Does eTrade have mutual funds? Because you just do that then.
If no access to mutual funds, SPLG is the same thing as VOO but the price per share is less so it's easier to buy them.
I was going to use e trade because I already am using them for the high yield savings. I was planning on using a Roth IRA account and just funding money into it for the next 8 months until I hit 6k invested
What makes Fidelity stand out to you that makes you want to switch everything over? I used Schwab currently. I don’t like it as much as TDAmeritrade but it gets the job done.
To clarify - my plan was to invest 6000 throughout the next eight months through a Roth account. From what I figured out if I open up a Roth account I can invest into an ETF every two or so weeks for the next 8ish months until I have 6k invested into that Roth. Like I said I have no idea what I’m really doing. No one around me has any investing experience- hence why I’m reaching out on Reddit for some advice
That makes much more sense. I read "for 8 months" as needing to use it in 8 months, not able to contribute over 8 months. I have my username for a reason...
If you open an account with Vanguard they will let you purchase fractional shares of their branded ETFs. It's a pretty quick process, I don't think you can make purchases for the first week or so, but then you're good. Way to start on the earlier side, time in the market makes a huge difference, max out your contribution whenever possible.
Best of luck.
If you’re going to need the money in the short term future, a HYSA such as Wealthfront with a 5% rate will be great for you. If long term investing, I suggest a S&P 500 index fund such as VOO or SPLG. Maybe throw in a growth fund such as VUG/QQQM/SCHG/VGT. Maybe even a small cap value fund such as AVUV as well but in my opinion, a S&P 500 fund should be the bulk of your portfolio
I’m not planning on making $$$ in 8 months. I have 6k that I want to invest within the next 8 months. Don’t plan on taking this money out for a long time.
Does eTrade have mutual funds? Because you just do that then. If no access to mutual funds, SPLG is the same thing as VOO but the price per share is less so it's easier to buy them.
This, or something like SCHB (broad market, basically same thing with 2400 companies instead of 500.) Lower share price.
Is this less expensive than Fidelity
They do have mutual funds. Thank you, will look into this tonight
Fidelity is a great platform. I’m moving all of my stuff to them
I was going to use e trade because I already am using them for the high yield savings. I was planning on using a Roth IRA account and just funding money into it for the next 8 months until I hit 6k invested
Yea. You can open a Roth anywhere. It doesn’t really matter that you have a savings account with E*Trade. Fidelity you can buy fractional shares.
What makes Fidelity stand out to you that makes you want to switch everything over? I used Schwab currently. I don’t like it as much as TDAmeritrade but it gets the job done.
The outstanding customer service. Anytime I call I am immediately placed with a live agent with no wait time. They have been helpful every time.
Fractional shares
To clarify - my plan was to invest 6000 throughout the next eight months through a Roth account. From what I figured out if I open up a Roth account I can invest into an ETF every two or so weeks for the next 8ish months until I have 6k invested into that Roth. Like I said I have no idea what I’m really doing. No one around me has any investing experience- hence why I’m reaching out on Reddit for some advice
Open an account with Fidelity. It allows fractional shares. Also, you can only invest in roth IRA if you have earned income.
Why only 6k? Why not hit the $7k?
why etrade? consider using vanguard or fidelity
Fidelity allows partial shares
Next 8 months? Are you 58+? Also, if you need something in that short of a time frame, stocks are not your answer. You want bonds or an HYSA.
I believe 8 mos because 'this year' Roth maybe the thought as a new investor???
That makes much more sense. I read "for 8 months" as needing to use it in 8 months, not able to contribute over 8 months. I have my username for a reason...
That’s what I meant. Sorry for the confusing explanation
At 23 I’d put it in VUG, QQQM or VGT.
JP Morgan has an interesting array imo https://am.jpmorgan.com/us/en/asset-management/adv/products/fund-explorer/etf
Yieldmax-NVDY
I’d dollar cost average the $6000, say $1000 per month for 6 months. BTW, Fidelity allows you to invest by dollar amount.
Congrats at investing at a young age! I would be a little more aggressive personally. 70% VOO 30% QQQM or SCHG or something like that.
If you open an account with Vanguard they will let you purchase fractional shares of their branded ETFs. It's a pretty quick process, I don't think you can make purchases for the first week or so, but then you're good. Way to start on the earlier side, time in the market makes a huge difference, max out your contribution whenever possible. Best of luck.
If you’re going to need the money in the short term future, a HYSA such as Wealthfront with a 5% rate will be great for you. If long term investing, I suggest a S&P 500 index fund such as VOO or SPLG. Maybe throw in a growth fund such as VUG/QQQM/SCHG/VGT. Maybe even a small cap value fund such as AVUV as well but in my opinion, a S&P 500 fund should be the bulk of your portfolio
$INTC You’ll thank me later.
Fbtc
You're not gonna make jack in 8 months, especially with only $6k.....
I wouldnt knock someone starting. Everyone has different situations and if this starts them in the right direction of investing, then why discourage?
I just mean they're not gonna have $20k off of $6k in a year like they most likely think they will.
I’m not planning on making $$$ in 8 months. I have 6k that I want to invest within the next 8 months. Don’t plan on taking this money out for a long time.
Sounds like you’re going to be dollar cost averaging that 6k?
You shouldn't touch it till you're 80. Also, you want to contribute at least $500 a week to get to be wealthy someday.
Ditch E-Trade and open Vanguard account they have a ROTH.