Failure 1: My Vanguard accounts hadn’t fully liquidated yet. Fair, that’s on me.
Failure 2: “You selected a partial transfer, not a total transfer.” Pretty darn sure I did not, but if so, why did it not partially transfer?
Attempt 3: Initiated on 10/24, takes 2-3 business days. 24th, 25th, 28th… it is the 29th. Pending. I suppose it’s still the 3rd full business day after the close of the initial day.
If this is anything like last time they will extend the promotion window
Thanks @Klaymen
Can’t use my money quite yet, guessing another day for things to clear. Not loving their interface, but for something I’ll dump money into 1x/year and forget, it’s fine.
Lol, I was able to select all my investments. Robinhood’s purchase confirmation button is green if the stock went up today and red if it went down today. They really do market to people who play investments as a game.
Yeah it’s a bit bizarre but I’ve gotten used to it. Easiest almost $10K you’ve ever earned.
Robinhood shares are tanking a bit.
You guys are feeding their AUM but they are still in scale up mode giving out lots of freebies.
I have a few extra bucks from a severance payment so I opened up a RH account with some $.
Invested in SPY, HUM and KSS. Will prolly also grab some of Berkshire Hathaway something or other. Then just keep putting $ in these. Maybe gold, maybe some crypto at some point too.
Could be a separate thread topic, but would Robinhood be a good place to set up accounts for my kids? Like I could put some allowance money in there monthly and they can start learning about investing and making decisions buying one share of stock at a time.
Any general advice on doing something like this?
Greenlight lets kids invest. I don’t know what the options are, but my son has that option if we turn it on for him.
Robinhood encourages trading too much which is not the way that I think you should introduce kids to investing. By contrast I think that M1 finance offers a much better approach.
Beware of M1’s platform fee though, if your total of account balances is less than $ 10,000 M1 will charge you $ 3.00 per month. Maybe that’s less than acorns or betterment for small accounts.
You could also consider Vanguard for a less trading-oriented experience but personally I have soured on Vanguard.
I recommend a custodial account for children which I don’t think Robinhood offers yet
I have one opened up for each kid at fidelity and will transfer everything over to them when they hit 21
They are in the kiddie income tax bracket so as long as you aren’t constantly buying and selling you will easily be below the $1.5k tax free threshold. Or you can just buy all Berkshire Hathaway stock and pay zero on their taxes as well
Looking back, I wish I’d of done some kind of investment account vs a whole life insurance policy for my kids. There’d almost certainly be more value with the investment account in hindsight.
Looking at it a bit closer, the WL policy promised a lot more in less time than what actually happened.
Kids will still have to pay taxes on dividends. And mutual funds ARE constantly buying & selling, though some more than others so it certainly depends on what you invest in.
Also the threshold before the kiddie tax kicks in is $2,600 for 2024. The first $1,300 is tax free and the next $1,300 is taxed at the kid’s tax rate (probably 0%). Unearned income above $2,600 is taxed at the parent’s tax rate.
I think mutual funds are basically a dying thing now that you can buy fractional shares in an ETF
But yes thank you for clarifying. I am new to this
ETFs would have dividends too.
you screwed up and stayed alive! the biggest return possible would have been bad for you individually
Ah I was thinking about mutual fund distributions that ETFs don’t have to worry about
Yeah, the capital gains should be less than something that’s actively managed, but if they invest in dividend-paying stocks then there’s some taxable income.
Also… may as well soak up the $2,600 tax free cushion. You could invest in a mutual fund that will have capital gains (which, all else equal, increase your basis) until you’re getting close to the $2,600 and then switch to an ETF.
Or if you like the ETF then selectively sell some or all of it when it’s up, take the taxable income that’s going to be taxed at 0%, and buy it right back… bumping up your basis.
Wash sale rules do not apply to gains… only losses!!!
Does Robinhood essentially not allow you to view your IRA performance over a specific period of time?
I can see the total value of my IRA over time, and going to Retirement>Settings>Investing>Roth IRA, I can see the all-time returns of the IRA.
I wish, like with Vanguard, I could choose to see my returns over 1W, 1M, 3M, 12MTD, YTD, 3Y, etc.
In my app (iPhone), below the green line I have options for 1D, 1W, 1M, 3M, YTD, 1Y, and total. Maybe after mine is older I’ll have options for 3Y and 5Y. If I click on one of those it will display the % return over that time period below my account $$$.