If you’ve read any of my blog posts, you know that I’m on a $30,000 Journey to Debt Freedom. Part of that journey involves me seeking new ways to earn extra income. And, a little over two months ago, I came across Robinhood. If you haven’t heard of it, it’s an amazing app that allows you to trade stocks, stock options and cryptocurrencies for free. It works with both Android and iPhone. And, it has simplistic tutorials that can help in your decision-making.
Let me just preface the rest of this post by saying that I’m not a financial advisor and I would never tell anyone to buy this stock or that option. But, I am going to share with you what I’ve learned using Robinhood and hope that it encourages you to do your research and act accordingly.
What I Learned Using Robinhood
Options offer more leverage than stocks.
With options, you’re able to purchase contracts that allow you to effectively control 100 shares of a certain stock, at a certain price, up until a certain date for a fraction of what it would cost to actually own the shares. I know that may sound a bit confusing, but I want you to do some research on options so that you can be informed for yourself.