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What Is a Brokerage Account and Do You Need One?

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What type of investor are you? If you’re someone who checks on the market daily, you may want an account that gives you more fine-tuning control.

If you’re going to be more hands-off and leave your deposits to grow over time, you might want a firm that uses a robot or financial adviser to keep an eye on things and rebalance as needed. What is your risk tolerance? Generally, younger people can tolerate more risk in the stock market because they have more time for the market to correct itself after a drop.

If your investing timeline is shorter, or you don’t have the cash to potentially lose, such as investing or a down payment on a house, it makes sense to take a more conservative approach.

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