Yes, I’m sure that there are a few brokerages out there that allow this. I always tell people to find the best brokerage that works for their particular needs.
Key point to take out of this video is that investing is always the right choice. investing isn't about money or stocks, its about giving resources to something. invest in your self a little a day, its far better than not investing at all. invest 5€ a day, its far better that not investing at all. invest and research in everything you buy, do not waste money, its far better than mindless consumption. I know many of us have almost zero free time, and almost zero extra cash, but no matter your situation, the only guaranteed way out is constant investment. otherwise you are just waiting to get lucky, and as probability goes, even a 99% chance could never happen if you are unlucky enough.
90% of Americans are more than capable of investing 200 dollars a month. After 30 years that is only 437,000 assuming 10% growth rate in an index fund. But after 10 more years, that value grows close to 1.2 million dollars through the magic of compound interest!
Yes, invesing $5 a day won't do much, but currently i'm at $15 a day into 3 different stocks, and i'm planning on growing it to about $40/day into 5 different stocks, consisting of a few Mutual Funds, a Dividend Growth ETF, and a few individual stocks that I believe will grow tremendously over the next few years.
Webull in my country charges a minimum of 0.55 per transaction, so instead of 5 a day, i put 25 a week (assuming 5 trading days per week) so i get charged 25.55 per week instead of 27.75 per week. I know it's best to invest everyday, but i'll be paying almost 140 per year in commission if i did that 😢 and i'm not sure if it would be worth it
Yes, if you’re being charged per transaction, then weekly or monthly investing works better for your situation. May also be helpful to see if there are brokers that don’t charge a per fee transaction in your country. Keep me posted on how you’re doing with the challenge!
@ClarencePatrick all of the reputable ones do for usa stocks and etfs, in fact webull charges the lowest at 0.55 per transaction and 0 platform fees since the 2-3 I checked charges usd0.99 per transaction and adds on a platform fee. I'm only 1.5 weeks in, so I put in an update 3 months later (on your newest update video at that time)
You would actually be up much more based on the price of the fund. When I started investing in this challenge at the beginning of the year the price was roughly$431 per share. I’ve been buying every day and now it’s trading over $500.
That’s good to hear. There’s nothing wrong with starting out with what you can, and then increasing your contribution over time. Keep me posted on how you’re doing!
I do it bi weekly because i get paid bi weekly, also a good strategy is to have 2 brokerage accounts, 1 that can be automated so that you don't log in to see your money everyday because markets fluctuate and you may be tempted into same bad financial habits making you poor, log in every 12 months and you will be encouraged to add more when you see the progress. The other broker once a week to see how the market is doing
Good question. The market is only open Monday through Friday (excluding holidays), so in this challenge I’m keeping it to $100 a month. You’re free to invest more or less depending on your goals.
@ClarencePatrick I guess I was really asking from the financial standpoint. Does it make a difference if I put on 5 dollars a day versus investing the same amount monthly. Great video btw and thank you for responding
It’s hard to say because the price of all stocks and funds fluctuate every day. You could end up with a higher return if you buy and the price goes up, but it also works the other way when price declines. Most people do not invest daily (I invest weekly in my main accounts). I’m doing daily because it’s such a small amount and I want to experiment with small daily contributions over a long period of time. The great thing about investing is you can invest in any interval that works best for you.
Thanks and keep me updated on how your account is performing. Also remember I’m doing $100 a month for this challenge because the market is closed on weekends, and holidays. $100 was a nice round number to start with, but pick what works for you.
I’m not eligible to contribute to a traditional IRA, so I invest in my company’s Roth 401k. I invest 10% of my income into that particular account. I also have a personal investment account that I contribute to on a monthly basis as well.
@@ClarencePatrick, you’re ineligible to contribute to a traditional IRA? I thought the only requirement was earned income. I know there are income limits for the Roth IRA, but I use the backdoor method to convert it.
My income exceeds the maximum amount allowed in order to participate in the program. My company doesn’t offer a backdoor Roth, so I contribute into the Roth 401k, which is fine because I also like to invest in my personal brokerage account, which allows me to access funds whenever an investment opportunity arises.
@@ClarencePatrick , my income also exceeds the limit, but an IRA account is outside of your employer. You open it through a brokerage like Vanguard, Fidelity, Schwab, etc. It’s a tax-advantaged account you can have in addition to your employer-sponsored 401K…this is tax code, so your employer doesn’t get a vote. I personally have a 401K, IRA, and HSA…all tax-advantaged. I max out all three. And, because I have a lot of discretionary income after maxing these accounts, I have a taxable brokerage account, which does not have contribution limits so I invest as much per month as I want.
@@Noah-j9s1k I could do that, but I'm typically looking at the markets prior to open, which is why I do it manually. I may change to that in the future, but for now I like going in every day and making the purchase.
If you’re interested in jumping into the challenge check out this ETF database to research the fund that you would like to invest in. etfdb.com/
Fidelity also allows investors to buy fractional shares.
Yes, I’m sure that there are a few brokerages out there that allow this. I always tell people to find the best brokerage that works for their particular needs.
Key point to take out of this video is that investing is always the right choice.
investing isn't about money or stocks, its about giving resources to something.
invest in your self a little a day, its far better than not investing at all.
invest 5€ a day, its far better that not investing at all.
invest and research in everything you buy, do not waste money, its far better than mindless consumption.
I know many of us have almost zero free time, and almost zero extra cash, but no matter your situation, the only guaranteed way out is constant investment.
otherwise you are just waiting to get lucky, and as probability goes, even a 99% chance could never happen if you are unlucky enough.
Absolutely!
Love this concept. I've been a big fan of the fund $SCHG! Time in > Timing.
Glad to hear that you found a fund that works for you!
90% of Americans are more than capable of investing 200 dollars a month. After 30 years that is only 437,000 assuming 10% growth rate in an index fund. But after 10 more years, that value grows close to 1.2 million dollars through the magic of compound interest!
You’re absolutely correct on this. I’m hoping these videos will encourage people to jump into the market to start to build their financial futures.
I have the QQQ in my Roth... Not much invested because i just started on a month ago. But that ETF keeps going up daily i think its a keeper
Yea that’s a solid fund.
Yes, invesing $5 a day won't do much, but currently i'm at $15 a day into 3 different stocks, and i'm planning on growing it to about $40/day into 5 different stocks, consisting of a few Mutual Funds, a Dividend Growth ETF, and a few individual stocks that I believe will grow tremendously over the next few years.
That’s a solid strategy. Glad you found a strategy that works best for you. Keep me posted on how your portfolio is performing.
You gotta start somewhere!!
Absolutely!
Love this vid thanks sir
Thanks!
Webull in my country charges a minimum of 0.55 per transaction, so instead of 5 a day, i put 25 a week (assuming 5 trading days per week) so i get charged 25.55 per week instead of 27.75 per week. I know it's best to invest everyday, but i'll be paying almost 140 per year in commission if i did that 😢 and i'm not sure if it would be worth it
Yes, if you’re being charged per transaction, then weekly or monthly investing works better for your situation. May also be helpful to see if there are brokers that don’t charge a per fee transaction in your country. Keep me posted on how you’re doing with the challenge!
@ClarencePatrick all of the reputable ones do for usa stocks and etfs, in fact webull charges the lowest at 0.55 per transaction and 0 platform fees since the 2-3 I checked charges usd0.99 per transaction and adds on a platform fee. I'm only 1.5 weeks in, so I put in an update 3 months later (on your newest update video at that time)
so in comparison, if i were to invest the $750.00 from the start. what will be the major difference?
You would actually be up much more based on the price of the fund. When I started investing in this challenge at the beginning of the year the price was roughly$431 per share. I’ve been buying every day and now it’s trading over $500.
Ive been doing this exact same thing for a couple months now. Its hard to save let alone invest so $5 a day is reasonable.
That’s good to hear. There’s nothing wrong with starting out with what you can, and then increasing your contribution over time. Keep me posted on how you’re doing!
I do it bi weekly because i get paid bi weekly, also a good strategy is to have 2 brokerage accounts, 1 that can be automated so that you don't log in to see your money everyday because markets fluctuate and you may be tempted into same bad financial habits making you poor, log in every 12 months and you will be encouraged to add more when you see the progress. The other broker once a week to see how the market is doing
Are you new to investing as part of this challenge?
What's the difference between putting in 5×31 a day vrs putting in 5x31 once a month?
Good question. The market is only open Monday through Friday (excluding holidays), so in this challenge I’m keeping it to $100 a month. You’re free to invest more or less depending on your goals.
@ClarencePatrick I guess I was really asking from the financial standpoint. Does it make a difference if I put on 5 dollars a day versus investing the same amount monthly.
Great video btw and thank you for responding
It’s hard to say because the price of all stocks and funds fluctuate every day. You could end up with a higher return if you buy and the price goes up, but it also works the other way when price declines. Most people do not invest daily (I invest weekly in my main accounts). I’m doing daily because it’s such a small amount and I want to experiment with small daily contributions over a long period of time. The great thing about investing is you can invest in any interval that works best for you.
@ClarencePatrick Awesome, thank you for the response and keep up the great work!
Thanks and keep me updated on how your account is performing. Also remember I’m doing $100 a month for this challenge because the market is closed on weekends, and holidays. $100 was a nice round number to start with, but pick what works for you.
How much do you put into your IRA if you do have one?
I’m not eligible to contribute to a traditional IRA, so I invest in my company’s Roth 401k. I invest 10% of my income into that particular account. I also have a personal investment account that I contribute to on a monthly basis as well.
@@ClarencePatrick, you’re ineligible to contribute to a traditional IRA? I thought the only requirement was earned income. I know there are income limits for the Roth IRA, but I use the backdoor method to convert it.
My income exceeds the maximum amount allowed in order to participate in the program. My company doesn’t offer a backdoor Roth, so I contribute into the Roth 401k, which is fine because I also like to invest in my personal brokerage account, which allows me to access funds whenever an investment opportunity arises.
@@ClarencePatrick , my income also exceeds the limit, but an IRA account is outside of your employer. You open it through a brokerage like Vanguard, Fidelity, Schwab, etc. It’s a tax-advantaged account you can have in addition to your employer-sponsored 401K…this is tax code, so your employer doesn’t get a vote. I personally have a 401K, IRA, and HSA…all tax-advantaged. I max out all three. And, because I have a lot of discretionary income after maxing these accounts, I have a taxable brokerage account, which does not have contribution limits so I invest as much per month as I want.
There aren't income limits for eligibility to contribute to a Traditional IRA.
Invest 5 aday,thats ok....BUT IN WHAT? does that matter? Investment can get
I recommend you invest in VOO vanguard s&P500 stock
I'm investing in the an Index Fund (VOO) for this challenge.
Buy cryptocurrency instead
Or you could just buy both.
I'll say you missed more than a few days. $5 a day would be $750 invested before any ups and downs or DRIP.
Keep in mind that the market isn’t open on weekend and holidays, which means I’m not investing on those days.
@@ClarencePatrick That's fair enough and something I didn't immediately think of when I commented as I'm working on a $5 a day into an investment.
@@MsMotherWolf No problem at all. I appreciate the question, and the engagement. Thanks for watching!
why not set up auto buy of 5 dollars a day into VOO? then no days missed
@@Noah-j9s1k I could do that, but I'm typically looking at the markets prior to open, which is why I do it manually. I may change to that in the future, but for now I like going in every day and making the purchase.