So why did I switch to M1 finance after investing with Acorn and getting a near 21% return in one year? So in this video im going to break down, why I made an m1 finance account and what it means for my Acorns investment account. ?SOFI FREE $100 ? https://www.sofi.com/share/money/2652618/
Why i switched to m1 finance | M1 Finance vs Acorn
1. M1 Finance is pretty good, you can create pies, and it might get complicated, so I had to watch a few youtube tutorials
– Pro with m1 finance, I can create a carbon copy of my acorn portfolio
– They have a lot of ETFs, stocks and even retirement plans, which is a plus.
– Con However I’m only interested in ETFs with these companies because it’s not real-time trades
– Example: Google Bought Fitbit, and I own 5 shares because Robinhood gave me a few. ( Con: If tried to buy Fitbit 1hr before google announce it, I wouldn’t be able to, because m1 only has 1 trading window)
– Alternative: Stick with Robinhood to make trades live
2. Pro M1: I do like that you can eventually leverage my investment and borrow against them at a low rate, without having to sell them ( you need 10k Inside to do this, at 3.5%, )
– Something that Acorns Lacks: Although I could leverage acorn for real estate I can’t get hard cold cash.
– Example: I have a deal I have to do and im running low on cash, I would go on M1 and borrow up to () of my portfolio and get the money easily in cash. I can’t do that ACORN.
– Tip: use this to refinance debt
3. Pro: Acorn charges 1$ fee, which I don’t mind, so I won’t comment on that.
But M1 Doesn’t charge a fee: and because of that, they have a mediocre m1 finance + product with a crazy fee. PROS and CONS
( Bonus) Pro M1 Makes it easy to transfer from Acorn or any other app, without having to sell your investments:
SOO, I could transfer my entire Acorn portfolio for free
Acorn Lacks:
A savings/Checkings ( for free though, im not paying a dollar to use my money)
Ability to leverage the money
Ability to customise percentages on ETF selections ( Keep the same investment but give me a custom one where I can tweak my percentage)
M1 Finance Lacks
A way to collect revenue that actually is a good deal
Example: M1 Finance +
1. $125 dollars a year ( annual fee )
Pros
2. 1.50% checkings ( sofi gives you 1.60% free, and $100 dollars when you join and deposit 100, link down below)
3. 1% cashback ( You’ll have to spend $12,500 to get back $125 dollar fee, Just use a credit card and get 2 cashback or 5% for points)
4. Made from Metal ( Who cares I don’t care to 125 for a metal card)
5. 4x Atm fee Covered ( Sofi cover worldwide atm fees Unlimited, and gives you 50 bucks when you join)
6. Balance Minimum ( Sofi same thing )
7. Works with Investment Account ( so does SOFI)
8. FDIC Insurance 250k ( 1.5 million)
9. Loan .25% discount ( Sofi gives you .125%)
However, I do Like
10. Fraction Shares: I like that Easy to start investing
11. Customisation: Good but only for investors that don’t require timing
12. Automation: You can automate it, and that’s pretty cool
13. Plus: Individual Joint Retirement Trust
Conclusion:
Q. I’m I Leaving Acorns?
Q. Will I replace Sofi?
Q. Will I stop using my credit card?
So…
I’ll make an M1 Finance Account for the leverage and pies
Q. What about Acorn: I’ll do them both
However, for the selection of stocks, I’ll stick with Robinhood
It’s okay to use multiple products ( I ZERO LOYALTY)
Tip: Theirs, a learning curve to M1, so gets ready to watch tutorials. However, you’ll get the hang of it. It’s like going from iPhone to android.
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