Five Good Reasons to Investing Online
These are the five good reasons why to start your investing online today.
Scenario: You want to buy a stock.
Here are the five steps you must take when employing a licensed stock broker to buy a stock for you.
Reason #1 - Call them up.
You call the broker up and get a receptionist who takes your name and number down.
When the broker is ready or has some spare time, he/she will call you back.
It may not even be that day.
Reason #2 - Schedule an appointment.
Then, the broker asks you to come in for an appointment so that he/she can "get to know you".
This is an important rule in financial advising but, you may just want to buy a stock.
At this point, they will ask for your financial history so that they can decide if they want to take your business.
Reason #3 - Schedule a second appointment.
Now that the broker knows who you are, and deems that you are worthy to do business with, you must go back and fill out a bunch of questionnaires about your finances so that they can see where you are in your financial life.
Here, they are digging for other opportunities to sell financial products to you.
Reason #4 - Schedule a third appointment.
Now you are finally ready to open your account.
You open the account and the broker says that the fee will be a minimum of $65 or 2.
5-3.
5% of the trade, whichever is GREATER.
For example if you want to buy a 100 shares of Exxon at $70.
00.
It will cost you $7,000 plus $175 for the commission.
You will have to also SELL it.
There's another $175 for a grand total of $350 to buy and sell 100 shares of Exxon at $70.
This is compared to $7-$10 per trade when investing online.
Reason #5 - Advice and Monitoring.
Your broker places the trade and you never hear from him/her again.
They told you they would keep you updated and send reports, etc.
Now you never hear from them, you get a monthly or quarterly statement that shows your stock going down, and when you call them, they tell you to hold it.
Conclusion - You just paid someone $175 to make you wait three weeks, make you fill out all this paperwork, and now doesn't even acknowledge your account.
Investing online is the only way to go.
Scenario: You want to buy a stock.
Here are the five steps you must take when employing a licensed stock broker to buy a stock for you.
Reason #1 - Call them up.
You call the broker up and get a receptionist who takes your name and number down.
When the broker is ready or has some spare time, he/she will call you back.
It may not even be that day.
Reason #2 - Schedule an appointment.
Then, the broker asks you to come in for an appointment so that he/she can "get to know you".
This is an important rule in financial advising but, you may just want to buy a stock.
At this point, they will ask for your financial history so that they can decide if they want to take your business.
Reason #3 - Schedule a second appointment.
Now that the broker knows who you are, and deems that you are worthy to do business with, you must go back and fill out a bunch of questionnaires about your finances so that they can see where you are in your financial life.
Here, they are digging for other opportunities to sell financial products to you.
Reason #4 - Schedule a third appointment.
Now you are finally ready to open your account.
You open the account and the broker says that the fee will be a minimum of $65 or 2.
5-3.
5% of the trade, whichever is GREATER.
For example if you want to buy a 100 shares of Exxon at $70.
00.
It will cost you $7,000 plus $175 for the commission.
You will have to also SELL it.
There's another $175 for a grand total of $350 to buy and sell 100 shares of Exxon at $70.
This is compared to $7-$10 per trade when investing online.
Reason #5 - Advice and Monitoring.
Your broker places the trade and you never hear from him/her again.
They told you they would keep you updated and send reports, etc.
Now you never hear from them, you get a monthly or quarterly statement that shows your stock going down, and when you call them, they tell you to hold it.
Conclusion - You just paid someone $175 to make you wait three weeks, make you fill out all this paperwork, and now doesn't even acknowledge your account.
Investing online is the only way to go.
Source...