In the past week and a half, I began investing in Robinhood. Within Robinhood, investors have the option to buy index funds, mutual funds, ETFs (exchange-traded funds), stocks, bonds, and a wide variety of investment options. Initially, the process seemed quick and straightforward, although it took a week longer than expected. The process started with creating the Robinhood account on the app on March 8th. Along with making the account, an SSN was needed along with other information. Around a day after the account was created, an email was sent requesting my SSN and other personal documents to verify my identity. Once document photos were sent in, confirming the documents to have an official account took around three days. In addition to the account as a whole, it also needed to be connected to a bank account or some income to buy investments. This process took another two to three days for the bank account to connect, and the creation process would be finally completed. Once completed, I was finally able to start investing! On March 13th I invested in 1 QQQ index fund share for $441, 0.017545 of a share of NVIDIA for around $15, and 0.056102 of a share of Amazon for $10.
My goal for this investing term or the next three months is to raise income that, if the amount ends up over the amount invested, will be donated to various organizations. In terms of investments, I choose QQQ in order to have a less risky fund to invest in known to grow over time. I also chose the other investments in order to balance the investments out and have a more diverse portfolio. As of right now, my portfolio holds 93% ETF which includes QQQ, and 7% stocks including Amazon, MetLife ($8 worth), and Nvidia.
If you have any additional questions about starting to invest in Robinhood and how it works, email me at apratt24@vms.edu
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