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Public.com Review | UP TO $300 FREE STOCK | Walkthrough | Pros/Cons - YouTube
Channel: Logan Allec
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all right everybody i'm logan alec i'm a
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cpa and today i'm reviewing the public
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investing app this is one of those apps
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that's currently giving away free money
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a free slice of stock for signing up and
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opening an account if
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after you watch this video you think
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public is a good app for you
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you're welcome to use my link in the
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description below to get that sign up
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bonus
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this review is not sponsored by the way
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public doesn't even know i'm doing this
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yes i have a referral link
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but this video is not sponsored it is
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completely objective
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and me just sharing my opinion on the
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public app
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as a user of it i will share with you
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how the app works how to buy stock in
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the app
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and then later in the video i'll provide
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a summary of the pros and cons the
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things i like about public
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and the things i don't like so much
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about public so be sure to stick around
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for that
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and just as a reminder if you like free
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stocks you can check out the video i
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made recently
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where i tell you 11 places that are
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giving away free stock right now
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link up here at the top of the screen
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let's get into this public review
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what is public public claims to be a
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whole new way to
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invest in that it makes the stock market
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social it says you can follow
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other investors discover companies to
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believe in and invest with any amount of
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money
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so what does this mean this whole social
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aspect
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of investing well let's start from the
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top you download public
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it's pretty easy use my link in the
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description below
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click install click get started input
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your phone number
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they send you an authentication code you
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input that you input your name
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and username your email address you
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create a password choose a profile photo
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and then here's where the free stock
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comes in unlike other investing apps
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like weeble or robinhood or
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first trade or doe that give you a
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specific share of stock
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right an entire share of stock public's
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promotion is to give you up to
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five dollars of a particular stock a
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fractional share which public calls
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slices
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so when i signed up i picked tesla and
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then you actually have to set up your
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brokerage account
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uh birth date citizenship status marital
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status number dependence
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these are all very typical questions
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you're asked when setting up a brokerage
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account
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your employment address uh you know your
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address your full name your social
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security number and agreeing to the
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terms and conditions
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this is all very typical uh these
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this is all required information to set
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up a brokerage account in the united
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states so don't be surprised by this
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then public asks you about your
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investing goals and experience your
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annual income and net worth and then you
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make your first deposit you can easily
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link your bank account
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they use plaid like many other platforms
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i was able to link my
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chase checking account within minutes i
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made my initial deposit
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of 100 which even though it hadn't
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transferred yet
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uh the public still gave me buying power
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immediately of a hundred dollars
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then public asks you to pick your
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interest what you're interested in
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this informs the news you'll see on your
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home feed in public i'm going to show
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you that in a second
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and then that's it now you can check out
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the public app you're all ready to go
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so here it is welcome to public on the
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companies you believe in
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in the middle of the screen there you
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see ticker symbols for companies that
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public thinks
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based on what you said you might be
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interested in
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and then below that you see posts that
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look um kind of a lot like tweets
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honestly from people in the public
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community
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they even have this uh blue check mark
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thing going on
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although here it looks like a black
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check mark encircled in blue
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anyway that top one here is from katy
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perry and no this is not katie with a y
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perry this is katie with an ie perry
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she's the vice president of marketing at
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public um so basically these posts are
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just people sharing their thoughts about
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the market about investing about
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particular stocks
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you can click on their names and see
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their profile in their portfolio here is
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someone named nadia vanderhall
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she owns a marketing company you can see
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her portfolio these are the stocks she's
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invested in in public you can see her
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watch list
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uh those watch lists are the stocks
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she's keeping an eye on
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themes are just broad general categories
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she's interested in
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uh that have you know stocks in them you
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can click a theme like space exploration
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and see all the stocks in there
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and of course on people's profiles you
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can see all their posts that they've
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posted in public now
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you probably have no idea of who katie
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with an ie perry
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or nadia vander hall were before he
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watched this video but one cool thing
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about public is that you know there are
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celebrities on here
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you can see what they've invested in
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through public if you tap the magnifying
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glass
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you can scroll through people to follow
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here is adult contemporary sensation of
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the last century michael bolton
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um there's also shaquille o'neal
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now i don't want to imply that because
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these people are celebrities
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you know you should pay particular
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attention to their investment picks i
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mean come on michael bolton's a musician
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you know shaq is an athlete uh you know
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i don't want to imply that oh their
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stock put
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their stock picks must be good just
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because they're celebrities but it's
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just interesting right i mean
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obviously many people like to know
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what's going on in celebrities lives
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about their dogs or whatever uh well
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here's an opportunity
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to get a a glimpse into celebrities
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lives in terms of investing and just to
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be clear
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the portfolio on people's profiles in
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public is just the stocks they own using
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the public app
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okay it's not their entire uh stock in
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order investment portfolio
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i also saw a youtuber on here roberto
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blake youtube is about youtube and how
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to grow a youtube channel so it's kind
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of cool to see him on here
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i watch this stuff a lot i'll tag him in
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the description below
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if you want to check out his channel all
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right what else if you click the little
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present little gift icon at the bottom
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of the screen in the center
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you can get your invite link to invite
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others to public
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you're both rewarded with a free slice
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of stock if someone signs up using your
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link
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next to the present icon is a little
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messages uh arrow
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little messages box because you can
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directly message other users in private
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then you have a profile icon at the
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bottom right where you can click account
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details and see more information about
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your account
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one more thing i want to mention is the
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public account settings if you click the
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gear in the top right
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you'll see a bunch of things okay scroll
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down and you'll see where you can
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download your statements and tax
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documents
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where you can manage your you know your
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cash transfers to and from public
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you can click update account update your
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account your profile picture
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your bio and whatnot but the one i
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really want to draw your attention to
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is dividend reinvestment if you click on
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that that is where you can tell public
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what to do with dividends earned in your
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public account
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i believe the default when i signed up
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was sent to uh
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simply deposits dividends into your
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public account the bottom one
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and not invest them that's the bottom
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option here but i actually prefer
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to have my dividends i earned from a
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particular stock reinvested into that
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stock
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right so my money is always making money
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so i chose the auto
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reinvest my dividends option here okay
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so that's an overview of the public app
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but now let's talk about how the heck
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you actually buy a stock in public it's
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actually super easy
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you just go the magnifying glass in the
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search bar at the top you type the name
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of the company you want to invest in
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this case want to invest in amazon type
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to amazon
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it pops up you click trade in the bottom
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right then click
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buy and then you can choose how much you
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want to buy
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you can do a custom amount by choosing a
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different amount
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or you can just go with one of these
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round options they suggest
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uh i invested my entire 100 cash balance
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into amazon
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and the cool thing is with public and
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with these fractional
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shares now this isn't unique to public
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by the way other brokerages do this
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um but here's how these fractional
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shares work right the share price of
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amazon right now is like three thousand
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dollars
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but with public you can just invest
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whatever amount of money you have
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even if it's just a dollar right public
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doesn't have any minimums so that's cool
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right you have a dollar
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you can invest in amazon um note that i
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was not given the option to place a
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limit order on this trade
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because i was investing in fractional
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shares if i had enough money in my
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public account to buy one entire share
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of amazon
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public would have given me the option to
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set a limit price on my buy and a limit
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price is the maximum price i'd be
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willing to pay for
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uh you know a share of stock but i did
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not have that option
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because my order was of a fractional
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share right
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that's not a public thing that's that's
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a stock market thing all right now let's
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talk pros and cons of the public
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investing app let's start with the pros
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for number one public is free there's no
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monthly subscription fee
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there's no commissions on your stock
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purchases it's free to use and sign up
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for number two they give you a sign up
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bonus like i mentioned earlier if you
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use my link in the description below
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you will get a free slice of stock from
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public when you sign up
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using my link pro number three um i
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talked about this previously but there
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are no minimums with public
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uh public like many other investing apps
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these days is making investing in the
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stock market accessible to everyone
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pro number four fractional shares this
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is another thing i talked about
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previously
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but even if you just deposit a dollar
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into public uh
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you know you can buy a fractional share
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of a ton of different companies amazon
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apple tesla etcetera right now finally
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pro number five the social aspect
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this can be a pro as well as a con i'll
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talk about the con of this in the next
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uh
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in a little bit but just the way the app
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is set up when you open up public for
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the first time what do you see
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what's on your uh your home screen
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public it's not your account i mean yeah
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it tells you how your account is doing
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at the top
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but what you really see and what the
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focus really is here at the public app
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what you see on the home screen
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mostly is the social interaction right
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people sharing their thoughts on the
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market
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on various stocks and whatnot and that's
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unique no other investment app that i
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know of does this as well
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as public is doing so why could this be
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a good thing well i look at it like this
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right if you're addicted to social media
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and many of us are
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including myself okay guilty as charged
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then i think it's a great thing
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maybe maybe instead of getting your
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social media fixed by just scrolling
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through instagram looking at
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you know the pictures of the new lizard
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of some random person you said hi to
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three times in high school
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you can get that social media fix on
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public by joining this conversation
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about investing
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the public conversation about stocks and
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the market
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now this can also be a bad thing okay so
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let's talk about the cons
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call number one the social aspect of
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this
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now i just said that this could be a
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good thing and yes it's absolutely true
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but if you've been following my channel
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for a while if you've taken my my
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prosper course that's my personal
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finance course link in the description
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below
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you know my main approach when it comes
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to investing is set it and forget it
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because i don't really want you fiddling
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with your portfolio
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all the time and that's for a couple
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reasons one is that you'll probably have
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higher returns in the long run
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by just setting and forgetting you're
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investing rather than becoming obsessed
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with tracking the stock market
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every day you know every hour uh and the
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second reason is because i'd rather you
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spend time doing something more
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productive with your time
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you know like working on your career
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your trade starting a side hustle or
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something like that
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to generate more income for you to dump
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into your set and forget investments
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rather than spending hours and hours of
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your life every week tracking
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the market and there's another component
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here in public with the whole celebrity
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aspect you can see like celebrities
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investment picks in public
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one might be tempted to think oh you
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know shaq invested in this so i'm going
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to invest in this too
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right when that you know that that might
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be spurious logic
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so what's my point take the public
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social media aspect with a grain of salt
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that's all i'm saying okay call number
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two no desktop trading
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all trading must be done on the app i
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know that's not a big deal for many of
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you but many people just like to do
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their investing on their computer
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because it's faster
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you know and they can see more on screen
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you won't get that with public it is
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entirely app-based
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call number three public only offers
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taxable brokerage accounts at this time
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you can't open up an ira at public you
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can't open up any other
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account type at public than a taxable
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brokerage account
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call number four public does not offer
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margin trading at this time that's where
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you can borrow against your portfolio
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to invest even more money in the stock
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market obviously uh that's a risky
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strategy all
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investing carries risk but of course
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borrowing to invest
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amplifies that risk albeit along with
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the potential reward and return on your
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investment
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and finally call number five there's no
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real auto invest feature with public you
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have to manually
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deposit money into public then make your
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trade
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that's obviously very time intensive and
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that's not really conducive to building
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out a long
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term investment strategy and portfolio
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so would i recommend public sure
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if you're attracted to the community
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aspect of the app the social aspect of
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the app if that's something that appeals
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to you
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and will motivate you to invest if
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that's something that you can see
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yourself engaging in responsibly
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and not getting super addicted to it and
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buying and selling stocks all day
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then yeah i think this can be a fun app
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to get started investing
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but i'm personally not making public my
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main investing app
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right to me this is this is a fun
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investing app it's where
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where i might put my fun money right
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about five percent of my portfolio is
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fun money
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individual stocks kind of risky stocks
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that's where i take my big risks
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right i might do more of that in public
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but it just doesn't have the platform of
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like a fidelity and that's where the
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vast majority of my stock portfolio is
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where i can set up every account from a
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taxable brokerage account to an ira to a
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529 to an hsa
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right and fidelity you know it has all
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these research features and tools public
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doesn't have that
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nor does it offer the features of a
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platform like m1 finance which is
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becoming my favorite investing app and
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brokerage to use these days i'm putting
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more
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and more money into m1 finance every day
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that is where i can automate my
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investing
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and truly build out my portfolio on
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autopilot speaking of which if you have
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not yet seen my m1 finance review
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uh you will see a link to it on the next
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screen i highly encourage you to check
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out that video as well
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there's also a link on the next screen
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in my video of all the places
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where you can get free stocks right now
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yes public is on the list
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please be sure to watch both of those
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videos and in the comments section of
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them
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let me know what you think and i will
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see you over there in those videos
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[Music]
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bye
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you
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