But if you’re using its borrowing, checking, or credit card offerings, the M1 Plus membership is a no-brainer. If you’re just using the app for investing, you probably won’t get the full value of M1 Plus. But it does come with juicy perks that could easily recover the $125 fee (if you use M1 Finance enough, that is): I think M1 Plus is worth it if you use the platform religiously. But they offered it to me for free when I signed up, so I couldn’t say no! M1 will remind you before your Plus membership renews, too, so you can cancel before they charge you next year. Normally, an M1 Plus membership would cost you $125/year. Although it’s designed for experienced investors, it simplifies the setup and management experience so much that I can see why beginner investors like M1, too. I normally get turned around in investment apps like this, but M1 made everything super simple. Just go to Portfolio and turn on Auto-Invest, where you can customize your deposit amount for regular investing. If you want to do dollar-cost averaging, M1 allows you to auto-invest, too. You can always add or subtract each slice of your Pie to rebalance to your heart’s content. ![]() M1 Finance will show what’s in your Pie, including how each option is weighed. Give your Custom Pie a descriptive name and drop in a description if you want. But if you aren’t sure about adding an investment to your portfolio just yet, you can add it to your Watch List to see how it performs over time. I decided to build a Custom Pie using a mix of Expert pPes, individual stocks, and ETFs. But it does provide 80 pre-built portfolios (called “Expert Pies”) to speed up the process. Since M1 Finance isn’t a robo-advisor, it doesn’t automatically choose investments for you. M1 will ask you to create a Pie if you’re new. Normally there’s one trading window per day, but if you have M1 Plus (more on that later), you get an additional afternoon trading window, too. Once your deposit goes through, M1 will automatically invest it into your portfolio during the next trading window. They promote it as a $500 bonus, but it’s actually a tiered system:Īt any rate, if you put in at least $1,000 in your first two weeks, you can expect to score a modest bonus. If you add at least $1,000 to your brokerage account within your first 2 weeks with them, you’ll earn a bonus. It takes an average of 2 – 4 business days for transfers to post, but M1 has to approve your first transfer, so it might take a little longer for new users.īy the way, M1 was running yet another promotion when I joined. I did the minimum deposit for an account, which was $100. M1 uses Plaid to automatically connect to your checking or savings account at your bank. I went with an Individual Investing account, but they have several options to choose from:Īlmost done! Next, you need to fund your account. M1 Finance will then ask you what kind of account you want to set up. Social security number (yes, it’s legally required).You’ll need to provide this information to start investing: In the interest of science, I signed up for it, too.įrom here, you need to fill out your information to fulfill Know Your Customer rules. They’re also running a promotion right now where new users get a year of M1 Plus for free. Anyone can sign up for an account, but if you’re located outside of the United States, you won’t be able to invest, so keep that in mind! When you sign up for M1, you’ll need to set up your account with an email and password. But M1 Finance made onboarding surprisingly fast-as in, I had an account fully set up in less than 5 minutes. Honestly, I was expecting a really long, drawn-out signup process. ![]() But it does not affect our recommendations or advice. This may influence which products we mention, review, and where they appear on our site. We’re paid by our brand partners and advertisers. However, we’re proud of the financial education and guidance that we provide at no charge. We do not feature every company or financial product available. We want everyone to be able to make educated financial decisions. Previous market performance does not guarantee future performance. The examples we provide are hypothetical and we encourage you to get advice from a qualified professional regarding specific investment, tax, legal, and financial issues. Minority Mindset does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. But these are for informational purposes only, they’re not investment advice. We do our best to provide financial education with our free videos, articles, tools, and other self-help content. ![]() Always do your own due diligence and never blindly listen to a random article on the internet. Minority Mindset, LLC is an independent, advertising-supported publisher.
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