Manage Your Investments with M1 Finance
M1 Finance is an investment company that’s simple and easy to use. It is fantastic whether you’re a first-time investor or a seasoned pro.
M1 Finance – GRADE: B
M1 Finance is an investment company that’s simple and easy to use. It is fantastic and intuitive whether you’re a first-time investor or a seasoned pro, and allows you to manage your account through an app on your mobile device or online. M1 allows its members to invest, spend, or borrow all on one straightforward platform.
Their claim to fame is their investment “Pies.” Through their “Pie” model, you are allowed to create your own investment Pie or follow a curated Pie that has already been established. If you know the stocks or funds in which you wish to invest, you may choose them yourself. However, if you have no idea what stocks to purchase, you can choose from one of their many expert portfolios. Your Pie allows you to see where your money is going at a glance across all your investments, as the app shows a wedge for each slice of shares you hold.
Another amazing feature of M1 Finance is their investment automation, where members can schedule their contributions and take advantage of dynamic rebalancing whenever they buy into their portfolio. Investing automatically is also a feature you can set within your account.
There is no minimum to buy into any stock, so whatever the price, you are free to invest one single dollar if you so choose.
While there are no fees for commissions, trades, or markups, there is a list of fees M1 Finance charges for certain transactions, such as $100 for every direct account transfer out of your account. This is designed to cut back on excessive withdrawals and ensure your money is invested over the long run, thus giving you the best chance to build generational wealth for yourself and your family.
Types of Accounts
M1 Finance allows diversity within their accounts which frees you to open accounts such as personal brokerage accounts or joint accounts with your spouse, a relative, or a partner, as well as trust accounts and traditional, Roth, or SEP IRAs. By offering retirement accounts, M1 Finance elevates itself among other investment companies who do not. While benefits may come no matter what investment company you choose, the freedom of opening an IRA account allows for the possibility of planning for retirement.
Investing not only builds generational wealth but it secures one’s future as they age. If you do not have a 401(k) account through your employment, consider opening an IRA through M1 Finance.
You are also able to open a custodial account for a minor child, the funds of which cannot be touched once contributed until the child has reached adulthood.
Perfect for Anyone
M1 Finance is an excellent choice if you’re thinking about investing your money. It doesn’t matter if you know the ropes or have no clue what you’re doing, M1 Finance helps you walk the road to investment with confidence. That is why Financial Joy School gives it the grade of A-.
To learn more about investing, closing the racial wealth gap, and growing generational wealth for Black and brown families, please visit Financial Joy School and become a part of our financial family.