Resources

Hi,

I hope to update this page as I find new resources such as books and useful websites.  Hopefully there are no more brokerage accounts I mention though!  Please note that everything on this page is my opinion/personal preferences and not a recommendation to use any of these items listed below.  My goal is to not pay commission fees!

Brokers

Here's an area I certainly went overboard on.   Over time I kept opening up new brokerage accounts for different reasons, which clearly became a problem.  However, I can say that it was easy during tax time as each of these allows for automatic import into TurboTax.  The first account I opened was TradeKing followed by many others for various reasons as I will talk about below.  Not only do I plan on scrubbing by stock holdings, but I also hope to close some accounts to make it easier to track my holdings in the future.  I currently update my holdings into a spreadsheet which then automatically updates based on google formulas.  It is not as daunting of a task as you may think and I think it is a great way to track your holdings if you have multiple brokerage accounts.  As you will see, I have virtually eliminated trading fees by using Loyal3, Robinhood, and Vanguard as I transition out of the others.


Loyal3 - This is one of the best accounts I have opened.  It is great for a long term investor, but might not be great for the short term because it uses batch trading.  Thus, you will not know the price your order was executed at until after the transaction is complete and you need to place the order by 2PM that day.  It currently offers 70 different companies you can invest in with as little as $10 orders.  What makes it great is that there are no transaction costs and you can set up automatic investments.  I am currently investing automatically into 16 stocks throughout the month with investments from $10-$50 in each.  Some downsides include that there are only about 70 companies you can invest in and batch trading might not be right for everyone.  Personally, this is my favorite account as I let it ride automatically and do not make any irrational decisions.  Oh, and they let us average investors have an opportunity to invest in IPOs!


Robinhood -  This along with Loyal3 are my favorite brokerage accounts.  It is absolutely free to use and is perfect for investors looking to buy a small number of shares.  I was always hesitant to buy shares in companies because commission fees would add up.  If you are investing for the long term it may not even matter to pay fees, but for me it makes no sense.  You must have an iOS device to use their service and it is only available on phones, but it really is commission-free.  The only downside is that you would not be able to do research on on your phone, but that is not really an issue as you can use other sources available online.  A nice feature they have added is a "Dividends" section, which will show you all of the dividends paid and scheduled.  It's an easy way to see what dividends will be coming to you soon!




Vanguard -  I am sure you have heard of Vanguard before.  I originally opened Vanguard for me to open a Roth IRA.  Now, I use this account to invest in VYM.  I also hope to use this to buy VIG, VIGI, VYMI, and VDIGX.  I plan to do more research and then decide which ETFs are best for me.  I like the ETF's as they give good exposure to a wide variety of industries.  VIGI and VYMI are new international dividend ETF's which I hope to look as well.  These are also a good way to find out what holdings within the ETF may meet your dividend criteria (whether it be high dividend, dividend appreciation, or dividend growth).  I buy these ETF's here as there are no transaction fees when you buy Vanguard ETF's or mutual funds on their site.  Although, I could have done the same on Robinhood, I am buying them here monthly in hopes of potentially moving the ETF shares to Mutual Fund if it makes sense at the time I have the minimum investment amount.  More research about ETFs vs Mutual Funds must be done on my part.



COMING SOON...









I also have a Tradeking and Fidelity account which have a few holdings.  I use Tradeking because its commission fees are low at $4.95 a trade, and Fidelity because it is where my work 401(k) is.



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4 comments:

  1. Hi Dividend Mogul,

    Looks like the commenting is working! Wanted to let you know that the links above currently go to pictures. Do use all of the above services? That's got to be hard to keep track of if you do!

    Scott

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    1. Hi Scott,

      Thanks - Yup I plan to write a little bit about each as I am able to, but I do use all of the above. Makes it easier to automate without having to pay any trade fees since I have been investing minimal amounts. Sometimes it does take a bit of extra time to update my shares and cost basis in my spreadsheet, but everything else updates automatically =)

      -Dividend Mogul

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  2. Not to plug my site too much, but my dividend stock portfolio tracker (for Google Sheets) automates the shares and cost basis calculations as well. Might be useful to you: http://www.twoinvesting.com/2013/08/investing-spreadsheets/

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    Replies
    1. Scott,

      Thanks for sharing, I had actually come across it before but decided to give it a chance after you mentioned it here! Took a lot of time to get my transactions in but WOW! Very useful to see an overview of my portfolio especially the charts. Actually ended up using it in my latest post. Thank you so much!

      Cheers
      Dividend Mogul

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