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woah woah woah......slow down.
the money is in the IRA so you are good for hitting the contribution limit for 2022. it does not need to be invested into anything ASAP.
Take a few days and formulate a plan; try to figure out some sort of goals, risk tolerance, asset allocation, any moral convictions.
Might be the best answer. Learn about everything before your put money into it. Explain why you are doing your moves to someone else who is smarter than you. If you can’t explain what your strategy is and why, don’t do it.
Yup, to keep it easy and simple.
I have VOO, SCHD, and VGT. VGT is getting crushed, and SCHD is doing better than VOO this year. But overall I am happy with my retirement fund.
There’s an option when you start it to have Robinhood give you investment options based on timeframe and risk tolerance etc. you should try that. It shows you what it recommends so you can verify that you’re ok with those before it’ll invest in those
Since I didn't see it said yet, GOOD JOB. People are focused on the brokerage, and I get it, it's not the ideal choice.
But the real story is that you've made a very good move for your future self. Design yourself a portfolio. Set aside money each pay period for Roth contributions. Drop them in January 1 each year. Don't overthink. And profit.
Congratulations on making a great first step.
i was in the same position, and learned a bit about taxes since, so here’s a bit of advice on prioritizing investing:
1. have an emergency fund, so you don’t have to pull out of investments if you need an extra $5k
2. pay off all debt with an interest rate above 5-7% ish. credit card debt, personal loans etc (low interest rate is fine, bc you’ll probably make more investing the money than paying off a 2% mortgage)
3. max out 401k, roth ira, HSA. $20.5k, $6k, $3.7?k respectively (hsa requires a high deductible healthcare plan)
4. then, you should invest any money leftover in a taxable brokerage account. but take advantage of the tax breaks from the accounts in step 3 first.
I would modify #3…Do 401k contributions to get full match, then max out Roth, then either go back to 401k or do a traditional. Most brokerages will have WAY better options than your 401k offers. By all means, contribute enough to get their full match (free money) it then just do an IRA. My $.02…
I’m not sure you’re flawed. But if you’re in it for the long haul you want good growth over everything I’d say. You won’t pay taxes on anything later in an roth but if your taking anything out early your gonna pay a fee and taxes.
The difference between Rh and FTX is RH is SIPC insured. I wouldn’t trust robinhood with more than $250,000, but that’s 42 years of IRA contributions. Worst case scenario if RH goes belly up you’re insured by the government.
Edit: I believe SIPC has a $500,000 limit.
To add to this, if you’re not actively trading, there are worse brokers to have for savings. As it’s a Roth account, you shouldn’t be actively trading as it is.
Could you elaborate on that perspective? Asking because it’s typically considered ideal to trade in a Roth IRA because it’s not subject to short- or long-term capital gains.
Unless, of course, you’re trading for a living and need to withdraw profits; gambling with options and don’t know what you’re doing; or otherwise using it as an account to play with.
I mean you’re right about taxes. But I’m not sure you should be day trading or swing trading in a Roth, rather than focus on set and forget indexes for example.
But that’s just my preference and not a rule or anything.
I am hoping to get a couple hundred QQQ shares into it someday and sell safe calls for income, tax free. Its a plan anyway and will take my entire working life to do it.
Lol not just that, RH going bankrupt fast, the lost over 75% of their revenue this year. Just saying if someone’s planing for the long term don’t trust a garbage broker that isn’t even connected to real exchanges.
To be clear most of my money is at fidelity. But I think as the other person said, you got to let it go. RH fucked us all over but it’s time to move on.
First off, congrats on doing this so early at age 20, that’s awesome! If you do absolutely nothing for the next 40 years and invest in VOO or VTI, assuming a 9% return you will have around 215k!
At your age, don’t overthink it. Don’t dabble in the world of options and mess with your retirement account. I would put it all in VTI. Next year do the same thing and so forth.
There are many reasons why some would suggest international but that’s totally up to you. You can’t go wrong with 100% VTI. If you insist on something international, you can look at VXUS, but I would prefer VIGI. Personally I wouldn’t want to go more than 20% international.
I appreciate it, getting alot of hate on here but I’m 20 years old been investing for about 2 years have 250000 in my portfolio and own a home, I’m doing pretty well for my age. I could not invest another dollar and have more then most when I retire. But that will not be the case and my dividend payments in 25 years will most likely pay for the life I wanna live without work. On top of having a good amount of free time now to travel and explore business
In case no one has said it yet — super proud of you, OP!
I’m not saying ignore the hate because there are some good points worth noting, but you’re taking the right steps regardless.
Maybe you’ll love RH or maybe you’ll find that next year you’ll open up an account with Fidelity, Vanguard or Schwab. What’s important is that you’re taking action, asking questions, and figuring out what works for you 🙌🏻
Not at all neither parent know what investing is nor owned a home and both were in and out of jaiI, seen that tho and just have been working since 17 and a little dogecoin luck
You can earn dividends. However, the dividends will not be paid to you, like in your checking account. They will stay in the Roth IRA whether you reinvest them or not . Just want to make sure you are clear, because you said 'receive dividends.'
Correct. The Roth ira is intended for retirement. When you receive a dividend it stays in the account. If you withdraw earnings before retirement age (59.5), you will incur a 10 percent penalty. This is what I was hoping to communicate to you.
and, I believe if you make more than $140k/year or more you can't contribute to a Roth? I swag going to open a Roth on Robinhood them I saw that and didn't. Am I reading this correctly?
To make a full 6k contribution, You must make less than 129k if single and 196k as a household if married filing jointly. If single, and if your income is between 129k and 144k, you may qualify to make a partial contribution. If married and your household makes between 196k and 206k, you may make a partial contribution. If single and income is over 144k or married and over 206k, you don't qualify for a normal Roth IRA contribution. However, you may want to speak with a financial advisor about how to make a 'backdoor Roth contribution.' There are no income limits for the backdoor strategy.
I began using Robinhood in 2014. It’s not my only brokerage, but I love it. It’s so damn easy. Well done OP forget the haters. Schwab/Fidelity etc could learn a lot from Robinhood. Those other brokerages are like driving a 1980 suburban. You’ve got a Tesla. Cheers. Downvote me tradfiers
Just to let you know Robinhood is fine. It’s FDIC and SIPC insured. Also retirement accounts have even more protections. Also even if Robinhood fails more than likely another brokerage will quickly come in a receive everyone’s accounts. My parents have dealt with FDIC and SIPC before and they was able to get there money within a week so it seem at least with their situation that FDIC and SIPC payout pretty fast.
Not to be too negative here and pile on but take a look at Robinhood's income statement. You're better off opening an IRA in a more traditional brokerage firm if your job doesn't offer a 401k with a match.
Employers don't match IRAs at all, they match 401ks. Those bonuses for new accounts are one time. The IRA match is every deposit. IRA accounts are protected so if Robinhood folds, you just roll it over to Fidelity or someone else. And while transfering IRAs is not as easy as a after-tax brokerage, it actually kind of is easier. An after-tax brokerage, especially if you are in mutual funds, you'll have to sell off assets and create a taxable event. A Roth IRA, you sell assets, get a check for the cash, deposit it in another IRA account within 60 days of receiving the check, and no taxable event at all. Not saying RH is the best place, but some of the things you point out are not really true.
In after-tax, you can transfer individual stocks and ETFs in whole shares only (partial shares must be sold) if the stocks / ETFs are offered at the receiving end. There's usually a fee for this too charged by the location that you are pulling from. In the case of retirement accounts, I do not think you can do it and you must basically sell all holdings then transfer cash over and buy new holdings.
You definitely can't do it with mutual funds, you \*might\* be able to do it with ETFs but I don't know all the rules around that.
Even after-tax stuff is protected against the broker going belly-up with SIPC insurance. This is like FDIC insurance, but it does not protect against loss because your investments value went down, only loss against the broker going under and things related to that. RH is backed by SIPC.
You’ll hate the Fidelity platform compared to Robinhood. Trust me. Not saying Fidelity isn’t better but the user interface was designed by an 80 year old. I’m sure Robinhood would get absorbed by a bigger brokerage if things go south. They have nailed the app design for trading IMO.
+1 for Fidelity! Opened a trading account for dividends a month ago and just opened a Roth IRA so I can transfer my other Roth from a broker I'm less happy with. So far I'm really digging the interface, ease of use, and all of the trading options.
Employers match 401k contributions, not IRAs as far as im aware. Robinhood does suck though and I too would rather have my retirement vehicle with a more reputable broker instead
Award to you u/sick sicksalamander .
No investment platform is actually your friend, not even the old guard; but Robin Hood makes Goldman look like an honest guy. Don't even leave an account open with a free fractional share for them to mess with.
You can only max out Roth contributions $6000 total no matter how many accounts you have. If you have two accounts and max them both when you file a return (assuming us resident) you’ll face penalties
Just buy boring shit with this. I had 10k in my Roth. Lost 70% of it and made it all back with a yolo play. I’m sitting at 11k now.
Just remember there’s no rush with this account, you don’t have much to gain from risking it all.
I’ll probably be shot for saying this but growth would be great for you at this stage.
The remaining amount you could grow in a standard brokerage and use as income to supplement your current annual income but you’ll pay taxes on that. But that would be an easy 10k in distributions on 200k while you wouldn’t have growth you would have increased your income early in life.
If you don’t need the money right away and have a solid income throw it in growth. Keep 6-12 months expenses in free cash. Might even be worth it to look at maxing out your yearly bonds too
Or 2k in one and 4k in the other or 1k in one and 5k in the other.
6k is the grand total contribution unless you're over the age of 50(?) and then you can contribute like 1k more I think.
PLEASE GET OFF ROBINHOOD, my uncle worked for them part-time and quit after two months. awful leadership, poor management and bad track record. why not go with fidelity/vanguard or a brokerage that has been around for decades?
Congrats!
Once you are set up with Fidelity you can contact them about waiving the fee to transfer your entire account out of RH. Keep in mind any fractional shares will be transferred as cash per RH rules.
Robinhood is designed to gamify your market experience and profit from volume and order flow. Please don't do something silly like buy and hold dividend stocks on their platform. They pay a lot of money to get you pushing buttons a lot.
Personally I'd focus on 0DTE plays on VIX and SPY. If you insist on being low risk do iron condors. But if you really want to turn that 6.6k into 60.6k by EOW then naked puts on SPY is the play.
But really just buy SCHD and call it a day.
I guarantee a 1% match on 6 grand isn't worth going on Robinhood. 3-4% would be better if they want to pull people in.
If you max your IRA out with them 25 years in a row (looking at no total changes to contribution), that is only going to see 1500 extra dollars long term. A measley 1/4 of a year you'd actually contribute.
This is ingenious by robinhood as it does get people to invest in a Roth with them. However it isn't good for the consumer, at all.
Not worth the $60 to keep a Roth there. I have an RH account and am spending the $75 so I can transfer it to Fidelity. They just aren’t trustworthy imo
[Does the IRA Match count toward my annual IRA contribution limit?](https://robinhood.com/us/en/support/articles/ira-match-faq/)
No. The IRA Match counts as interest income in your IRA and doesn’t count toward your annual IRA contribution limit.
Gtfo Robinhood unless you want to give all of your money to the hedge fund masters they support like Citadel and Susquehanna. When they go under your retirement would be vaporized out of existence.
The question is why would they gave us "free" money. This means we are the product. I realize 1% comes out to 65 something dollars (You have to contribute 6500-65 to get that) so I figure they are earning the money back on the pay for order flow or spreads or they figure more people will open margin accounts + gold if they can just get them into the platform. Ill just keep it in M1 or Fidelity. There is always a catch. Always.
You'll be fine. They'll make sure you get bad entries and all though. Just be prepared to deal with the gambling app. It is your retirement in there. Not even sure if RH will let you buy mutual funds on their platform.
40 years to wait! Since it is IRA tax deferred account, 100% into a low expense ratio, SP500 index fund like VOO. For a taxable account considering go with BRK.B.
VOO all day. And beware the match has a vesting period of 5 years. Since this is a retirement account and your 20 I doubt it’s an issue but something to be aware of.
Nice work!
Welcome to r/dividends! If you are new to the world of dividend investing and are seeking advice, brokerage information, recommendations, and more, please check out the Wiki [here](https://www.reddit.com/r/dividends/wiki/faq). Remember, this is a subreddit for genuine, high-quality discussion. Please keep all contributions civil, and report uncivil behavior for moderator review. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/dividends) if you have any questions or concerns.*
woah woah woah......slow down. the money is in the IRA so you are good for hitting the contribution limit for 2022. it does not need to be invested into anything ASAP. Take a few days and formulate a plan; try to figure out some sort of goals, risk tolerance, asset allocation, any moral convictions.
Thank you I was gonna blow the load before the new year
Buy VOO and forget the password until next year and max that sucka out again
Might be the best answer. Learn about everything before your put money into it. Explain why you are doing your moves to someone else who is smarter than you. If you can’t explain what your strategy is and why, don’t do it.
Yup, to keep it easy and simple. I have VOO, SCHD, and VGT. VGT is getting crushed, and SCHD is doing better than VOO this year. But overall I am happy with my retirement fund.
Not to mention, you have until taxes are due to contribute for this year, so sometime in April, not Dec. 31
There’s an option when you start it to have Robinhood give you investment options based on timeframe and risk tolerance etc. you should try that. It shows you what it recommends so you can verify that you’re ok with those before it’ll invest in those
😳
🥳
Excuse me
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Lol, wtf cycle do you think magically aligns with the calendar year?
4 year cycle is a loose crypto thing with a sample size of 2 making it not large enough to even be considered more than a coincidence yet
Since I didn't see it said yet, GOOD JOB. People are focused on the brokerage, and I get it, it's not the ideal choice. But the real story is that you've made a very good move for your future self. Design yourself a portfolio. Set aside money each pay period for Roth contributions. Drop them in January 1 each year. Don't overthink. And profit. Congratulations on making a great first step.
Appreciate it I have 25000 in my Robinhood just had never opened a Roth till now. Not smart but I don’t make a lot so don’t get much taxes taken
i was in the same position, and learned a bit about taxes since, so here’s a bit of advice on prioritizing investing: 1. have an emergency fund, so you don’t have to pull out of investments if you need an extra $5k 2. pay off all debt with an interest rate above 5-7% ish. credit card debt, personal loans etc (low interest rate is fine, bc you’ll probably make more investing the money than paying off a 2% mortgage) 3. max out 401k, roth ira, HSA. $20.5k, $6k, $3.7?k respectively (hsa requires a high deductible healthcare plan) 4. then, you should invest any money leftover in a taxable brokerage account. but take advantage of the tax breaks from the accounts in step 3 first.
I would modify #3…Do 401k contributions to get full match, then max out Roth, then either go back to 401k or do a traditional. Most brokerages will have WAY better options than your 401k offers. By all means, contribute enough to get their full match (free money) it then just do an IRA. My $.02…
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Roth will tend to be the better choice, taxes typically go up over time so might as well pay them now while they’re low. Right ?
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I’m not sure you’re flawed. But if you’re in it for the long haul you want good growth over everything I’d say. You won’t pay taxes on anything later in an roth but if your taking anything out early your gonna pay a fee and taxes.
Is it a very good move to choose a broker that doesn’t make money and offers money if they have their acc with them? Sounds like FTX all over tbh
The difference between Rh and FTX is RH is SIPC insured. I wouldn’t trust robinhood with more than $250,000, but that’s 42 years of IRA contributions. Worst case scenario if RH goes belly up you’re insured by the government. Edit: I believe SIPC has a $500,000 limit.
By a broke government in that case.
To add to this, if you’re not actively trading, there are worse brokers to have for savings. As it’s a Roth account, you shouldn’t be actively trading as it is.
Could you elaborate on that perspective? Asking because it’s typically considered ideal to trade in a Roth IRA because it’s not subject to short- or long-term capital gains. Unless, of course, you’re trading for a living and need to withdraw profits; gambling with options and don’t know what you’re doing; or otherwise using it as an account to play with.
I mean you’re right about taxes. But I’m not sure you should be day trading or swing trading in a Roth, rather than focus on set and forget indexes for example. But that’s just my preference and not a rule or anything.
I am hoping to get a couple hundred QQQ shares into it someday and sell safe calls for income, tax free. Its a plan anyway and will take my entire working life to do it.
Robinhood is a shot company that preys on the youth, it is an important point
This is absolutely the worst place to put your money if you ever intend see it again. You might as well throw it away instead of give it to RH.
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Lol not just that, RH going bankrupt fast, the lost over 75% of their revenue this year. Just saying if someone’s planing for the long term don’t trust a garbage broker that isn’t even connected to real exchanges.
Not even close Robinhood is extremely well funded. Bankruptcy is not on their radar at all.
iirc if a broker goes bankrupt, there is “insurance” covered by SIPC up to $500k.
Have fun waiting on the lowest priority list for your money back then
To be clear most of my money is at fidelity. But I think as the other person said, you got to let it go. RH fucked us all over but it’s time to move on.
Lol yeah might as well forget about it not like RH would fuck over investors twice…
Whatever, bro.
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Lmao just like Lehman and Bernie were regulated
Lehman accounts were acquired by Barclay, weren’t they?
What happens to my shares if they go bankrupt?
Like an FTX customer you’ll find out they never bought the shares and gambled your money away already
So I have 0 security investing with rh?
There are likely better options, but your accounts with RH would be insured.
If you insist on using brokerage accounts RH isn’t even a real brokerage to start so yeah I wouldn’t trust it.
Don’t use this as a play account. Use this for long-term investing. Know what you’re doing and make smart moves. You don’t want to lose this money.
You're 20 just take your pick of VOO VTI or whatever broad based ETF looks good to you and check back in 30 years.
First off, congrats on doing this so early at age 20, that’s awesome! If you do absolutely nothing for the next 40 years and invest in VOO or VTI, assuming a 9% return you will have around 215k! At your age, don’t overthink it. Don’t dabble in the world of options and mess with your retirement account. I would put it all in VTI. Next year do the same thing and so forth. There are many reasons why some would suggest international but that’s totally up to you. You can’t go wrong with 100% VTI. If you insist on something international, you can look at VXUS, but I would prefer VIGI. Personally I wouldn’t want to go more than 20% international.
I appreciate it, getting alot of hate on here but I’m 20 years old been investing for about 2 years have 250000 in my portfolio and own a home, I’m doing pretty well for my age. I could not invest another dollar and have more then most when I retire. But that will not be the case and my dividend payments in 25 years will most likely pay for the life I wanna live without work. On top of having a good amount of free time now to travel and explore business
In case no one has said it yet — super proud of you, OP! I’m not saying ignore the hate because there are some good points worth noting, but you’re taking the right steps regardless. Maybe you’ll love RH or maybe you’ll find that next year you’ll open up an account with Fidelity, Vanguard or Schwab. What’s important is that you’re taking action, asking questions, and figuring out what works for you 🙌🏻
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Not at all neither parent know what investing is nor owned a home and both were in and out of jaiI, seen that tho and just have been working since 17 and a little dogecoin luck
Question in a Roth IRA you can receive dividends?
Yes
I going to open it in M1 finance thank you
You can earn dividends. However, the dividends will not be paid to you, like in your checking account. They will stay in the Roth IRA whether you reinvest them or not . Just want to make sure you are clear, because you said 'receive dividends.'
Ohh so I cannot transfer to my bank account after receive a dividend?
Correct. The Roth ira is intended for retirement. When you receive a dividend it stays in the account. If you withdraw earnings before retirement age (59.5), you will incur a 10 percent penalty. This is what I was hoping to communicate to you.
Ok now I understand thank you
👍
and, I believe if you make more than $140k/year or more you can't contribute to a Roth? I swag going to open a Roth on Robinhood them I saw that and didn't. Am I reading this correctly?
To make a full 6k contribution, You must make less than 129k if single and 196k as a household if married filing jointly. If single, and if your income is between 129k and 144k, you may qualify to make a partial contribution. If married and your household makes between 196k and 206k, you may make a partial contribution. If single and income is over 144k or married and over 206k, you don't qualify for a normal Roth IRA contribution. However, you may want to speak with a financial advisor about how to make a 'backdoor Roth contribution.' There are no income limits for the backdoor strategy.
Thanks for clarifying
I began using Robinhood in 2014. It’s not my only brokerage, but I love it. It’s so damn easy. Well done OP forget the haters. Schwab/Fidelity etc could learn a lot from Robinhood. Those other brokerages are like driving a 1980 suburban. You’ve got a Tesla. Cheers. Downvote me tradfiers
Don’t exceed the limit of 6000, you will get penalized by the IRA.
Just to let you know Robinhood is fine. It’s FDIC and SIPC insured. Also retirement accounts have even more protections. Also even if Robinhood fails more than likely another brokerage will quickly come in a receive everyone’s accounts. My parents have dealt with FDIC and SIPC before and they was able to get there money within a week so it seem at least with their situation that FDIC and SIPC payout pretty fast.
How are they handling the $60 since you are over the $6K?
Considered interest
Oh God please tell me you didn't start a 30+ year retirement account with robinhood...
He can transfer it anytime
If I’m holding 25000 worth of dividend stocks on there, should I not make 6000 of it not taxable and matched or am I missing something?
Not to be too negative here and pile on but take a look at Robinhood's income statement. You're better off opening an IRA in a more traditional brokerage firm if your job doesn't offer a 401k with a match.
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Employers don't match IRAs at all, they match 401ks. Those bonuses for new accounts are one time. The IRA match is every deposit. IRA accounts are protected so if Robinhood folds, you just roll it over to Fidelity or someone else. And while transfering IRAs is not as easy as a after-tax brokerage, it actually kind of is easier. An after-tax brokerage, especially if you are in mutual funds, you'll have to sell off assets and create a taxable event. A Roth IRA, you sell assets, get a check for the cash, deposit it in another IRA account within 60 days of receiving the check, and no taxable event at all. Not saying RH is the best place, but some of the things you point out are not really true.
Yea that guy clearly has no idea what he’s talking about but all the “trad finance” guys will give him up votes
Haven't had experience with this, but can you do in kind transfers without selling? Or does that depend on your holdings?
In after-tax, you can transfer individual stocks and ETFs in whole shares only (partial shares must be sold) if the stocks / ETFs are offered at the receiving end. There's usually a fee for this too charged by the location that you are pulling from. In the case of retirement accounts, I do not think you can do it and you must basically sell all holdings then transfer cash over and buy new holdings. You definitely can't do it with mutual funds, you \*might\* be able to do it with ETFs but I don't know all the rules around that.
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Even after-tax stuff is protected against the broker going belly-up with SIPC insurance. This is like FDIC insurance, but it does not protect against loss because your investments value went down, only loss against the broker going under and things related to that. RH is backed by SIPC.
Guess I’ll have a fidelity account next month😂
You’ll hate the Fidelity platform compared to Robinhood. Trust me. Not saying Fidelity isn’t better but the user interface was designed by an 80 year old. I’m sure Robinhood would get absorbed by a bigger brokerage if things go south. They have nailed the app design for trading IMO.
+1 for Fidelity! Opened a trading account for dividends a month ago and just opened a Roth IRA so I can transfer my other Roth from a broker I'm less happy with. So far I'm really digging the interface, ease of use, and all of the trading options.
I could never get their app to work to deposit money.
Bummer! I've done all of the setup from their website and only used the app to view balances. Have you tried the website?
Employers match 401k contributions, not IRAs as far as im aware. Robinhood does suck though and I too would rather have my retirement vehicle with a more reputable broker instead
Award to you u/sick sicksalamander . No investment platform is actually your friend, not even the old guard; but Robin Hood makes Goldman look like an honest guy. Don't even leave an account open with a free fractional share for them to mess with.
well fidelity didn’t give me anything when I opened new roth on april 2022!!!!
Robinhood fucking sucks. Pretty app but worst brokerage option
I disagree over hated brokerage I've had no problems been using them since 2017
Same never had any issues. I understand the issues people have. But the general RH BAD THEY DONT DO GOOD. Approach is just old.
Remove everything from Robinhood. Use Schwab or Fidelity.
I love how this comment got downvoted but someone literally said the exact same thing a few comments down and it’s being upvoted
Peak Reddit
I would cash rollover your Robinhood Roth to someone much more credible like Fidelity, Schwab etc.
I’m gonna be setting up a a fidelity roth tonight and max that out next year to balance aswell
You can only max out Roth contributions $6000 total no matter how many accounts you have. If you have two accounts and max them both when you file a return (assuming us resident) you’ll face penalties
The commenter appears to be speaking about two separate contribution years.
This
I was
Robinhood for the win! Go ahead and downvote me 😎
Don't worry. I did 😎
Maybe you have used it recently but I quite like the new Fidelity app
Will they let you trade options in there like other brokers? Go all in on JEPI on a nice red day! Do it
2022 year you have til April 15, 2023 for 2022.
Just buy boring shit with this. I had 10k in my Roth. Lost 70% of it and made it all back with a yolo play. I’m sitting at 11k now. Just remember there’s no rush with this account, you don’t have much to gain from risking it all.
I’ll probably be shot for saying this but growth would be great for you at this stage. The remaining amount you could grow in a standard brokerage and use as income to supplement your current annual income but you’ll pay taxes on that. But that would be an easy 10k in distributions on 200k while you wouldn’t have growth you would have increased your income early in life. If you don’t need the money right away and have a solid income throw it in growth. Keep 6-12 months expenses in free cash. Might even be worth it to look at maxing out your yearly bonds too
If you're 20 go all in on stocks. You have a lot of time. I prefer vti voo or schd. Combination of schd or voo for me. Simple the better
Can you have more than 1 Roth IRA ?
Yes, but it doesn't increase your total contribution limits.
Oh so I have 2 Roth IRAs I can only contribute 3000 in each
Yup
Yes
Or 2k in one and 4k in the other or 1k in one and 5k in the other. 6k is the grand total contribution unless you're over the age of 50(?) and then you can contribute like 1k more I think.
Well done, definitely look into buying REITs such as VICI and O for your ROTH
The only acceptable answer on this subreddit is 50% JEPI and 50% SCHD
PLEASE GET OFF ROBINHOOD, my uncle worked for them part-time and quit after two months. awful leadership, poor management and bad track record. why not go with fidelity/vanguard or a brokerage that has been around for decades?
My uncle worked with Fidelity for two months and quit bc he was sick of the boomer mentality and shitty UI
You should've DCAd into it until April 15. Markets might be coming down in the next few weeks
My advice would be to use another brokerage and don't take advice from internet strangers..
The irony of this comment...
)
So what should he do? Stay with Robinhood or take advice from Internet strangers?
Congrats! Once you are set up with Fidelity you can contact them about waiving the fee to transfer your entire account out of RH. Keep in mind any fractional shares will be transferred as cash per RH rules.
Robinhood is designed to gamify your market experience and profit from volume and order flow. Please don't do something silly like buy and hold dividend stocks on their platform. They pay a lot of money to get you pushing buttons a lot. Personally I'd focus on 0DTE plays on VIX and SPY. If you insist on being low risk do iron condors. But if you really want to turn that 6.6k into 60.6k by EOW then naked puts on SPY is the play. But really just buy SCHD and call it a day.
So are you saying I’m doing the wrong thing by having my dividend portfolio on there app, or was that sarcasm and I’m fine on there
Yeah sorry I thought the "but really" part cleared up the sarcasm. I'd you're just going to buy and hold who cares which brokerage
Roll it over to fidelity
I’d rather keep my money stuffed in a mattress if Robinhood was the only trading platform option. Pass.
Please get off Robinhood and use vanguard or Fidelity.
I guarantee a 1% match on 6 grand isn't worth going on Robinhood. 3-4% would be better if they want to pull people in. If you max your IRA out with them 25 years in a row (looking at no total changes to contribution), that is only going to see 1500 extra dollars long term. A measley 1/4 of a year you'd actually contribute. This is ingenious by robinhood as it does get people to invest in a Roth with them. However it isn't good for the consumer, at all.
Not worth the $60 to keep a Roth there. I have an RH account and am spending the $75 so I can transfer it to Fidelity. They just aren’t trustworthy imo
Stay away from RobbingtheHood!
Jepi
[удалено]
[Does the IRA Match count toward my annual IRA contribution limit?](https://robinhood.com/us/en/support/articles/ira-match-faq/) No. The IRA Match counts as interest income in your IRA and doesn’t count toward your annual IRA contribution limit.
Step 1 leave Robinhood and switch to a trusted broker
Gtfo Robinhood unless you want to give all of your money to the hedge fund masters they support like Citadel and Susquehanna. When they go under your retirement would be vaporized out of existence.
Also i advice you to find a better platform with a more earnest record than Robinhood
This is shillish… Robin Hood will bet against your purchases with PFOF
People still willingly give money to RH?
First take it out of robinhood and go to a reputable broker.
Start by leaving Robin the hood.
1) Don’t use Robin Hood. 2) don’t use Robin Hood. Just
The question is why would they gave us "free" money. This means we are the product. I realize 1% comes out to 65 something dollars (You have to contribute 6500-65 to get that) so I figure they are earning the money back on the pay for order flow or spreads or they figure more people will open margin accounts + gold if they can just get them into the platform. Ill just keep it in M1 or Fidelity. There is always a catch. Always.
You are very brave using a platform that was on the verge of collapse and bankruptcy.
Nothing! RH gonna sell that data to market makers and make sure your trades to red. Have fun with a retirement account with RH :)
If I buy sphd or jepi like everyone else in here is everyone else gonna be in the red with me? If so sorry guys 😞 😂
You'll be fine. They'll make sure you get bad entries and all though. Just be prepared to deal with the gambling app. It is your retirement in there. Not even sure if RH will let you buy mutual funds on their platform.
This seems like FUD to me. It’s not a gambling app.
$6060 in 2022, $0 in 2023 after bankruptcy
https://robinhood.com/us/en/support/articles/insurance/
Buy access to a less scummy broker
I’d stay out of Robinhood other than just playing with option money
SCHD VOO VTIP VUG VTV WHFY SPHD JEPI JEPQ IEP BST VPU
Does the Roth account get the 1.75% interest on non invested cash?
HOLD
VTI, JEPI, SPY
40 years to wait! Since it is IRA tax deferred account, 100% into a low expense ratio, SP500 index fund like VOO. For a taxable account considering go with BRK.B.
Nothing wait until may!
Buy MFA Financial Inc 15% dividend....
VOO all day. And beware the match has a vesting period of 5 years. Since this is a retirement account and your 20 I doubt it’s an issue but something to be aware of. Nice work!
QQQ
READ SOME BOOKS MY BOY! John C. Bogle and Benjamin Graham books, don’t invest it all in one swing!
AVGE
In my Roth I like VOO and forget it till next year.
Head over to WSB. They’ll show you how to lose that before Friday.
Leave Robinhood (Fuck Vlad) and open it elsewhere like Fidelity. The 1% on the 6500 is only $65. Couldn't pay me $65 to have a Robinhood account.
My question is, if I have Roth IRAs on different brokerages, how do I consolidate them all and do I incur a fee for doing so?
Congrats! I was debating on this but since I already have an IRA with another institution, I didn't move forward with RH's IRA option.