I just have a regular basic plain Robinhood account that I made for fun a few years ago.
I have regular boring retirement stuff with matching contributions through work and I doubt I’ll make it to retirement age anyway, so Robinhood was always for fun, I would pick companies I liked. Anyway, I got a 34% ROI last year just goofing off.
My cash in a savings account at the bank is getting eaten by inflation, so I’m starting to move more money from savings into Robinhood.
My best friend thinks it’s insane that I don’t convert my Robinhood account to a Robinhood Roth IRA. All that sounds like a complex hassle to me. Are there any benefits to keeping a regular basic Robinhood account or is my friend right that all the smart people always convert it to Roth?