The best broker to use

You've probably asked yourself (or someone else) the same question - what broker is best to use? 

And whilst there are definitely things to look out for, and certain shortcomings that Robinhood and eToro have (even though they SEEM cheap)... it's important to know what to know BEFORE you ask the broker question. Because you may not even need a broker.

Get access to the Little Black Book here: www.littleinvestorpack.com

Join us inside Investing Bootcamp and become a confident investor here: www.investingbabe.com

xo
Simone

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You're here because you want more out of life, more money, pleasure, flow, freedom, luxury. He, uh, we are all about an unwavering Southwest and a net with you. Love to talk about. My name is Simone messa Huggins. I'm your resident unapologetic wealth queen. So far I've built seven figures from the ground up, and these community is now doing the same. The ms. Wealthy movement is here to help you be more of the bad-ass queen. You were born to be so tune in for everything, investing money, energetics, millionaire, mindsets, and everything in between. If you want to be a powerful player in the money game, in the right place. Welcome to the kiss, my money podcast.

Sure.

Hello My beautiful humans. I just wanted to say before I jump into this episode, thank you so much for all of your comments, feedback, emails, DMS, everything. Uh, on the last episode, I also wrote a post about it and, um, about the dark night of the soul and, you know, just the number of people that had come back to me saying they were either in it and feeling exactly the same thing or have been in it before, or were feeling very similar things and didn't know how to explain it or felt bad about themselves because just, just so many beautiful, amazing stories, but also support. And, um, I really honor you and I tried to get back to everyone, but if I didn't, I, I read everything and thank you. Thank you. Thank you. I am actually quite happy to report that things have shifted, um, shifted more recently in the last maybe week or 10 days or so things feel lighter, which is lovely.

Of course, uh, the clarity element isn't particularly there, uh, around the company and where to take the company. But, you know, I have clarity around other things like desires and which I'm always, which is always usually there for me and very present for me. And I talk about this a lot, particularly in a Bonanza line about really being clear about your desires, because it really is from a beautiful source driven, hot space driven space. And that's literally the only place that you can actually manifest from, from having really clear desires. But currently my desire is that actually nothing really deeply to do with the company ms. Wealthy and more to do with, um, home environment. Meaning I have been manifesting for a while, a big beautiful, expensive home overlooking the ocean. So I live in North Bondi currently

And,

Uh, it doesn't have ocean views. So I have, we have been looking for a place for a while and just the right place, just hasn't come up. Now we are looking to rent. Renting is H twice, um, w I don't have the emotional need per se to have my own home. It's just not there. It's also a financial decision because I'm not going to go into it in this episode, but owning a home is often not actually a financial,

Um, yeah.

Financial move that puts you ahead. If you have specific financial goals and I'm going to do like an actual quick little video on that, um, as a separate thing, to actually explain the difference between investing and putting down more money into your mortgage, for example, and the difference of why it's actually doesn't pay

Anyway, how many tangents was that? So

Why did I even start talking to you on my desires? Oh, right. Because I wanted to just, just tell you darken out of the soul. I think, I don't know, maybe as I'm making my way out of it now, and now I'm just calling the clarity around the company. I did say in a, in a post that, you know, the one thing that hasn't changed is really driving this company, making this company something that is the beacon for women to stand unapologetically in their power around wealth creation and having more money holding or money, receiving more money, being really worthy of all of their desires and just stepping into their power around the practical side, like financial literacy and investing obviously, but also the energetic and spiritual side of wealth. Like it really is a holistic wealth approach

To

Money because money is just energy. Money is just energy. Okay. So that's not going away, but I think that the direction that I'm taking it in investing bootcamp is still going to remain. Um, obviously if you, you've probably heard me talk about investing bootcamp, but if you and you hit new here is the signature miss wealthy program around teaching moment to invest. It has comes with support so that we drive you as a community to really invest, and then put you through the strides of not just the first investment, but literally creating a portfolio and building that towards your financial freedom. Uh, and abundance aligned is going to be dismantled and broken down into other things. I'm making the money management training, which you currently only get inside the investing bootcamp. I'm going to make that available as a standalone, like bundle essentially for you to learn money management, because this is so crucial to an underpins.

So many things, so many things, um, and really just both the practical, but also how you feel about money, uh, because it has an emotional hold on. So many people and budgeting does not work it's it sucks. And it puts people into fight or flight, and it just doesn't work. So the money management mastery is a training that I'm going to make available as a separate. So if you are not in a place yet that you want to start investing, or you're ready to start investing, then at least get your money management, the practical side of it sorted. And then the, uh, energetic side is there's going to be more coming on that too, because I'm really seeing, I'm not seeing anyone teach effective money manifestation

That

Doesn't rely solely on practices and really about money manifestation that comes from within and works on the core of the you calling on your desires and breaking down the barriers of their resistance to receiving them. Most people teach about the actual practices like affirmations, and they just don't work. They don't work unless you have the underlying

Route essentially cleared. Okay.

That, wasn't what we're going to talk about today. Today is an episode about the, probably the number one question I get. If it's not, how do you start? How do I start investing? It is what Broca do I use? That question is on repeat. And I'm going to give you the shortcut answer right now, and then tell you why the shortcut answer to what broker do I use is that's not the question, babe, because the question needs to be, or the answer needs to come. First of what am I investing in and how do I want to invest? And if you don't know the answer to those two things, that's totally fine, but it's also, it also means that you need to find, find that out, what that out. And if you haven't yet worked that out, or if you don't know what that means, and you need guidance own what that means or what that is for you, then both little black book and investing bootcamp, do that for you. The price of little black book is going up is going from, I think it's around 50 or 60 or $70, but it's going to go out. It's going to double in price because it's way too cheap at the moment for like, so it's going to be like a hundred dollars. It's very

Compact, little bundle training today,

Teach you about how to start investing. And it'll tell you the what right? And the how, which then determines what broker you use, because sometimes you don't even use a broker. You go direct to a company like Vanguard, for example, who offer index funds as a direct investment. And you cut out the broker, there are pros and cons to both. And I go through what they are in detail inside investing boot camp and give you the support of what you know, which to actually choose. That is right for you and how to build a portfolio around it as well. And give you the, all the support that you need to kind of handhold you through the process of starting. Um,

So

Really the short answer is

You

First need to know what you're investing in, and then you also need to know how you, how you want to invest, because there are different ways, and there are different ways that suit people in for different reasons. So you might want to start with a smaller amount of money. Maybe you want to start with a thousand dollars, a $5,000 or $10,000. You might want to deposit regularly and make regular investments. Uh, if you're in investing bootcamp or even if you're not, and you know enough about dollar cost averaging, it is essentially the key to consistently multiply your returns on a basis that people cannot predict what happens in the market volatility and ups and downs, which means you have to dollar cost, average dollar cost. Average is just a fancy way. One of those terms in the market of saying regular investing.

So whether

That's every week or every month or every quarter regularly investing into the market, because that way you average out the dollar that you put in, along with the ups and downs and the bumps and the volatility, because risk is just part of the game. Uh, it, we have to accept it as a thing, really the thing that is inherited

In any investing. Yeah.

Once you understand that risk is it's basically a requirement you realize that not taking risk is actually the largest risk. There is. I'm going to say that again. When you understand that risk is actually a requirement of investing, you realized that not taking on risk is the largest risk. There is, uh, there is risk in everything that we do, and the most bizarre thing that happens. And this is the paradox. This is literally the irony of investing. Particularly. I see it women more predominantly because of the desire for safety and security, the opposite of which is what risk. And so what women don't do is invest because of the fear of the risk, the fear of losing money, the fear of losing everything, that fear of all of their cash, going to zero, which if you actually learn to invest the right way, it doesn't happen.

Oh, I wish I could just walk around telling everyone that if you invest the right way, it doesn't happen. I will show you the chart of the last 200 years of investing in the market. And you won't see that it does not go to zero when you invest the right way, uh, which is what I teach in inside investing bootcamp. Um, but the, the paradox, the irony is that when you are so worried about the risk, because of that insane, intense need and seeking of safety and security, you actually put yourself in the biggest risk of all, which is not creating safety and security through financial freedom by not investing. So the actual feel of the thing, you know, the opposite of what you want actually ends up creating an environment where you step into that reality. You step into creating the opposite of safety insecurity.

The biggest risk is not having financial freedom. The biggest risk is not having money for you to be free, to have what you want to live the life that you want to just have money in overflow and not worry, not have the anxiety, not have those intense, emotional highs and the worry and the concern, and just, you know, a FIA does to people, right? And that, that is what it is that stress, that overwhelm it is mentally taxing. And so that this is the thing that actually breaks my heart, that women don't do it because of the fear. And then ultimately create the exact thing that they were fearful of. Um, and it's like this slow insidious thing, because investing is just one of those things that people go, I'll do it next year. I'll do it next year. I'll do it when the market's better, I'll do it.

When I have, um, a better job, I'll do it. When I save some more money, I'll do it. You know, when my income increases, I'll do it next, whatever, like it becomes this later thing and the lighter doesn't happen, the lady doesn't happen. And it's just, unfortunately, one of those things that there's always something else to buy, there's always something else that we want because we'll always growing and evolving. And most of the time you're always earning more than you did last year or the year before five years ago or 10 years ago. And so your income is always generally increasing. And so I wish it was just one of those things that I could show women that just start now, because in one year's time, you would have wished you dotted a year ago and it becomes another year and it becomes another year.

And it becomes during the year. And then all of a sudden we're back having the same conversation that I have with so many people. Oh my God, I wish I had just done this last year, two years ago, five years ago, 10 years ago. Uh, and that's, that's why I'm so proud of the women that come in that are in their twenties because it's just like, Holy hell, Holy hell go. You've got it going on anyway. So I wanted to talk about, uh, once you are clear on that, then we get to the broker, uh, question, and it may not even be a broker, because if you go direct with someone like Vanguard, then you're not using technically a broker you're going direct investing in index funds. So you don't need to worry about a broker set up at all, uh, which is really exciting.

You still pay minimal fees, but you don't need to worry about the broker question. It's kind of like trying what, but what I see people do is they go out and set up a broker account, and then they circumvent by doing the investing that suits the broker that they've chosen, which doesn't actually suit them as an investor. It's just that they chose that broker. And now they have to choose that way to invest. Does the broken Matta. Yes, but it's not the biggest piece. It's actually not the biggest piece. And that's really important to note because sure. There are broker fees that vary from depending on what country you're in from $5 to $20 per transaction per buy and sell. But then there are other factors too, like, um, for X spreads, for example, if you use E Toro, therefore X conversion is just insane, insane, insane, insane.

Um, if you use an app like Robin hood, they actually game-ify it and try and make it so that you gamble the way that the investments are set up. Um, and where the homescreen is set up is actually driven. It's designed, it's specifically designed to have people trade more often. So place more trades more often because they still make money on the spread, the spread being various small amounts, uh, in between the price that you pay versus the seller who was selling or vice versa when you are selling someone is buying. So they make money on the spread, the sense in between, and you add up all their sins with literally millions of people doing it and placing trades every day. Then they're making a ton of money, even though they tell you that their fees are zero true, but they're still making money.

They have to make it somehow. Uh, and the way that they do is they gamify it, which is why I don't actually advocate massively for Robin hood. Uh, because it's not setting you up as a successful long-term investor. If you became a trader, then you would not be using Robin hood. Um, would you would learn if you go and do the program that I affiliate for that I advocate for as I want all traders who want to become proper traders to go and learn, you would not be using Robin hood as your broker anyway. Um, for reasons that I won't go into in today's episode, because they're deeply, um, nerdy the best way to say it, uh, which isn't relevant for, if you're not an investor. Uh, and they're very specific to traders, which you don't need to know about if, if you're simply investing.

So the other reasons that the broker is important to note is how often you are actually going to be investing. And if you, if you are planning on dollar cost averaging very frequently, then not broke a feed does add up. And so it is really important for you to have a lower cost to broker rather than something that costs double the price. This is why it's really important to get clear on first, how you're investing, what you're investing in and what you want your investing journey to look like. And then the broker fits into that plan because there was a broker for every plan as a broker for every option. Um, so it's important to get those questions out first. Now, if you are still, if you are clear on that, you know exactly what you want to invest in, how often, how much, what the plan is, um, you know, your actual method, so direct or through, through a broker like ETFs or by individual companies, which again, I also don't advocate for because, uh, individual companies involves a great ton of research.

If you're doing fundamental analysis, um, as a stock picker, essentially, and most people don't actually learn the skill that you to learn to do with fundamental analysis, which is how to actually position size, position size, meaning how to allocate the, the amount of funds of your total portfolio to just one stock, because you have a stock-picking, then you're buying just one stock, right? Um, and you need to have obviously a portfolio because the biggest risk of all is putting all of your money into one stock. We don't do that here at ms. Well, they, and I hope that anyone listening isn't doing that because if we want to talk about risk, that's the re the, the riskiest of them. Um, so the intention is to get really clear on how that, how you want your investing portfolio to look and what decisions do you need to be making.

And then the broker comes from there. I go through broker options that I recommend, I say the term recommend loosely because the stuff the lawyers make me say or don't say, you know, I have to kind of be careful, but I go through brokers that I believe are great brokers to use, depending on the way in which you're going to be investing. I go through both of those inside the little black book and investing bootcamp. Um, but again, it's not the biggest factor. The biggest factor is all of the other things. Look, you understanding risk tolerance, you understanding diversification, you understanding, investing to suit you. You understanding exactly how to asset allocate, meaning allocate your cash, cross all of the different asset types, bonds, stocks, real estate cash. Um, and then also, well, are we gonna invest locally? Are we gonna invest overseas? Are we going to hedge that overseas investment with the opposite with four X offset to make sure that we're not currency exposed?

So there are a couple of things that you really need to look at first. Now I want to talk about something that is really, really exciting, and this is relevant to Australia only. So if you've got up to this point and you tuning in from anywhere that isn't Australia rest assured you don't need to listen to anything from the, from the rest of this episode now, because if you were in the U S or the UK, your broker fees, or your management fees, particularly for low cost index funds, or low-cost ETFs not actively managed, I will say this not actively managed, cause many actively managed funds fees are in the 1% Mark or close to the 1% Mark. Um, which again, I don't freaking advocate for because actively managed funds over the last, the history of time. Um, actually 94, 90, 96% do not beat the market, actively managed, meaning they have someone picking stocks.

They have a, uh, a human that has done degrees and has experience in the market. And their sole job as a fund manager is to pick stocks and design a portfolio. 96% of those do not beat the market, the market meaning index funds or indexes indices, um, which is why index funds and ETFs exist, uh, because it is made up and comprised of the top performers in any time at those top performers, over the period of analysis don't fit in, then it's dropped out and a new player has put in it's automatic based on performance and market capital capitalization, meaning how big they are. So those things are determined for you. You don't have to have some guy or go very few women work in that space because the investing world is so male dominated, but some guy, most of the time, uh, trying to pick stocks for you be a stock picker. That is what it's meant by active fund management. The, this is why I don't particularly advocate for people being stock pickers themselves because someone is sitting behind a desk, analyzing companies as their freaking day job, and they can't beat the market. So as much as I love you. And I think that I fully believe in your success and I fully believe that you can become wealthy as hell. I don't believe that everyone has the skill ability, attention span,

And

Re really I guess, intelligence to stick at what is required to stock pick. Even the most intelligent people and in intelligence actually has nothing to do with it because the best people in the world all say that they've made massive mistakes about stock picking certain companies or not, you know, saying no to certain companies that they think are going to be duds. And they end up turning out to be like unicorns, Warren buffet included. And he's probably one of the best investors in the world. So that is why I don't advocate for stock

Picking. All right.

I just kind of realized we're at 20, almost half an hour on this episode. So what I'm going to do is I'm actually going to record a separate whole episode, purely to go through the new Vanguard fees directly for Australia and the new account set up that they have created and what it's all about. Um, so tuned into the next episode for that. And it's Australia only I'll do a little mini announcement at the start. So I hope that's answered the question for you, what broker to use, and you now have the next step. If you previously thought that that was the question, go and invest in the little black book, it's very, very cheap, uh, or come and join investing bootcamp. So we can give you the actual actual support. Every question is answered. We give you the community. We give you the actual long-term plan to create a hundred K portfolio and beyond. We want to see million dollar investors in there, you know, over the years to come. Okay. I love you. Thank you for tuning in. I'll see you in the next app. If you end up part of the ms wealthy movement yet, make sure you head over to Instagram and hang out with me. There I am at ms. Wealthy official. And if you need anything else, head to ms. wealthy.com and get all the info that you need. Find us on Facebook as well. And I'd also love if you can drop a review on iTunes, it supports us massively, and it means the world.