As a gift for my 18th birthday, my parents gifted me $5,000 in a Robinhood account to learn how to invest responsibly (w gift btw). I also plan to contribute 10% of my current savings (~2k) plus 10% of any future income. My current plan is to invest ~3/5 in secure ETFs and very stable stocks like VTI, VOO, QQQM, MSFT, etc., ~1/5 in bonds and stable commodities like gold, and use the other 1/5 to have some fun with individual stocks and a bit of day trading (not actually expecting to beat the market). I don't even want to touch shorts, options, or futures until I'm much more knowledgeable and financially stable.

    I've heard a lot of negatives about Robinhood, so I was wondering if I should keep the money there or transfer it to something else like Fidelity. I do like the 3.5% interest on cash, but if there's something better, I want to use that.

    Also, any notes on my investment strategy?

    Thanks!

    Mods, feel free to remove if you feel this breaks rule 4.

    Note: I already switched my account from margin to cash.

    Is there any legitimate reason to use Robinhood?
    byu/MaterialInevitable83 instocks



    Posted by MaterialInevitable83

    1 Comment

    1. Rich_Sheepherder646 on

      It’s fun to play with. Good interface. It’s like having a game on your phone.

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