If you, like so many others, are using Robinhood as your foray into the world of self-directed investing, then there are some crucial decisions you need to make within the Robinhood app. If you are buying holding dividend stocks or REITs in your Robinhood account, you need to decide whether or not you want those quarterly or monthly dividends to be reinvested. If you want to hold some dividend-producing assets without having to check on them, then dividend reinvesting is an excellent option. If you want to use your dividends to buy other stocks or use as income, you’ll want to disable dividend reinvestment (or DRIP as it’s called in the Robinhood app) so you can choose how to use that money.
To check on your current dividend reinvestment status in Robinhood, tap on the profile icon in the bottom right corner of the app. Then tap the three lines in the top right corner to access your menu.
Once you are on the Menu screen, the first option will say Investing. This where you will be to enable or disable dividend reinvesting or DRIP. Tap Investing. Scroll down until you see Dividend Reinvestment. It should say either Enabled or Disabled. To change it, simply tap Edit Dividend Reinvestment then toggle the button to make your selection.
You can change this setting at any time if you decide to change your mind on how you want to handle your dividend payments through Robinhood. Dividend reinvestment is a powerful wealth-building tool, but sometimes those dividend payments are needed for other uses! Happy investing!
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