Perhaps the best way to scale your income is by investing. And if you’re going to invest in the stock market you’re going to need the help of a brokerage. But what is a brokerage account exactly?
Since we at A Step Above Style value your time (and because you already know why you’re here) we’ll jump right in.
Let’s begin.
Definition
A brokerage account is an investment account that allows you to buy and sell a variety of investments such as stocks, bonds, mutual funds, and ETF’s.
Examples
Some popular brokerage accounts that also have great mobile apps include :
- Robinhood
- Webull
- MooMoo
- Wealthfront*
- Fidelity
My Brokerage Of Choice
For those that may be curious, I use Wealthfront to do all my investing.
Wealthfront is a roboadvisor that lowers taxes, manages my money, and keeps everything easy for me the user.
Rather than trying to time the market, or pick individual stocks, Wealthfront allows me to simply deposit money while they do the rest.
For example a $100 deposit into Wealthfront can be split between US stocks, municipal bonds, and dividend growth stocks for example.
The amount in each category will be determined by your individual risk tolerance which you get to choose before you start investing.
P.S. Clicking on any of the Wealthfront hyperlinks will lead you to their website. You can use my link to get started today and get your first $5,000 managed for free.
As a note: Wealthfront requires a minimum beginning deposit of $500. After that, you can invest any amount of your liking.
Conclusion
We at A Step Above Style hope you found this blog post entertaining, educational, and empowering.
Being financially literate is an important part of life for those who don’t want to be average.
And remember,
“Applied knowledge is power”.
Until next time, yall have a good one.
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