How to Start Earning Income Now

Hi, I’m Marc Lichtenfeld, welcome back! This is the final installment of The Infinite Income Master Plan video series.

I hope you’ve found the content useful and informative so far.

My goal with these videos is to give you everything you need to get the most out of your subscription.

Now that you’ve learned about my investing philosophy, all of the tools your subscription includes and what to expect, in this final segment, I’m going to show you how to buy my recommendations and start collecting income today!

First off, you’ll need a brokerage account. I recommend opening an online account.

Online brokerages have really leveled the playing field over the last two decades.

It used to be that Wall Street traders and stockbrokers had the only access to buying and selling stocks.

If you or I wanted to buy or sell shares of a company, we’d have to hire a stockbroker who would buy or sell them on our behalf.

And we paid them lots and lots of pretty pennies to do it!

Today, that’s not the case. Almost anyone can open an online brokerage account and trade stocks for themselves from anywhere with an internet connection.

And with an online brokerage account, you’ll pay a lot less per trade. Remember, lower commissions mean bigger profits in your pockets!

If you don’t already have an online brokerage account, you’ll want to open one now.

Of course, if you work with a full-service broker, that’s okay, too. But any discount broker will do.

I’ve used TD Ameritrade for 20 years. But Fidelity, Interactive Brokers, Charles Schwab or any other major platform will work too.

When choosing a brokerage firm, you’ll want to consider the costs, fees and incentives they offer.

Opening an online trading account is pretty easy.

After you decide which online broker best meets your needs, you need to decide which type or types of brokerage account you need.

If you don’t want your money tied up until you retire, a traditional brokerage account is the way to go. Traditional accounts don’t have any tax advantages, so you may have to pay taxes on your dividends, and on any profits you make selling a stock.

If you’re saving for retirement, a retirement account may be a better option.

By opening a traditional IRA, you can get tax deductions when you contribute to the account. But you won’t be able to use the money until you’re 59.5 years old.

On the other hand, contributions to a Roth IRA don’t give you a tax benefit when you make them; however, your qualified withdrawals will be tax free.

Self-employed? There are several special options like a SIMPLE IRA, SEP IRA or individual 401(k) you may want to look into.

Now that you know where you want to open your account and which type you want to open, it’s time to fill out the new account application.

You can apply to open a new account online. The application will ask for your Social Security number, driver’s license, address, net worth, employment status and investment goals, among other things.

Once approved, the brokerage firm will provide you with instructions to move money into your account.  Usually they’ll offer several different methods.

You can wire-transfer money from your bank, write a check or transfer funds from a linked checking or savings account.

Once the funds have posted and your account is funded, you’re ready for the fun part… investing!