Title is pretty self explanatory. I am 28, self employed, currently have no major investments in terms of retirement accounts, however do have a paid off house worth about 225k and 100k in the bank, no other debts aside from student loans at 2% I’m just making the minimums on.
I’ve got a robinhood account already, and am a gold member. I know robinhood has a bad reputation sometimes, but I’ve been thinking about opening a Roth over there with them, as I can get 3% match on contributions, their credit card that saves me 3% and can be contributed to retirement accounts, and I can take advantage of a “uninvested cash hysa”, where I’ll get 3.75% on any cash I have uninvested.
Because I’m self employed I can’t really get a 3% match from my employer lol. I do some real estate investing on the side and try to flip 1-2 homes a year which I get better returns on than my money being in the market. having this “hysa” and quick access to my cash would be awesome for my situation, and it’s at a higher rate than most other hysas I’ve looked at.
Is there any downside to this, I just ask because I know robinhood does not have a squeaky clean reputation, and I’m not well versed enough to know if there are any better options? I like the idea of having everything in one place and it seems to serve a lot of my needs at the moment. Pros and cons of going through robinhood for everything?
Edit: I’ve had a RH for like 5 years. Never done an option trade. Never bet on the weather or a sports team to win. Haven’t done it, don’t care to do it.