Episode 35 – How To Use a Brokerage Account to Invest Your Extra Cash
You don’t need to be a broker or an advanced trader to open a brokerage account. I share how these taxable investment work, how easy it is to open one, and how they should be used in addition to retirement accounts so that you can be financially independent!
Brokerage accounts can help you live your best life by helping you sell stock to fund short term and long term expenses. The great thing about brokerage accounts is that you have control over your money since it’s not tied to retirement. You can make withdrawals when the time is right for you. You can use it as a tool to save towards a large future purchase or a short term expense.
An example of mine is when I sold $3,000 of my Tesla stock in my brokerage account! I GLADLY used that money to hire a my Latina business coach. I had some cash set aside in my emergency fund but didn’t want to dip into it, so I sold some stock instead. The process was easy. I logged into my account while on the beach in Playa del Carmen. I clicked a few items and done. It took about two days for the cash to settle and then I had the money deposited into my checking account.
Hiring a business coach was a game changer for me! I made back over double my $3,000 investment within a month! I reaped the rewards of investing both in the stock market and in myself.
Investing in a brokerage account can help you achieve shorter term goals outside of retirement. I think people automatically associate investing with retirement, but I want to break that myth. Yes, ultimately my goal is to have enough investments that I can retire and take care of my future 60 year old self.
I’m hosting my next investing masterclass on these types of accounts. Anyone who wants to build wealth to help themselves AND others is welcome!
Listen to my podcast episode #35 on investing with a brokerage account here.