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Bank of America Merrill Edge - Best Broker For Investing With $50,000+, Get 30 Free Trades & Tools - YouTube
Channel: BrentInvesting
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hello everyone and thanks for tuning
into the financial investor channel my
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name is Brent and today we're going to
be talking about another firm merrill
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edge and what I consider would be the
best everything firm for investors now
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in my last video I put a video out with
Robin Hood being the best online broker
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for investors between 0 to 24,000
dollars now it is a great broker and it
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could be the best for the low end
spectrum you know those that only want
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to trade stocks and ETFs they don't want
to open an IRA or retirement account but
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it is always beneficial to open a
retirement account alongside a regular
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broker and if you're brand new to
investing I said you know I refer Robin
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Hood because if you go through a
referral link you get a free share that
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you don't even have to invest any of
your own money and so let's go ahead and
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cover Merrill edge so overall Merrill
edge is overall the best broker firm for
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investors with zero or twenty five
thousand dollars and up now you can
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start with Merrill edge open up an IRA
account your individual retirement
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account and you can invest up to fifty
five hundred dollars per year now
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anything extra that you want to have
invested that's when you should choose
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Robin Hood and just buy and hold stocks
within Robin Hood get those dividends or
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get the growth from whatever stocks
you're investing in but overall I
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believe that retirement accounts IRA
accounts should be used and you know use
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more often because that is you know the
tax implication so $25,000 is where
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you're going to hit your sweet spot on
Merrill edge and I say that because at
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that point we're gonna go ahead and get
it to it let's just go ahead and cover
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the article that I wrote up here so what
is Merrill edge Merrill edge is a part
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of Bank of America and it's a brokerage
firm that was established in 2010 it
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offers a variety of products so this is
where Robin Hood and Merrill edge differ
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Robin Hood only offers stocks and ETFs
Merrill edge oz offers stocks options
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mutual funds bonds CDs ETF futures and
annuities so who can use it it's
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basically any US citizen or permanent
resident with a passport and a green
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card and of course you could not you
must have a physical street address you
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can't have a POS and you must have a
social so the best thing about who can
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use it for Merrill edge is again it only
requires zero dollars so Robin Hood and
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Merrill edge can both be opened up with
a zero dollar deposit now where can you
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access Merrill edge here's another
difference where as in Robin Hood you
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can only access it through the
application whether you download it in
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iOS or the Android App Store Merrill
edge has a web interface an iOS and an
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Android platform and of course I do have
a video on how to install an emulator
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the co player which I use for my Robin
Hood application I'll make videos in the
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future once I open an account with
Merrill edge on how to open account with
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Merrill edge and then talking about
their website and their application so
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that's all in the future so how much is
Merrill edge so right now Merrill edge
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offers range of products stocks 695
options 695 mutual funds are 1995 bond
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CDs and new ities and ETFs so ETFs on
their product are not free you still
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need to pay the 695 Commission free
Commission's fee or they do have they do
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offer $0 trades on stocks in ETS if you
qualify now here is the qualification so
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you qualify for 30 $0 online stock in
ETF trades per month as a preferred
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rewards platinum client with $50,000 now
you qualify for a hundred
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zero fee online stock in ETF trades per
month as a preferred rewards platinum on
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our client both $100,000 or more now you
may also qualify for 30 $0 online stock
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and ETF trades per month if you have
$25,000 or more and combined balances in
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your Bank of America deposits Bank of
America deposit accounts or 25,000 and
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you're invested accounts I forgot to
write up my snippet there so that's why
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I said that Robin Hood is a great
platform with no money to twenty five
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you know twenty four thousand nine
hundred ninety nine once you hit twenty
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five thousand I already talked a chat it
with a narrow edge they say that once
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you create your account you can transfer
your stocks over there for no fee so
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that's something I'm going to make it a
video one also in the future the whole
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transfer process because I would like to
transfer my stocks from Robin Hood over
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into a into Merrill edge where I'm able
to interact on a web interface while
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also being able to just interact with it
through the application so that's
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something that's going to be coming up
in the future
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so why Merrill edge well first off the
account minimum is $0 same as Robin Hood
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and you can sign up if you sign up for
any of their you can start up with $0
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you can sign up and begin using their
services and checking out their website
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they do have again the free stock in ETF
with conditions they offer IRAs which
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are individual retirement accounts so
you can set up your own one and then we
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will cover more in the pro section so
down below I wrote a bunch of pros so
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when should you open up a marrow account
again this is the no-brainer if you want
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I believe that you should open up both
you should open up an IRA your Roth IRA
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or your in your traditional IRA
whichever you'd like and that's your
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fifty five hundred dollars in that
preferred and then any money that you
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want and you once you have invested and
in Robin Hood go ahead and do that
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second and of course you just need to
start now and the older that you are it
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is better to reap the benefits of the
long term investing and compounding of
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interest so what is the problems and
risks with Merrill edge now they almost
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went bankrupt in 2008 before the
government stepped in and force Bank of
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America to buy Amero edge so that was
something that I had read and you know
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they have terrible history with their
there I believe it was like their CEOs
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they were doing terrible and the money
and it seems to be a lot better now and
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you know it's actually backed up by a
pretty solid Bank so let's go ahead and
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talk about some of their pros so they do
offer free trades if the account meet
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certain conditions again that is up here
as long as you have $25,000 you can
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qualify for 30 online stock trades they
offer a mobile and web interface 24-hour
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phone support with live chat and email
support good banking services including
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a free checking account
no surcharges on any stocks under $2
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large orders or extended our trading and
that's huge you know on Robin Hood you
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pay $10 and you get that extended I was
trading here you get it for free and you
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don't get charged any surcharges on any
stocks that are considered penny stocks
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or any under $1 again there is no
account minimum it's $0 there's no
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account maintenance or inactivity fees
there's good great investment research
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tools from Morningstar Bank of America's
Merrill Lynch
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SP Capital IQ Thomson Reuters and
recognition there's free drip this is
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something cool most of these are you
know very hard to contact Robin Hood's
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phone support they don't have a web
interface
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they don't offer any free checking or
banking services
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I'm not sure about their their
surcharges with our penny stocks I
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haven't really investigated that they
don't have any account minimum issues
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but Robin Hood does not offer trip where
as merrill edge does offer trips so that
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is huge you don't have to save up your
dividends your dividend pay to be able
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to buy a complete share on Robin Hood or
on maro edge your free trip will just
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automatically by 1/8 attends you know a
percentage of a specific stock that paid
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you dividend pay which would then
compound quarter after a quarter and
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just overall increase the because you
can actually invest your whole amount
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into a share instead of having to wait
to build up a specific amount before
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buying into a share there is a no fee
IRA accounts there's a current cash
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bonus ranging between a hundred a
hundred dollars for twenty thousand to
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forty nine thousand six hundred dollars
for a deposit of two hundred thousand or
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more and if you deposit fifty thousand
to believe a hundred thousand you are up
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fifty thousand to one hundred and nine
thousand you get like one hundred and
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fifty will cover that here in just a
minute we're gonna go check out our
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website to we're not too long into this
let me check how long we are nine
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minutes excellent Merrill edge Penny
Stocks Merrill edge doesn't impose
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surcharges in the stocks under one
dollar Oh making a little low-cost
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choice for penny stock traders already
covered that somewhere up here cons high
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margin rates so they do have some very
high margin rates much more expensive
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than what Robin Hood would charge
so that is one of their cons of course I
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don't like trading on margin so that is
not one of my cons that's just something
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I had read and wanted to include
including encase and bastards out there
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are interested in margin trading
advanced trading platform now if you
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want to get the advanced trading
platform you must have a combined
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balance of $50,000 or more or making
fifteen trades per quarter so again I
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hope you guys do enjoy the article
please go ahead and check this out check
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the article out it is going to be in the
description below now let's go check out
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the Merrill edge website so right now if
you head over the Merrill edge you can
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take a look I'm gonna have it just a
link in the description below they do
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offer the 695 per online hour per online
equity and ETF trade so there are a
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different Ranger here so right here is
where they offer the simple flat rate
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but or you can learn how to qualify for
30s zero dollar online stock so if you
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click on here it'll go over to the
preferred rewards and they have
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investment of banking on one line full
range of investment offerings research
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and tools actually at anytime anywhere
and normally if you click on their
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homepage here there's a little chat bar
that appears here on the bottom right
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hand side normally I believe
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it's not appearing there right now maybe
they're closed maybe during maybe during
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an hours of activity they have a chat
represent if I know last time they had a
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chat represent enough down there so if
you want to check out the preferred
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Awards let's just go ahead and check
those out so that's why I said so not
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too much really goes on until $25,000 I
mean $25,000 is right around there
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you get your money market savings which
is a five percent interest rate booster
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you get a twenty five percent credit
card on eligible Bakke of 25 percent on
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see here a reward bonus of eligible Bank
of America credit cards eligible credit
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card can earn twenty five percent reward
bonus that's pretty big you get client
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service priority auto loans and all
sorts of stuff so I'd say you know
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that's why I always said $25,000 is that
sweet spot because talk to their online
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representatives if you bring over
$25,000 between your investments and
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your account then you get that 30 free
trades on Merrill edge now if you have
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$50,000 and now you get the online
investing of the 30 trades per one month
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you can ATM withdrawals up to 12 times a
year you get clients direct priority
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again you get Merrill edge pro market
pro which is the like this it's trading
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and analysis tools we'll go ahead and
take a look at that quick really quickly
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you get money market savings so you'll
get an interest rate booster on reward
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money market savings accounts for
example if the interest rate on rewards
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money market savings account is 1% a 10%
rate booster would increase the interest
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rate to 1 point 10 percent and of course
you can get to current rate so this
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might be better rates than your current
bank auto loans you get a discount
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credit card now you get 50% reward bonus
so for example if you have cash back
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credit card in rediem $100 into Bank of
America checking or savings account your
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total cash back would increase to a
hundred and fifty dollars
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that's pretty big right there I'll have
to check that out let's see here of
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course you have no banking fees and it
just goes even higher once you hit the
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hundred thousand dollar mark now you get
a hundred online free trades unlimited
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ATM withdrawals you get the Merrill edge
market Pro client service priority money
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market save is twenty percent so now
you're getting that 1.2 percent interest
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count if you do have a savings account
you know for your rainy day fund your
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insurance you want to always have three
to six months of savings just liquid
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within your accounts for emergencies
credit card is now eligible for a 75%
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back and it gives you that whole
breakdown there so they have a range of
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huge benefits Bank of America has been a
run for a long time and now Merrill edge
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is part of the Bank of America services
so they just merge what 2008 so there
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have been around nine about nine years
now combined and they've put out some
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very good information so you can see the
comment the differences between the
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different tiers and they offer a bunch
of investing and trading information
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here guidance into retirement you can
research your stocks your ETF store
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options and they have the investor
education so in great information
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overall hmm let's see here so Merrill
edge market pro is this very nice
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software here I'm not sure if it's a web
interface or if it's a program that
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you're able to download I guess I will
have to check that out once I do sign up
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for Merrill edge and bring in bringing
my platform my portfolio over so that is
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it for this video go ahead and let me
know in the comments below have you guys
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used Merrill edge have you guys use
another platform that offers fee free
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investments over a certain limit I know
there are some other platforms out there
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like TD Ameritrade and some Ally invest
that offer free trades for sixty days
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but this is 30 free trades
every single month
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you have $25,000 or more between your
banking and you're investing service so
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if you have a savings of say $25,000 in
your savings account that is just for
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your rainy day fund and you're also
investing $25,000 you have a combination
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there of $50,000 and I are able to get
that that platinum-level services so
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again if you are brand new to investing
I do encourage you guys to check out
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Merrill edge open up an IRA account and
best as much as you can into that up to
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$5,500 $5,500 and then anything extra
that you would like to begin invest it
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into the stock market go through my
referral link if you haven't began using
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robhinhood sign up through there on the
web interface you'll get a free share
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and you could begin investing through
the stock market on that platform so
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that is it for this video hopefully it
has been educational I know I hadn't
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really checked out Merrill age myself it
was wrong it was referred to me I think
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that's the word I forgot though it was
it was referred to me by the the
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independent independent ambassador on
another youtuber so it does look like a
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great platform after research and
several of the platforms I think this
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would be the best to open for a
retirement which is why I'm going for
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the long term I'm going for the long
term investing you know I've already hit
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my 30 year mark I have another 30 years
to try and build up my wealth and this
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looks like a great platform for the long
term so go ahead and let me know in the
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comments below
what your platform is that you use does
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it offer IRAs that's an offer fee free
and best seen does offer drip do you
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think it would be around at 10 to 20
years go ahead and leave that in the
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comments below of course I do enjoy any
and all feedback
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I do appreciate any of the comments that
all my subscribers and my viewers do
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leave so if you have any questions or
want to say hello please leave a comment
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if you did enjoy this video hit the like
button please and remember to subscribe
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by hitting the subscribe button below
thanks for tuning in and I
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we'll see you next time bye
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