Simple Step-by-Step Guide for Making Your First Investment
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While you're binging the pod, how about a little bonus tip? As a starting place for your investment allocation that you can, of course, tailor depending on your goals, pros recommend making your bond allocation your age. How about a second bonus tip? When you want to invest in bonds, use Public, the modern brokerage for investors looking for a simple yet sophisticated investing experience. Public is truly the only place I buy bonds, legit, because every other app or site I've tried to use is so complicated. But on Public, I can buy a bond on my iPhone in less than five minutes. This is a major upgrade because most investing platforms that offer bonds design their user experience before the iPhone was even invented. I'll let that one sink in.
And you can use Public for more than your bond investments. Public is the brokerage I use for all my investing needs, whether I'm looking for stocks, ETFs, a high-yield cash account, options, and other assets to build the multi-asset portfolio of your dreams. go to public.com slash money rehab. One more time, because trust you will thank me, public.com slash money rehab. This is a paid endorsement for public investing. Full disclosures and conditions can be found in the podcast description. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab.
Hey, it's Morgan, the executive producer of the show, and happy new year, everyone. As we look back on 2024, we are going to share some of our favorite episodes from the year. Today, you're going to hear the biggest deep dive Nicole has ever done on how to invest in the market. Enjoy.
My DMs are always open for questions, as I hope you know. And probably the most common question I get isn't what to invest in, but how to invest. So I'm going to walk you through step by step how to make your first investment. And I'm going to be thorough here. So if you need a cheat sheet when it comes time to make your first investment, I'm also going to include a doc in the show notes that summarizes all of this good info. So let's start at square one. In order to invest, you're going to need a brokerage account. A brokerage is essentially a middleman or middlewoman institution between you and the stock market. When you want to buy or sell stocks, you can't just walk into the New York Stock Exchange and shout your order like in the old days.
you can't invest through your bank account either and you definitely cannot invest in apple stock at the apple store a brokerage is really the only way to get this done and a brokerage can be a firm or an online platform for the most part if you're over 18 and live in the united states you can open a us-based brokerage account if you're under 18 you'll need a custodial account which is a brokerage account opened by a parent or a guardian But there are some eligibility restrictions. For example, there are limitations for non-U.S. citizens. So if you're an international money rehabber, you're probably going to need to do a little more digging to find the right brokerage account for you. Also, if you have a history of violating brokerage policies, obviously you are going to be given a hard time when trying to create a new account.
Just saying. But just like a bank or a credit card, there are a ton of different options when it comes to choosing a brokerage. I like public because I like the interface. It's good for investing in stocks and bonds and treasuries. It's easy. My producer Morgan uses Vanguard. I started at Schwab. There are a bunch of them, and honestly, their capabilities are all pretty similar. When you're looking around, I would specifically recommend that you ask for these three functions. Number one, does the brokerage offer fractional investing? Some brokerages offer fractional shares, which means you can buy a portion of a share rather than having to buy the full share at a time. This is great if you want to invest in expensive stocks like Berkshire Hathaway Class A, which is currently trading at over $600,000 a share. So with fractional investing, you could invest in Berkshire if you had 20 bucks that you wanted to invest. But if your brokerage does not offer fractional investing, you won't be able to invest in Berkshire unless you pony up 600k for one share. So
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