: there that they're checking it their money's coming out of
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  Speaker 3: their paycheck and they automatically assume that it's being invested in.
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  Speaker 3: I asked, like, what are you invested in? They're like,
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  Speaker 3: I don't know, did not see their statements, and they're
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  Speaker 3: not actually invested in anything. When your money goes into
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  Speaker 3: a brokerage account, it goes into what's called the money market.
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  Speaker 3: That's like a savings account pretty much for a brokerage account,
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  Speaker 3: like it's sitting on the sideline. You have to direct
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  Speaker 3: where the money's going. So the next thing we'll talk
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  Speaker 3: about like actual investments. But don't think that. Okay, I
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  Speaker 3: opened up Fidelity, link it to my Chase bank account.
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  Speaker 3: I put two thousand dollars from Chase into Fidelity, and
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  Speaker 3: now I'm invested into the stock market. That's not you're not.
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  Speaker 3: But like I said, that's not how it works. That
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  Speaker 3: actually happened. Like I said, I I see that. I
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  Speaker 3: saw that with retirement when I was a financial body,
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  Speaker 3: I used to see that with retirements. People have money
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  Speaker 3: they used to have like twenty fifty thousand dollars into
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  Speaker 3: their retirement account because they didn't. They didn't. They would
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  Speaker 3: never fully educated that you had to pick something, and
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  Speaker 3: they just the default for their retirement plans was a
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  Speaker 3: money market account until they decided what they wanted to
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  Speaker 3: do with the money. They never decided what they wanted
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  Speaker 3: to do with the money, and the money was not growing.
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  Speaker 3: It's not a money market is not invested, right, that's
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  Speaker 3: like a like zero, it's sitting on it's sitting on
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  Speaker 3: the sideline side. That's just important. Just because you open it,
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  Speaker 3: you put it in. Now from there you have to
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  Speaker 3: actually put into an investment.
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  Speaker 1: That's a fact, Chris. I'm gonna go back up to
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  Speaker 1: this slide where we're looking at the brokerages. Yeah, is
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  Speaker 1: there one that you prefer the other? Case by case? Like,
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  Speaker 1: I know each trade is not on there. Everybody euyou knows.
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  Speaker 1: I love E trade, but I'm rade so not because
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  Speaker 1: for informational purposes it's easier for me. I love the
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  Speaker 1: way that we can get information. Is there is there
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  Speaker 1: one that is preferred or the.
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  Speaker 2: Other Vanguard for long term I prefer for strictly long
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  Speaker 2: term and or Fidelity. You can't go wrong if that's
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  Speaker 2: the mindset. I'm buying holding this for at least ten years.
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  Speaker 2: Vanguard and Fidelity are phenomenal. E trade Robinhood in one Finance.
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  Speaker 2: Some of those other ones are good too because they
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  Speaker 2: provide even more information and news and other things that
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  Speaker 2: it is helpful to the user. So there's no order.
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  Speaker 2: But except for the long term piece, Fidelity and Vanguard
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  Speaker 2: are the ones you're not trying to trade in those well,
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  Speaker 2: Vanguard at least you're not using that to be a trader.
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  Speaker 2: You're trying to You're purposely intently trying to invest ernest.
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