When it comes to the stock market and general investments, a return is not always a done deal. However, as of the end of November 2023, the S&P 500 has posted a total annual return of about 21%. That means if you had invested in the S&P ahead of 2023, you’d now be sitting on some decent profits. As we head into 2024, that should be hot on your mind, and you might want to start thinking about investing. Of course, that also means putting money aside to invest, opening an account with a broker, and doing some research on what stocks to buy. Surely, there’s a simpler method? Cue Robinhood, a convenient mobile investing app, which you may or may not have already heard about.
You can install Robinhood on virtually any of your mobile devices, from your phone to your tablet, and with a few quick taps, you’re well on your way to a brighter future. Not only is it one of the best investment apps for iPhone and Android, but it’s also one of the best investment apps for beginners. Sure, stocks can go down, and if you’re not doing the right research, you can lose money, but that’s why you want to follow the snowball effect*. Make little investments here and there, which eventually add up over time. And the easiest way to do that is on mobile, specifically within an app like Robinhood. But stocks aren’t the only assets you can invest in with Robinhood, so let’s take a closer look.
With Robinhood, you can dive right into the investing world quickly and easily, and there are no commission fees. That’s always a benefit, but it helps to know when and where you should put in money. Here are the investment opportunities that Robinhood offers:
- Crypto — Start with as little as $1 and invest in popular cryptocurrencies like BTC, ETH, DOGE, SHIB, and more.
- Retirement — Thanks to Robinhood’s IRA option, you can plan for retirement with custom portfolios and a 1% match for your deposits.
- Cash Card — It works similarly to a bank-operated debit card, only it’s connected to your Robinhood account. As you spend with the card, more is invested into the options you choose.
- Stocks — As you might expect, you can invest any time with the tap of a button in your favorite companies and stocks, from Apple to GameStop.
There are no minimums and you can begin investing as soon as you sign in. You will need to deposit some money into your Robinhood account, of course. You can also earn free stocks and rewards by referring others to the app.
With Robinhood’s premium service, for just $5 per month, Gold offers additional benefits that can help you earn more money faster. For example, IRA matching is up to 3% for every dollar per year. You can take advantage of a lower 8% margin rate if you’re trading on margin, as well as Level 2 Nasdaq premium data with Morningstar insights. The latter helps you make smarter, more informed trades.
Plus, you’ll get up to 5% APY on idle cash you have sitting in your Robinhood account, which is a damn good return, especially compared to most banks and financial institutions. Just to provide an example, with $10,000 of uninvested cash, you can earn over $512 per year with Robinhood Gold. Compare that to the National Average Savings Rate of 0.6% APY, which would earn you a measly $60 per year with $10K deposited. Robinhood and Robinhood Gold are clearly the better choices there.
In the spirit of democratizing finance for all, Robinhood also offers a wealth of resources to help you learn more about the markets and investing. With lessons like “Investing 101” and “What is a Stock,” you can really dive into the basics. But when you’re ready for more, you can go beyond to learn about options trading, dividends, trading strategies, and much more. It’s a great start and will help you form the building blocks of your financial journey.
And if you’re investing in stocks, you can find all the information you need about the various companies and stock tickers right within the app.
Download the app, sign up for an account, deposit some money, and you’re in! You can invest that money any way you see fit, whether that’s buying some new stocks, stacking your favorite crypto, or dropping funds into an IRA. Heck, if you wanted to simply deposit money and take advantage of the interest building on uninvested cash, that’s an excellent idea, too. What matters is that you’re doing something to secure your financial future, and with Robinhood, it couldn’t be any easier.
*Please keep in mind this is not financial advice and we highly recommend doing your own research before putting money into any investment opportunities, including via Robinhood.
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