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