There are various investment accounts, depending on your lifecycle and financial goals. Choose investment accounts that advance your goals. Your goals may be to begin investing, saving for retirement and college, liquidity for emergencies, and tax optimization strategies.
Families may want to set up college savings or custodial accounts for young children, including a Roth IRA. Young investors may want to open a standard brokerage account, depositing some cash to get started buying index funds
Investors, especially young beginners, may want a self-directed brokerage account to take control over their investments, and make choices over the type of securities, individual stocks, ETFs, and mutual funds they buy for their portfolio.