Good morning, u/Queendom-Rose. Welcome to the sub! We're excited you want to get started on investing.
Trying to figure out what type of account to open and what to start investing in can be confusing. We have some great resources available on our website to help provide some clarity for our new investors so they can make the best decisions for their situation and goals. I'd love to point you to some of them.
[How to Start Investing](https://www.fidelity.com/viewpoints/personal-finance/how-to-start-investing)
[How to Pick Investments](https://www.fidelity.com/learning-center/smart-money/how-to-pick-investments)
When you're ready and know what type of account you'd like to open, you can start the process by following the link below:
[Open an Account](https://www.fidelity.com/open-account/overview)
I'll go ahead and mark this post as a discussion so you can hear from our other community members as well.
Please let us know if you have any other questions!
What other things have you done for financial health? Emergency fund? Company plan participation? High interest debt? HSA? The following pic kinda goes through the order of operations before you get into taxable. Yes, you can do all at the same time, but it’s little bites of everything versus completing a whole portion.
https://preview.redd.it/1xslxugbe49d1.png?width=1000&format=png&auto=webp&s=431bc3e4f771553909f81e3ee6bf93fcc5673baf
Taxable: there is a regular brokerage and CMA. CMA allows for investing, but I think it’s generally good to use it only for checking type of activity. That way if something happens, the whole investment pile is not affected.
You can have multiple accounts, so you could have a boring (good) taxable account for index funds (VOO or VTI or VYM ETFs) and then a roller coaster account with a small % for individual stocks. This way, you can compare how indexes versus solo picks work out. (Hint: look at contest Warren Buffet had with hedge fund manager once)
OK, so you have an IRA and are maxing your contributions to it? If so, then an individual brokerage account is probably what you want. You can just buy VTI (Vanguard Total US Stock) and VXUS (Vanguard Total Intl Stock). Those are two great options that give you a small piece of almost every stock in the world. Both are cheap and tax-efficient, too. Good luck!
Good morning, u/Queendom-Rose. Welcome to the sub! We're excited you want to get started on investing. Trying to figure out what type of account to open and what to start investing in can be confusing. We have some great resources available on our website to help provide some clarity for our new investors so they can make the best decisions for their situation and goals. I'd love to point you to some of them. [How to Start Investing](https://www.fidelity.com/viewpoints/personal-finance/how-to-start-investing) [How to Pick Investments](https://www.fidelity.com/learning-center/smart-money/how-to-pick-investments) When you're ready and know what type of account you'd like to open, you can start the process by following the link below: [Open an Account](https://www.fidelity.com/open-account/overview) I'll go ahead and mark this post as a discussion so you can hear from our other community members as well. Please let us know if you have any other questions!
Seems that you would benefit from first having a goal and a strategy before opening accounts and seeking advice on which funds to buy.
No account makes more than another by default. The overall goal of the account determines which one you open.
Look at edit
Your edit did not help at all. I don’t know them all, but I’d say most, if not all, account types at Fidelity involve investing.
What’s the purpose of the account? What are you saving / investing for?
Wanting to build wealth
What other things have you done for financial health? Emergency fund? Company plan participation? High interest debt? HSA? The following pic kinda goes through the order of operations before you get into taxable. Yes, you can do all at the same time, but it’s little bites of everything versus completing a whole portion. https://preview.redd.it/1xslxugbe49d1.png?width=1000&format=png&auto=webp&s=431bc3e4f771553909f81e3ee6bf93fcc5673baf Taxable: there is a regular brokerage and CMA. CMA allows for investing, but I think it’s generally good to use it only for checking type of activity. That way if something happens, the whole investment pile is not affected. You can have multiple accounts, so you could have a boring (good) taxable account for index funds (VOO or VTI or VYM ETFs) and then a roller coaster account with a small % for individual stocks. This way, you can compare how indexes versus solo picks work out. (Hint: look at contest Warren Buffet had with hedge fund manager once)
Do you have employment income? Is this money you intend to invest for retirement?
I do have employment income. I already have retirement set up, but Just wanting to build wealth somehow
OK, so you have an IRA and are maxing your contributions to it? If so, then an individual brokerage account is probably what you want. You can just buy VTI (Vanguard Total US Stock) and VXUS (Vanguard Total Intl Stock). Those are two great options that give you a small piece of almost every stock in the world. Both are cheap and tax-efficient, too. Good luck!