Building long-term wealth won’t happen overnight. It requires a commitment to investing regularly. While it’s difficult to grow your net worth quickly, there are tools, sites, and apps that can help you achieve your financial goals.
In today’s digital age, it’s easier to take control of your spending and investments. All of your finances are on your phone, meaning everything is just a click away.
However, the market is saturated with finance apps, so how do you choose one? Which of them will help you build long-term wealth and keep it growing?
We may have the answer for you.
Meet investing platform M1
Gone are the days when handling your finances was exclusively the job of your financial manager. There are tons of finance apps today, many of them geared toward long-term wealth creation. One such app is M1 Finance.
M1 Finance works both as an online broker and a robo-advisor. “Yours to Build” is M1’s mantra, which is why its mission is to help you manage your money and grow your wealth the way you want to.
Who is M1 for?
M1 is great for investors with some experience who still want their investments managed for them. Beginner investors can also give it a try, considering easy-to-use features such as the Expert Pies.
Other than those, M1 will appeal to anyone looking for automated investment management.
How does it work?
M1 gives you the option to choose from nearly 100 pre-made portfolios it calls “expert pies” or create your own investment blend.
Here are the types of portfolios M1 offers:
- General Investing (based on your risk tolerance)
- Plan for retirement (reallocating stocks and bonds based on how soon you are retiring)
- Responsible investing (targeted at investors seeking a socially responsible portfolio)
- Income earners (focused on deriving income from your portfolio)
- Hedge Fund followers (portfolios that replicate strategies from the likes of Berkshire Hathaway)
- Stocks and bonds (if you want to keep investing simple)
The best part of using the M1 finance app is that it’s very light on fees and costs. It charges zero trading commissions and fees on stocks and ETFs.
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The minimum balance required to open an account is $100 ($500 for IRAs).
Overall, the low cost and easy-to-use features make M1 an attractive app for investors.
Setting up your account
Setting up your account on M1 is pretty straightforward. Follow these steps:
- Download the app from the app store.
- Choose a tier of service (M1 Basic, which is free, or M1 Plus, which has a $125 annual subscription fee, the first year being free)
- Create a username and a password.
- Answer some general questions related to your investment experience.
- Select a pre-made portfolio or build your own.
- Select an account (individual and joint taxable brokerage accounts, trust accounts, custodial accounts (UTMA.UGMA), SEP IRAs, traditional IRA, Roth IRA)
- Link your bank account.
- Start investing.
If you’re still wondering how to start investing in 2022, take time to look into this great app. M1 is more than a finance app: It is a great place to start building wealth.