What's going on my friends! I'm back again with another video: today we're
going to review the Robinhood App. I'm going to take you
through, especially if you're looking into getting this app,
starting out with Robinhood investing and you're not too sure what to do
i'm going to take you through step by step and i'm actually going to trade a
stock today live here on video so you can check it
out so let's not waste any more time let's get started with the video this is
the first time you and i have met my name is Bob and i got out of $92,000
in consumer debt and now i help people just like you
crush debt, build wealth, and live their ultimate Sweet Life.
Today's video is all about robin hood so i'm going to walk you through step by
step how to set this thing up i just started with robin hood so what's
really cool is i'm going to be creating a playlist here on this youtube channel
on Sweet Life Channel and throughout the next couple months
and next couple years i'm gonna add to this playlist
as my portfolio within robinhood continues to grow
so my goal is to hit 25 000 and get monthly dividend payments of
fifty dollars a month so in order to do that obviously i got
some work to do so follow along with my journey by subscribing today
and checking out the robin hood playlist as we go through time
so what i'm gonna do is i'm going to pop up my screen right over here on this
side so that way you can follow through with me live as i use my phone here to
do the robinhood stuff so first thing you're going to want to do
is of course sign up for robinhood i will include the link
in the description below what's really cool about this link is you get yourself
a free stock with robinhood you can see it
right here as you click on the link this is what it will look like
and it can be you know any type of stock i'll share with you in just a moment
which one i got when i signed up but they give you a free stock you don't
even have to fund the account you can literally
sign up for robinhood check out the free stock you get
watch it grow and fall and do its thing and then when you're ready for it you
can fund the account and start investing yourself
again now i am not an investment advisor what i recommend you do
is check with your investment advisor to make sure you're doing the right thing
based on your financial situation so after you hit claim free stock
you're gonna sign up it'll ask for things like your name your address all
that typical stuff right like your phone number and get you all set up with the
robin hood at so let's get right to it what i'm going to do is share with you
the first steps now you're going to notice right here it is
i have 20 dollars and one cent so long way to go to 25 000 but that's
okay this is the start of it all and you're
lucky because you get to check out this video first
so again i look down below here i'm gonna scroll down in this app
and you're gonna see two stocks one is psec that's prospect capital that was
the free stock that i got when i signed up for robinhood so
five dollars for free i'll take it now of course if you're one of those
lucky ones that get gets like apple as your first stock hats off to
you that's amazing and then you can see
another one agmc that is actually a stock that i'm in process
of buying now and like i said i'm going to trade a stock here on the video so
you can walk through how this process actually works
so the first thing you're going to want to do is link your bank account once
you're ready to start investing and within the app go to the very far
right hand side you'll see that little stick figure human click on that and
then click on transfers which is the third option down here on
the app as we see it today now this may change over time but that's
what it looks like today and then you're going to want to set up
your bank account it's actually very easy to do what they're going to do
is basically pop up a thing especially if you have one of the major banking
accounts and you can like for example i have
schwab bank and i click on their thing log in it
immediately connects schwab asks if i've made this as an
approved thing for robinhood i say yes i do boom it's linked and then
you can start transferring money from your bank
account into the robinhood app so that you can start investing what if
i want that money back well if you have extra money in the robinhood app
and you want to transfer that to your bank account you can simply do that
in fact you'll see it right there it says transfer to bank right now i don't
have any money available because everything
is in stocks but if i did have money in my cash balance i could then transfer
that to my bank account very easy very
straightforward now one thing i recommend is actually
the third option down on the screen that's up right now
which is schedule automatic deposits the reason for that
is and i haven't set it up yet but i'm going to today
uh the reason for that is just like the stash app which is another app that i
actively invest in it's that it's passive investing
that's important and here's why really quick i want to share with you an
important thing to think about a lot of people what they'll do is they
buy into single stocks bad thing about that is when stocks
start going down as they have in this past
year people start losing their mind and they think oh my gosh i gotta sell
all this and i need to i need to sell before i lose all my money
well you're selling on the downtrend you never want to sell stocks when it's
going down in value you actually want to when it's going
down in value that's when you actually want to buy
in in fact warren buffett the billionaire he says
be greedy when people are fearful and be fearful when people are greedy so
going back to the automatic deposits the reason i recommend that is
take five dollars and the best thing if you're starting off
is to consider doing a very simple index fund or etf
what that is it's basically vanguard is a great example of this it's basically a
basket of stocks of shares of stock for example if you
own something that let's say one of those stocks in
the basket of your etf goes bankrupt you're not losing your
money as you would if you were invested singly in that stock
now of course if one of them soars to the top you're not going to
ride the wave all the way to the top with that single stock but it is a
better way to diversify and it's a better way to
lessen the risk of the stock market so automatic deposits again five dollars it
can be into an etf uh it can be into a a single stock but
that's what i'm gonna do every week is five dollars you can do as much or as
little as you want but my automatic deposit is gonna be
five dollars a week i'm already investing five dollars a week with stash
this is gonna be another five dollars toward robin hood so now i'm investing
ten dollars a week into these two apps cutting my starbucks
budget no more of that frivolous coffee i'm gonna cut that and
use that money toward this so that way i'm maximizing my long-term
future another thing is if you haven't noticed
already i don't know about you but i find this robinhood app to be super easy
and simple to use so here's what i'm gonna do i'm gonna
put five dollars and i'm actually going to add
another share of this psec so i see it's trading at 501
what i'm gonna do is i'm gonna transfer five dollars and fifty cents from my
bank account so that i can buy another share of psec
now you can also buy fractional shares so that five
dollars and fifty cents of course i'll probably get
a share and a little bit more of a fractional share maybe a .206
of the share but that's okay i'm going to invest based on the money and you'll
see it all here on camera so let's check it out
first thing go to the little stick figure go to transfer to robin hood
simply put i'm going to put 5 and 50 cents like i just told you review
it's going to say the funds will be deducted from your bank account within
the next several days that sounds great to me
i'm going to hit submit it's going to say transfer is initiated it may take up
five days make sure you maintain a balance of 550
in your bank account until the funds are deducted
please make sure you always have enough plus a little bit of an emergency fund
too in your bank account hit continue
instant access look at that oh man it's raining this is great this
is great while your 550 is on its way we'll give you instant access so you can
invest it right away if you're in good standing with robinhood
they're going to let you buy with money that they're providing you before your
bank actually transfers the money to them
so i'm going to hit done and then i'm going to go back to here
and you're going to notice oh boom now i have 25.51
so let's get to work i am going to buy like i said another share of this psec
prospect capital what's nice about this is you can see the graft if you
kind of hard press with your thumb or your finger you can see
what's going on here it lets you know how it's progressing throughout the day
you can actually go to like a five-year status
there you go so i'm gonna hit the trade button
i'm going to buy i'm not going to sell it and
5.50 and that's why it says right there 5.50
available to buy psec so i'm going to invest
all of that into this i'm going to hit review order summary you're buying 550
blah blah blah price of 501 you will receive there it is
1.097 804 that's the fractional share so i'm at least getting one share of it
plus 0.0974 blah blah blah so that's what that's all about and then you swipe
up to submit simply
and there it goes order is received and it's currently purchasing
one share of psec so there it is order queued
and uh what'll happen is tomorrow when the market is opened
i will now earn two shares of this particular stock
so as promised the last thing that i wanted to say is how i'm getting the 25
000 and my 50 per month dividend well i'm gonna first
of all i am always going to invest in either
etfs or stocks single stocks that offer a monthly or quarterly dividend yield so
i want to make sure i'm getting dividends
to get up to eventually earning 50 a month
in robin hood alone then i want to grow my portfolio to 25 000 how i'm gonna do
that of course i got my five dollars a week
passively going in here with my automatic deposit
and then i'm also going to as i have extra money put it into robinhood
find things that i'm passionate about whether it is an etf
or whether it is a single stock that i'm knowledgeable about
i'm going to take advantage of that and take it to the next level and along the
way i'm going to share with you the ups and
the downs here on the youtube channel so if you're interested in joining me for
the ride make sure again that you subscribe to
the sweet life money channel to be the first to know when i post up a
new robin hood video so that's it guys it's kind of
straightforward it's to the point i i mean it took me like a hot second
there to invest five dollars and now i got
i got myself set up with another share of this prospect capital i mean
kind of easy if i wanted to buy an apple share i could have done it just as
easily transferred money into my bank account
bought a share of apple and i'd be on my way so get your free
stock today with robinhood link in the description below you can
check that out for yourself if you have questions at all
comment below i'm here to help you out otherwise like this video if you found
value subscribe today and most importantly as always
have an awesome day live your sweet life and we'll see you next time
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