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Personal stock investments are a popular industry talking point these days. There are a few different ways to approach stock investing; you can also choose how hands-on you want to be when picking the stocks you invest in. 

The DIY Method

The “Do It Yourself” method is choosing their stocks and what they want to invest in. If you are already familiar with purchasing stocks, you need to find a brokerage. You are also able to open up an individual retirement account known as an IRA. From there, you can open up a taxable brokerage account if you can save enough for retirement elsewhere. 

You may have to do a deep dive when evaluating things such as brokers based on different factors such as cost, trading commissions, account fees, investment selections, and investor research tools. 

Robo-Stock Advisor

Many know that investing in stocks is a smart idea for making extra money, but those who don’t know a lot about stock investing may be the right candidate for a Robo-stock advisor. These advisors can help you pick a brokerage and find out what is best for you to invest in based on what the brokerage firms offer based on your specific goals.

Once you have decided on one of these two preferences, you can begin shopping for an account. 

Opening Your Investment Account 

To invest, you need what’s called an investment account. For those that prefer to be the more hands-on type, you would open a brokerage account. For anyone that wants help when investing through a Robo-advisor, you would open a Robo-advisor account. Both types of accounts allow you to open an account with very little money down; several providers have low or no account minimums. 

Brokerage Accounts 

The DIY brokerage account offers you a quick path to stock buying, funds, and many other investment options. When you use a broker, you can also open up an individual account for retirement, called an IRA. 

You’ll want to evaluate your broker based on different factors such as cost, trading emissions, and account fees. In the investment section, you can look for a variety of commission-free ETFs. 

Passive Robo-Advisor Accounts

Robo-advisors give you the benefits of stock investing while requiring minimal leg work from the investor to pick individual investments. Robo-accounts also come with investment management, where they’ll ask you questions about what your goals are for investing and help build you a portfolio based on building those goals.

It is always best to do plenty of research before investing. Ensure you invest in things you have an interest in and choose the account that best suits your needs. When done, investing can be a great way to add cushion to your savings.