Getting Started with a Broker 🖥
You only need to get this right once and then it’s sorted for life. This lesson goes far beyond a quick brokerage recommendation. We’re going to uncover the hidden costs of investing so that you know how to limit them and control them fully. This is a subject often ignored by other investors, so paying close attention now will carve you a little advantage.
The Broker for US Citizens 🇺🇸Firstrade is the best budget broker out there for Americans. Click the image to get started! It’s simple to use, zero cost both to setup and in the long term, and has a deep selection of stocks and ETFs available. Using this link means I get a small commission. It’s still free for you, but you’ll be supporting this course.
The Broker for Non-US Citizens 🌍
Try Fidelity (in UK, try it only if you’re investing over £7,500 because otherwise it’s too expensive). Vanguard is also very good for long-term fund holding, and Charles Schwab is good for bigger sums. If none of these are available to you in your country, look to DeGiro. If you’re still struggling, drop a comment. It’s better to go for a mainstream broker than a small outfit when you’re a beginner. Make sure that at the end of the day, you’re not being excessively charged the following fees.
The Costs of a Broker 💰
These fees are what you want to minimise as a first priority. Start with the biggest.
2 Bites of Broker Wisdom ✅
Controlling your costs is as important as making your gains.
It’s true. Learn to nip those costs in the bud because investors often end up paying more in percentage fees every year than they actually make as gains with their stocks.
The more you know, the less you pay.
Also true. If you progress right the way through this course then it’s unlikely you’ll need the financial advice. That’s 1-2% fees shaved off from being willing to learn. By learning to stock pick as well on this course, you won’t need to hire a superstar fund manger to do it for you.