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#16 M1 Finance is in, and Robinhood is out.
Oct 18, 2021. Episode 16
In todays episode share the various fin-tech tools I have used over the past several years & highlight M1 Finance and its many great features.
I forgot to mention in podcast, the M1 Spend checking account is furnished by Lincoln Savings Bank, Member FDIC. M1 Spend Visa Debit card issued by LSB, Member FDIC.
In a nutshell:
M1 Finance is for long-term investors that want to select a portfolio and get on with their life.
Robinhood is for investors that want to learn how to trade individual stocks, ETFs, options, or cryptocurrency.
If you follow my podcast, you know I provide insights for those wanting to build and live best life, not for those that want to day trade crypto. I will say, having been a member of Robinhood since 2015 - I bought in Jan 2016 when market pulled back - and have held those positions since. However, it's time to clean up some of my misc accounts and consolidate with a platform like M1 that offers more for the largely buy and hold investor.
M1 does not offer joint spend accounts at this time - so if married, you & spouse will each need to get account. For now - this can work, as you can each create account for Roth IRAs etc. M1 also has recurring deposit or withdrawal feature, enabling dollar cost averaging investments - or if living on investments, allowing routing transfers into a joint bank or credit union account.
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By Dave SmithOct 18, 2021. Episode 16
In todays episode share the various fin-tech tools I have used over the past several years & highlight M1 Finance and its many great features.
I forgot to mention in podcast, the M1 Spend checking account is furnished by Lincoln Savings Bank, Member FDIC. M1 Spend Visa Debit card issued by LSB, Member FDIC.
In a nutshell:
M1 Finance is for long-term investors that want to select a portfolio and get on with their life.
Robinhood is for investors that want to learn how to trade individual stocks, ETFs, options, or cryptocurrency.
If you follow my podcast, you know I provide insights for those wanting to build and live best life, not for those that want to day trade crypto. I will say, having been a member of Robinhood since 2015 - I bought in Jan 2016 when market pulled back - and have held those positions since. However, it's time to clean up some of my misc accounts and consolidate with a platform like M1 that offers more for the largely buy and hold investor.
M1 does not offer joint spend accounts at this time - so if married, you & spouse will each need to get account. For now - this can work, as you can each create account for Roth IRAs etc. M1 also has recurring deposit or withdrawal feature, enabling dollar cost averaging investments - or if living on investments, allowing routing transfers into a joint bank or credit union account.