Why I Opened Two Online Brokerage Accts | Recession Prep - YouTube

are you here to find out why i opened a fidelity  and e-trade brokerage account then you're in the  

right place as many of you might know i  have been in real estate for a long time  

and most of my focus the last 20 years has  been on the realm of real estate in real  

estate investing i know real estate well but i  am far less knowledgeable about trading shares  

shares investing and online brokerages now with  this current economic situation and possible  

recession i thought it was actually a good time  to look into this now because i do see some buying  

opportunities I've been out of touch with online  brokerages and i thought it was high time to look  

into it further because of increasing interest  rates by the fed and the outlook of a possible  

recession savers have generally been rewarded  these last couple months high yield savings  

interest rates are paying out more than they  have in a few years likewise i do see that  

investors have buying opportunities to buy shares  cheaper in a down market i also had an interest in  

opening another online brokerage account because i  am looking into moving my retirement account to a  

new brokerage so like many of you i did a lot of  google searches and there are certainly a lot of  

online reviews but i will tell you that one of  the most helpful features that i found online is  

a comparison chart on the website stockbrokers.com  i will put a link in the description below looking  

at that comparison chart i realized how much i  didn't know and how much I've lost touch with  

online brokerages in the last 20 years for me i  learned a lot simply reading through the long list  

of features and the comparisons from one online  brokerage to another so for the purposes of this  

video you should definitely consider me a beginner  i am not an expert in this yet and I'm clearly not  

giving financial advice i am simply sharing my  journey into the online brokerage world because i  

suspect many of you will be doing so in the near  future this project that I'm getting into with  

the online brokerage is definitely going to be a  part-time endeavor i have no intentions of doing  

any day trading but I'm also not just going to buy  a mutual fund and let it sit for the next 10 years  

without looking at it so I'm going to do something  in between starting out the features that were  

most important to me were low trading fees and  I'm happy to report that many of them were zero  

or very low cost i found fractional shares to be  an important feature i wanted an online brokerage  

that had a good reputation i wanted the ability to  trade shares but also have the option of no load  

mutual funds i wanted an online brokerage that had  a good phone app i wanted an online brokerage that  

seemed to accommodate beginners despite this list  there were a couple of deciding factors number one  

fidelity has had a good reputation in  all the reputable reviews that i read  

additionally i have a personal connection my  fiancée has a long-standing relationship with  

fidelity and she seems very happy with them I've  gotten to see many reports that she receives each  

year for tax reporting purposes and so through  my the personal connection i can definitely  

have more of a discussion and confer with her  on fidelity matters now i will also say there  

was a nice $50 promo to open up an account so i  saw no harm in doing so now in regards to why i  

opened up an e-trade account at the same time i  had a similar list of criteria however one of the  

biggest things that differentiated e-trade from  fidelity was the ability to pay-per-trade but one  

thing i did not like about e-trade is that they  don't have the ability to buy fractional shares  

but because e-trade was also offering a promo  to open up an account i decided to try it out  

one thing i like about both fidelity and e-trade  and perhaps it exists with most online brokerages  

is that i am allowed to list beneficiaries of  who gets my money upon my death so that's a very  

important feature for me at the moment i made this  video i have transferred 100 to get both of the  

two accounts active i do plan on transferring more  money into those brokerage accounts in the near  

future to take advantage of the promo however  as i make this video i will say that i am very  

disappointed with the e-trade phone support I'm  not sure if i can cope with that long term i did  

make one support call at night with a hold time  of 30 minutes and another support call during the  

day with 60 minutes so that's a little bit of a  sore point i am really uncertain when it comes to  

e-trade it is entirely possible i may shut down  this account very quickly in the next month or  

so but in so far as fidelity i like what i see  so far if you want to learn more about online  

brokerages and my journey into it you will want  to click on this link here also do me a favor and  

like this video to help spread the word thank you  for watching and i will see you in my next video