Why I Switched to Robinhood Gold: The Shocking ROI You Can't Ignore

Introduction:

• Recently, I switched my retirement account from Schwab to Robinhood Gold, and today, I’m going to explain why it was a no-brainer for me.
• Welcome to "Creating Cash Flow," where we discuss why I switched to Robinhood Gold, its pros and cons, and whether it might be a good fit for you.

Robinhood's Revolutionary Approach:

• Robinhood revolutionized trading by eliminating transaction fees, which was a game-changer compared to the $20 round-trip fees charged by platforms like E-Trade.
• I’ve been with Robinhood since 2015 and while I’ve had a mostly positive experience, one major issue was when I was locked out of my account during the GameStop and AMC stock surge.

Robinhood Gold Overview:

• Robinhood Gold offers several perks, including a 5% yield on uninvested cash and a 3% match for IRA accounts.
• Entrepreneurs might find the 3% IRA match appealing, though it's not my primary reason for switching.

Reasons for Switching to Robinhood Gold:

• 3% Match on Traditional and Roth IRAs: This was the main reason I switched. By transferring my retirement accounts, I received a 3% match, which added up to significant returns.
• Low Cost for Membership: For $60 per year, I received a substantial return on my retirement accounts.
• 5% Interest on Idle Cash: This feature allows any uninvested cash in your account to earn 5%, which is great if you're waiting to invest.

Robinhood Gold Credit Card:

• The Robinhood Gold Credit Card offers 3% cashback across all categories and 5% when booking through Robinhood's travel portal, though I don’t plan to use the latter.

Potential Downsides:

• Customer Service: Robinhood’s customer service can be hit or miss compared to Schwab’s excellent support.
• Investment Options: There are some limitations on the mutual funds and index funds that Robinhood supports, which could be frustrating.

Conclusion:

• While Robinhood Gold has many advantages, including the 3% match and a gold card, it does have its downsides, like limited fund options and inconsistent customer service. However, for my situation, the benefits outweighed the drawbacks.