1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,080 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,120 --> 00:00:46,680 Speaker 2: So, how to start investing in stocks? And the three 14 00:00:46,720 --> 00:00:48,519 Speaker 2: of us get this question all the time, so we 15 00:00:48,640 --> 00:00:51,560 Speaker 2: wanted to lead with that and we want to break 16 00:00:51,600 --> 00:00:56,040 Speaker 2: it down as simply as we can. So first, you 17 00:00:56,120 --> 00:00:59,360 Speaker 2: need a brokerage account. What is a brokerage account? Okay? 18 00:01:00,080 --> 00:01:04,840 Speaker 2: Count simply guys allows you to buy stocks, sales stocks 19 00:01:05,319 --> 00:01:09,600 Speaker 2: invest okay, and so some of the more notable names 20 00:01:09,600 --> 00:01:12,720 Speaker 2: you might know of or be familiar with, or you 21 00:01:12,760 --> 00:01:18,880 Speaker 2: may not be Vanguard Fidelity. Those are two ones that 22 00:01:18,880 --> 00:01:21,680 Speaker 2: has just been around for the test of time. Now 23 00:01:21,880 --> 00:01:27,319 Speaker 2: and if you are thinking long term, these two entities 24 00:01:27,360 --> 00:01:32,040 Speaker 2: are ones you want to consider. Fidelity Vanguard you want 25 00:01:32,040 --> 00:01:36,880 Speaker 2: to think about once I do take this step to invest. 26 00:01:37,280 --> 00:01:39,720 Speaker 2: Let me open up a Fidelity account, let me open 27 00:01:39,800 --> 00:01:42,480 Speaker 2: up a Vanguard account. You want to start there with 28 00:01:42,560 --> 00:01:45,000 Speaker 2: the premise in mind that you are thinking long term. 29 00:01:45,520 --> 00:01:50,960 Speaker 2: Then you have everything from more newer apps, more user 30 00:01:51,000 --> 00:01:56,919 Speaker 2: friendly ones like Robinhood, we Ball, Interactive Brokers, Tasty Trades, 31 00:01:56,960 --> 00:01:59,360 Speaker 2: to name a few. So listen, guys. It starts with 32 00:01:59,840 --> 00:02:03,120 Speaker 2: before you can invest, you have to have a brokerage 33 00:02:03,120 --> 00:02:06,840 Speaker 2: account to even deploy your money too. Okay. And this 34 00:02:07,000 --> 00:02:10,720 Speaker 2: is lateral from your job. This is separate from whatever 35 00:02:10,800 --> 00:02:13,680 Speaker 2: you are getting at your place of employment. This is 36 00:02:14,000 --> 00:02:16,960 Speaker 2: this is on you. The book came out. We're going 37 00:02:17,000 --> 00:02:19,200 Speaker 2: to make sure this book become a number one best seller. 38 00:02:19,880 --> 00:02:25,680 Speaker 2: You deserve. This is about you. This is about you, guys. Okay, 39 00:02:25,720 --> 00:02:28,079 Speaker 2: And so you need to make sure you have your 40 00:02:28,120 --> 00:02:31,919 Speaker 2: own brokerage account. You're doing your your own investing, You're 41 00:02:31,960 --> 00:02:35,280 Speaker 2: taking your you taking your own finances and affairs in 42 00:02:35,360 --> 00:02:38,000 Speaker 2: your hand. Okay, next up, I'll take it. 43 00:02:38,000 --> 00:02:39,520 Speaker 3: I'll take it even stup further too, because I want 44 00:02:39,520 --> 00:02:41,600 Speaker 3: to kind of expand on that a little bit because 45 00:02:42,200 --> 00:02:47,480 Speaker 3: for some people like to even why investing is important. 46 00:02:47,480 --> 00:02:49,200 Speaker 3: On what a stock is, right, Like we talk about 47 00:02:49,200 --> 00:02:52,120 Speaker 3: stocks as far as that's ownership, and there's private companies 48 00:02:52,120 --> 00:02:54,480 Speaker 3: and then this public companies. Right, So the public companies, 49 00:02:54,520 --> 00:02:57,919 Speaker 3: anybody can own it like Tesla, like Microsoft. A private 50 00:02:57,960 --> 00:03:00,920 Speaker 3: company is like earn your lesia with we own it. Right, 51 00:03:01,160 --> 00:03:03,680 Speaker 3: So it's important to invest in these public companies because 52 00:03:03,720 --> 00:03:06,639 Speaker 3: as their value goes up, your investment going to go 53 00:03:06,720 --> 00:03:08,200 Speaker 3: up over the course of time as well. Right, So 54 00:03:08,440 --> 00:03:10,200 Speaker 3: the only way we took about inflation, the only way 55 00:03:10,200 --> 00:03:13,399 Speaker 3: to beat inflation is to actually invest right, because that's 56 00:03:13,560 --> 00:03:15,480 Speaker 3: how your money is actually working for you over the 57 00:03:15,520 --> 00:03:18,000 Speaker 3: course of time. But another question that I get about 58 00:03:18,040 --> 00:03:20,760 Speaker 3: the brokerage is like even like how to set it up, 59 00:03:20,760 --> 00:03:22,800 Speaker 3: and it's it's really not too complicated. Guys, like you 60 00:03:22,840 --> 00:03:26,160 Speaker 3: go to the app store and you download Charles Schwab 61 00:03:26,280 --> 00:03:29,280 Speaker 3: is another one, or you download Fidelity and all of 62 00:03:29,320 --> 00:03:33,640 Speaker 3: these these these apps and platforms have similar type of 63 00:03:33,680 --> 00:03:35,800 Speaker 3: things where you just got to fill in your information. 64 00:03:36,280 --> 00:03:38,200 Speaker 3: So they have to it's called like know your customer, right, 65 00:03:38,240 --> 00:03:41,520 Speaker 3: so they're actually you're like your social the actually your number, 66 00:03:41,600 --> 00:03:44,520 Speaker 3: your email. You have to provide this information. Guys like 67 00:03:45,640 --> 00:03:46,760 Speaker 3: you can't try. 68 00:03:46,520 --> 00:03:47,760 Speaker 1: To ain't. 69 00:03:49,800 --> 00:03:52,160 Speaker 3: You got to provide. You got to provide this information 70 00:03:52,960 --> 00:03:56,440 Speaker 3: and then from there you link your bank account to it. 71 00:03:56,640 --> 00:03:58,800 Speaker 3: This is important for people to fully understand as well, 72 00:03:58,800 --> 00:04:01,240 Speaker 3: because they're like, well, how do I get money into 73 00:04:01,320 --> 00:04:01,760 Speaker 3: the account? 74 00:04:01,800 --> 00:04:01,880 Speaker 1: Right? 75 00:04:02,040 --> 00:04:04,280 Speaker 3: I gotta fund it. You link your bank account to it, 76 00:04:04,640 --> 00:04:06,600 Speaker 3: and then you fund it, and then that that funding 77 00:04:06,640 --> 00:04:09,000 Speaker 3: goes both ways. So you put money in from your 78 00:04:09,040 --> 00:04:11,200 Speaker 3: bank account and put two thousand dollars for my bank 79 00:04:11,200 --> 00:04:14,400 Speaker 3: account into Fidelity, and then when it's time to move 80 00:04:14,440 --> 00:04:17,960 Speaker 3: for money from Fidelity to your bank account, vice versa, 81 00:04:18,160 --> 00:04:21,599 Speaker 3: vice versa. But where it's hell that this is important, 82 00:04:21,880 --> 00:04:23,719 Speaker 3: but retirement. 83 00:04:23,880 --> 00:04:25,400 Speaker 1: Can I give them a hack from what you just said. 84 00:04:25,600 --> 00:04:28,280 Speaker 1: This is important too because that transaction time. It can 85 00:04:28,360 --> 00:04:30,039 Speaker 1: if you're a new customer, that might take five to 86 00:04:30,080 --> 00:04:32,919 Speaker 1: seven days. And so for us having money that we 87 00:04:33,040 --> 00:04:34,920 Speaker 1: sent and we don't know where it's going and it's 88 00:04:34,920 --> 00:04:37,040 Speaker 1: taking five to seven days. Is a new account opening 89 00:04:37,400 --> 00:04:39,320 Speaker 1: you could fill a little ANNGST. 90 00:04:39,040 --> 00:04:41,680 Speaker 3: Especially robodod. 91 00:04:42,320 --> 00:04:44,600 Speaker 1: But what you can do right and this is and 92 00:04:44,640 --> 00:04:47,120 Speaker 1: this is a good tip. I use E trade and 93 00:04:47,160 --> 00:04:50,640 Speaker 1: so when E trade, I found out the wire instructions, right, 94 00:04:50,680 --> 00:04:52,560 Speaker 1: So when I get the wire instructions that come from 95 00:04:52,600 --> 00:04:55,240 Speaker 1: E trade, now when I send the money. Right, let's 96 00:04:55,240 --> 00:04:57,839 Speaker 1: say I'm sending five thousand dollars to my E trade account, 97 00:04:58,200 --> 00:05:01,160 Speaker 1: that's gonna get there within the thirty minutes rather than 98 00:05:01,200 --> 00:05:03,480 Speaker 1: waiting five to seven days. And so yes, you can 99 00:05:03,520 --> 00:05:05,839 Speaker 1: do the AH transfers with take three to five or 100 00:05:05,839 --> 00:05:08,080 Speaker 1: maybe five to seven if it's senior account, or you 101 00:05:08,120 --> 00:05:11,360 Speaker 1: can get your brokeraches wire information and have that money 102 00:05:11,400 --> 00:05:14,120 Speaker 1: expedited because five to seven days in the market can 103 00:05:14,200 --> 00:05:17,080 Speaker 1: change a lot, right, like we saw over the past week, 104 00:05:17,480 --> 00:05:20,239 Speaker 1: right on Monday's suth by Friday, you could have lost 105 00:05:20,240 --> 00:05:21,520 Speaker 1: a lot or you could have gained a lot. So 106 00:05:21,520 --> 00:05:22,800 Speaker 1: you want to make sure that your money gets there 107 00:05:22,800 --> 00:05:26,160 Speaker 1: in expedited fashion. Why transfers is another way that you can. 108 00:05:26,200 --> 00:05:26,719 Speaker 1: You can hack that. 109 00:05:26,800 --> 00:05:28,320 Speaker 3: And then the last day I say before we move on, 110 00:05:28,480 --> 00:05:31,960 Speaker 3: is that I used to get this a lot. When 111 00:05:32,000 --> 00:05:34,880 Speaker 3: people are talking about their four one ks, they'll have 112 00:05:34,920 --> 00:05:36,680 Speaker 3: a four to one K. The money's coming out of 113 00:05:36,680 --> 00:05:38,960 Speaker 3: there that they're checking it their money's coming out of 114 00:05:38,960 --> 00:05:41,880 Speaker 3: their paycheck and they automatically assume that it's being invested in. 115 00:05:41,880 --> 00:05:43,320 Speaker 3: I asked, like, what are you invested in? They're like, 116 00:05:43,360 --> 00:05:44,920 Speaker 3: I don't know, did not see their statements, and they're 117 00:05:44,920 --> 00:05:47,760 Speaker 3: not actually invested in anything. When your money goes into 118 00:05:47,800 --> 00:05:50,080 Speaker 3: a brokerage account, it goes into what's called the money market. 119 00:05:50,520 --> 00:05:53,880 Speaker 3: That's like a savings account pretty much for a brokerage account, 120 00:05:53,920 --> 00:05:58,800 Speaker 3: like it's sitting on the sideline. You have to direct 121 00:05:58,920 --> 00:06:00,920 Speaker 3: where the money's going. So the next thing we'll talk 122 00:06:00,920 --> 00:06:04,920 Speaker 3: about like actual investments. But don't think that. Okay, I 123 00:06:04,960 --> 00:06:07,920 Speaker 3: opened up Fidelity, link it to my Chase bank account. 124 00:06:08,279 --> 00:06:12,000 Speaker 3: I put two thousand dollars from Chase into Fidelity, and 125 00:06:12,000 --> 00:06:15,840 Speaker 3: now I'm invested into the stock market. That's not you're not. 126 00:06:16,200 --> 00:06:17,800 Speaker 3: But like I said, that's not how it works. That 127 00:06:17,839 --> 00:06:19,719 Speaker 3: actually happened. Like I said, I I see that. I 128 00:06:19,720 --> 00:06:21,920 Speaker 3: saw that with retirement when I was a financial body, 129 00:06:21,920 --> 00:06:24,039 Speaker 3: I used to see that with retirements. People have money 130 00:06:24,080 --> 00:06:26,320 Speaker 3: they used to have like twenty fifty thousand dollars into 131 00:06:26,360 --> 00:06:29,080 Speaker 3: their retirement account because they didn't. They didn't. They would 132 00:06:29,080 --> 00:06:32,200 Speaker 3: never fully educated that you had to pick something, and 133 00:06:32,560 --> 00:06:35,000 Speaker 3: they just the default for their retirement plans was a 134 00:06:35,000 --> 00:06:37,280 Speaker 3: money market account until they decided what they wanted to 135 00:06:37,320 --> 00:06:39,440 Speaker 3: do with the money. They never decided what they wanted 136 00:06:39,480 --> 00:06:41,640 Speaker 3: to do with the money, and the money was not growing. 137 00:06:41,680 --> 00:06:44,360 Speaker 3: It's not a money market is not invested, right, that's 138 00:06:44,400 --> 00:06:46,760 Speaker 3: like a like zero, it's sitting on it's sitting on 139 00:06:46,800 --> 00:06:50,000 Speaker 3: the sideline side. That's just important. Just because you open it, 140 00:06:50,080 --> 00:06:52,320 Speaker 3: you put it in. Now from there you have to 141 00:06:52,320 --> 00:06:53,279 Speaker 3: actually put into an investment. 142 00:06:53,320 --> 00:06:54,719 Speaker 1: That's a fact, Chris. I'm gonna go back up to 143 00:06:54,760 --> 00:06:58,080 Speaker 1: this slide where we're looking at the brokerages. Yeah, is 144 00:06:58,080 --> 00:07:00,919 Speaker 1: there one that you prefer the other? Case by case? Like, 145 00:07:00,960 --> 00:07:04,400 Speaker 1: I know each trade is not on there. Everybody euyou knows. 146 00:07:04,400 --> 00:07:08,000 Speaker 1: I love E trade, but I'm rade so not because 147 00:07:08,120 --> 00:07:11,560 Speaker 1: for informational purposes it's easier for me. I love the 148 00:07:11,600 --> 00:07:13,920 Speaker 1: way that we can get information. Is there is there 149 00:07:14,400 --> 00:07:16,040 Speaker 1: one that is preferred or the. 150 00:07:16,000 --> 00:07:21,520 Speaker 2: Other Vanguard for long term I prefer for strictly long 151 00:07:21,600 --> 00:07:25,000 Speaker 2: term and or Fidelity. You can't go wrong if that's 152 00:07:25,040 --> 00:07:28,400 Speaker 2: the mindset. I'm buying holding this for at least ten years. 153 00:07:28,720 --> 00:07:33,920 Speaker 2: Vanguard and Fidelity are phenomenal. E trade Robinhood in one Finance. 154 00:07:34,000 --> 00:07:37,040 Speaker 2: Some of those other ones are good too because they 155 00:07:37,080 --> 00:07:41,040 Speaker 2: provide even more information and news and other things that 156 00:07:41,120 --> 00:07:45,080 Speaker 2: it is helpful to the user. So there's no order. 157 00:07:45,320 --> 00:07:49,160 Speaker 2: But except for the long term piece, Fidelity and Vanguard 158 00:07:49,280 --> 00:07:52,880 Speaker 2: are the ones you're not trying to trade in those well, 159 00:07:52,960 --> 00:07:55,480 Speaker 2: Vanguard at least you're not using that to be a trader. 160 00:07:55,520 --> 00:07:59,760 Speaker 2: You're trying to You're purposely intently trying to invest ernest. 161 00:07:59,760 --> 00:08:00,200 Speaker 2: What's the up. 162 00:08:00,280 --> 00:08:02,760 Speaker 1: You ever walk into a small business and everything just 163 00:08:02,920 --> 00:08:06,120 Speaker 1: works like the checkout is fast, their seats are digital, 164 00:08:06,640 --> 00:08:09,600 Speaker 1: tipping is a breeze, and you're out the door before 165 00:08:09,600 --> 00:08:13,760 Speaker 1: the line even builds odds are they're using Square. 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