Looking into a Roth IRA? Awesome. Let’s talk about the best places to open an account ▼▼
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The 5 brokerages I cover are:
M1 Finance:
Fundrise:
Fidelity:
Vanguard:
Betterment:
Starting a Roth IRA will make you a tax-free millionaire for as little as $8 a day. They are incredible easy to open and start investing in, but it can be tough to decide WHERE to open your account.
What is a Roth IRA Account:
Top 5:
M1 Finance:
M1 is a Hybrid Robo-Advisor. It’s part traditional brokerage like Fidelity or Vanguard and part automated brokerage like Betterment.
Upsides to M1:
* Great app, easy to use
*Hybrid Brokerage
* No fees
* They will help you transfer your current account
* Fractional shares (buy part of stocks)
* Dividend reinvestment
Downsides to M1:
* Compared to the others, M1 is pretty new. Started in 2016
* $500 minimum
Vanguard:
Upsides to Vanguard:
* One of the most reputable financial companies in the world
* Responsible company
* Great set it and forget it target date funds
* one of the highest performing
Downsides to Vanguard:
* $1000 to open, which could be high for some people
* Fees are low, but there are fees (0.10% per year)
* Used to be the best low-cost option, but not anymore
* Platform is a little dated
Fidelity:
Upsides to Fidelity:
* Also really reputable with good track record
* User-friendly web platform
* Generally cheaper fees than vanguard compared side-by-side
* No minimum to open
* Commission free trading
* Zero fee mutual funds (their own funds)
* Great education center for beginners to learn with lots of articles, resources, webinars, etc
* Fractional shares
* Can invest in alternative assets like GBTC
* Great for hands-on trading (if you want to trade your investments within your Roth IRA) or still great for hands-off and beginners
Betterment:
This one is exciting because it’s a Robo-Advisor. If you want to be a bit more aggressive with what investments you have in your Roth IRA account and you don’t want to manage that yourself, then this is a great option.
Upsides to Betterment:
* Best robo-advisor
* One of the oldest robo-advisors & most trusted
* Great if you want to have someone else do the decision-making of your portfolio mix for you.
* $0 minimum to open
* Great for hands-off investors
* Great for people who want their portfolio to be remixed automatically
Downsides to Betterment:
* 0.25% management fee
* trusting the software/algorithm
Fundrise:
Funrise lets you invest into commercial real estate. The main investments are Real estate investment trusts, or REITs (Reets).
Upsides to Fundrise:
* Roth IRA with REITs
* You can actually see the properties you are investing it
* Interesting alternative to index or mutual fund Roth IRAs
* Great fit for real estate investors
* They claim a 8.76% 12.42% annual return (great returns)
Downsides to Fundrise:
* Minimum to open is $500
* Least Liquid
* Complex investment
* 1% fee
Those are the 5 Roth IRA accounts I think you should consider if you are looking to open one. Again, if I were opening mine today I would likely choose fidelity or M1 finance, but none of these would be a bad choice. The worst thing you can do is not open a Roth IRA. So I suggest you pick the brokerage and account that most aligns with your goals or your situation and just go for it. The sooner you open your account and start contributing, then sooner you can start investing for your future.
Timestamps:
00:00 – Intro
01:36 – 2 Things to think about
02:11 – Vanguard Review
03:16 – Fidelity Review
04:21 – Betterment Review
05:29 – M1 Finance Review
06:52 – Fundrise Review
08:38 – Outtro
09:20 – CAT NOISES
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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
Sources:
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For some reason I still think Vanguard is great I'm 21 don't know jack about this and all these videos just confusing me I want the nit and gritty understanding of financing all videos feel very surface level some self interest others bs any books or websites to understand this would help
Not seeing SoFi on the list. It's much like M1. It's completely free including superior human customer service, I believe the minimum to open is $5.00. Only real downside is fewer options to choose from for those who like hands on.
How is SoFi Roth IRA robo adverire
Would you recommend me opening up roth ira with Fidelity since I'm already using Fidelity for my 401k?
Thanks
I'm here looking for advice for a Roth IRA account. Wow… so confusing! I have a M1 account and the "pie" is too confusing. What to do with the pie? re-balance? or add more money? I need something that is simple.
As most have free or very low fees for trades… .why does it matter where you open your IRA? You can buy the same stocks/funds/etfs from any account, so why does it matter where you open it?
The "advice" these advisors give you are just 50-50 at best.
I guess I missed the Fees on Fidelity???
can i put 1000$ per year? in roth ira
What about crypto Roth?
can i open a roth ira if i have roth 401k from my employer?
Am currently with acorns Roth IRA any thoughts on this app?
I have a question, I am 22 years old, and I am interested in opening a Roth IRA. I watched many videos on YouTube to educate myself, and I am new to stocks, forex, the trading market, etc… I want to get a robot advisor to be safe, should I go with Fidelity, weatlhfront or betterment for ROTH IRA AND trading (include mutual funds)
Correction: you can open a Vanguard Roth IRA with $0. But to invest in Vanguard mutual funds, you'll need at least $1k for Star or a Target Date fund
What a great video, amazing and very detailed. Added Fidelity as not only another trading platform but also opened my ROTH IRA there. Thanks so much for the delivery Andy! Well done sir
As a beginner I hate to see all these choices. I heard good things about fidelity and m1. Obviously more control with fidelity because you can buy when prices dip. I do like that m1 does everything for you. Btw what account should one open first an IRA or brokerage account?
I need to transfer my Roth IRA from the credit union where I made the mistake of opening my account.
Fidelity and M1 seem like my top two choices. I think I'm leaning toward Fidelity because they appear to have better customer service, and they have actual physical locations. Any thoughts?
Is it smart to transfer your 401k into a Ira account so you don’t have to pay Uncle Sam. Then withdraw the funds you need with less penalty?
I have a Vanguard ira but i might change. They never answer the phone to talk to anyone.
great presentation! gonna look into M1 now – looks like thats for me.
Thanks for the info
I just have to close one which was so confuse…i went to a seminar…and after i went to a bank to get the ROTH IRA…and all to know after three years it is a TRADITION IRA…with 9people watching my money…iy was too much so i close it .
What about the IUL7702?
What do you think of td ameritrade roth ira?
I just turned 18 and I'm pretty new to all this but I've been doing my research and all. But I still don't feel confident. Im leaning towards fidelity but I'm still unsure. I think I'm just scared of making the wrong choice.
I really enjoyed your video, thanks !
I'm a total noob when it comes to investing and still don't know which one to go with. I'm on M1 right now and about to go for it. Can someone push me? Lol.
I like this guy. Friendly, charming, funny, and seemingly helpful. You're so warm! Much warm. Many helpful.
hands on and not much lol
One downside of M1 is that is has a $125 annual fee.
is it possible to open multiple ROTH IRA accounts
Great video, thank you!
Hi! Great video. I’m stuck choosing between Vanguard or M1. Im planning on investing on etfs for retirement (long term investment) Which one would you choose?
What about TD Ameritrade???
Thank you for the impressive video. Could you please shed some light on the Fidelity Go (Managed ) ROTH IRA. Is the fee justifiable for the returns. Up to $10K there is no fee and between $10K to $49K there s $3/month fee and above $50K they charge 0.35% per year.
I’m currently in Germany & don’t have a U.S # at the moment . Is there another way for me to verify myself so I can start investing in my Roth IRA ?
Easy subscribe , thank you sir
Very informative! Thank you!!
Would you recommend Merrills lynch? I am a Bank of America member currently. If not I am thinking fidelity
Excellent info ✅
Can you have a Reid account when you already have a m1 account?