I have been using the Robinhood app for quite some time and wanted to share my portfolio with you. My current portfolio value is $251,286.99.
Why am I using Robinhood?
If I had put the $251,000 in a Wells Fargo Savings account instead of Robin hood;
Wells Fargo Savings Account Interest rate = 0.01% APY
0.01% of $251,000 = $25
Wow, that's just $25 a year along with additional charges, minimum balance charges and limit on withdrawal.
Robinhood Savings/Checking account interest rate (05/06/20) = 0.03% APY
0.03% of $251,000 = $75
3 times more than the other banks, FDIC insured, no minimum balance, ZERO commission fees and you can buy/sell stocks on the same day. You can also buy and sell Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies 24/7 with Robinhood.
I take this pandemic market crash as an opportunity to buy more shares. It's a risk that I am willing to take. I am going to be transparent about my money here. You will get to know how much I have made and how much I have lost by investing in the stock market. Currently, all my stocks are in negatives. The stock market has been rocked by the continued spread of Covid 19. Many investors panic when they see a negative amount and sell their shares at a loss. Warren Buffett sold all his US airlines shares by making a statement "World has changed" after Covid 19.
How to use Robinhood?
To get started, you need to link your email and bank account to this app.
You can get a free stock by using this link: https://join.robinhood.com/rittyk
Here is a video on how to buy/sell shares on Robinhood. I have used the example of IRM. IRM (Iron Mountain Inc. is an enterprise information management services company with a dividend yield of 10.48. Just my 308 shares in IRM got me $81.74 (free money) last month along with the interest I get from Robinhood. Adding all my dividends from different companies get me $500 (free money) every month. It's all about how you customize your portfolio with pieces of different companies and funds.
I love how you have explained it so well. Good job! I usually keep my money in Bank accounts but the interest rates have disappointed me. Thinking of stock investing.
@Mary Ann: thank you for your valuable feedback!
@mathew.joseph: thank you for your feedback! I will post more videos of my portfolio soon. To answer your question, there are other online banks like Ally that offer higher APY than Robinhood. But I chose Robinhood because I can easy transfer money back and forth without any delay while buying stocks through Robinhood.
This is really helpful Ritty! I have been wanting to learn how to do this. Thank you for explaining this in a very simple way! 😄
Really good video! You've made learning about trading sound fun, easy and interesting .. Hoping to see more detailed videos on this in the near future...
Also what are your thoughts on online banks that offer a higher APY than what you've mentioned here?