Step by step tutorial on how I setup my Roth IRA (personal retirement account) using the M1 Finance investing app
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ABOUT: The M1 Finance App is an amazing tool for buying and selling stocks. Today, I guide you through the process with a step by step tutorial how to set this up for yourself.
While there are literally thousands of choices between stocks, funds, bonds, and ETFs, I will also show you exactly what I’m purchasing to put inside this retirement account. I chose the Roth IRA because it’s the most tax advantageous for my purposes.
Initially, I was debating between going with M1 or Vanguard, but ultimately I picked M1 due to it’s approach to investing basics, ease of use, flexibility, and low cost to start investing in the stock market.
Usually I use Robinhood, however, Robinhood does not offer a retirement account. While I’m also primarily a dividend investor that focuses on high quality dividend paying companies, I wanted to show beginners how to set up a Roth IRA with this incredibly easy to use finance app.
Now I have the perfect trio, Robinhood, WeBull, and M1 Finance to complete the set of the best investing apps. The instructions in this video are simple and easy to follow along!
If you want to learn how to be rich slowly, this is it!
*Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future….(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Do you guys prefer the Roth IRA or Traditional IRA?
I don’t have $6000 to deposit? Yes
You jinxed yourself.
This just popped up on an auto play playlist lol.. this audio quality …. but look how you have gone!
2022 ready for my Roth ira
How to be rich? create YouTube videos. recession and inflation proof
Is the minimum $500 , only refer to the very first time you deposit to your M1 Roth account? If I want to add, $5, or $20, or $40 for example, can I do that or is it always $500 for the minimum deposit?
Andrei, I’m 24 and opened a Roth IRA with M1 Finance before watching your video. I probably should’ve done more research before opening it. I made over 147k for the year of 2021 from my 9-5. Should I close this account since I’m over the income limit?will I get in any troubles? Please advise, thanks for all you do.
I will not invest anything that is tied in govt. they are corrupt and all they want to do is steal your money. Don’t be fooled.
Are dividends paid out in a Roth IRA taxed? Because no taxes were paid on those dividends
THANK YOU! future me is excited for me
I already have a 401k and IRA. I do have 3rd retirement fund which is the brokerage account with Robinhood. I’m just investing a couple hundred a month in it. Do you recommend staying with Robinhood or going to M1?? Thoughts??
5:31
My profession is not listed in the app so does this mean i cant use it?
If you are over 59 and a half can you take out the interest from the dividends without a penalty
lol why does old Andrei look sick lol
What do you do if after year of investing you get above that 315k a year mark and you’re not 591/2 what do you do ?????????
Can you invest in Roth IRA AND index funds ?? AT THE SAME TIME ?
Thanks Andrei. I have a question though. Is it still a good idea to start your Roth IRA if you probably can't contribute the whole 6000 into your account for the year you started it?
Can you do a tutorial with vanguard please.
i just watched a previous video he made about Roth IRA and why he doesn't have one. I'm confused.