Kid Portfolio Update The images and results below cover the kid’s portfolio results from August 9, 2018 to August 9, […]
Ready to open an investment account? Great, what type? You mean I have to choose a type?! I thought I was doing a good job just deciding to open one!
It can be overwhelming to understand all of the different investment account types that exist. Don’t fret! We’re going break down the various accounts to hold your financial assets. . . .
M1 Finance is an online trading platform/brokerage that is simple and easy to use, with no commissions or fees and with a bunch of really great features that help you compound your money!
Why M1 Finance Rocks
Everything in M1 Finance is set around the idea of a pie
A pie is just a way to set your target allocation
Think 5% of Apple and 3% of GM
When you set up automatic contributions/investments this is how M1 Finance calculates what to buy to maintain your target allocation
You can choose stocks, etfs, expert pies, or custom pies
You can even use pies within a pie
So one of your pie’s slices could be a pie containing many stocks/etfs . . . .
Rules for Kid Investing
1) Keep it fun – At this point you are just trying to get their excitement level up
2) Let them own it – use their own money. Let them feel the power of being truly invested and an owner of the economy not merely just a consumer/participant.
3) Let them choose companies that they are excited about and recognize – even better if they turn out to be a good investment but it’s OK if not. See #4 – you will not let them ruin their portfolio with a bad pick. . . .
In a world where kids graduate high school with complex knowledge of molecules and algebra but don’t know how to balance a checkbook, how do you get your kids interested in saving and investing?
I’m sharing our journey to compound their interest so that we can raise financially savvy kids that are actually interested in money.
A survey conducted this year by Bankrate found that only 23 percent of those aged 18 to 37 say that the stock market is the best place to put money they won’t need for 10 years or more. . . .