The M1 Finance app is honestly the best thing since sliced bread. Its a robo advisor that lets you choose your own investments. If your interested in creating your own dividend pie portfolio we will show you how to make it happen. We would like to first touch base on exactly how this app works, and have some live video showcasing it below.
Setting up an account is pretty straight forward. To actually get started you will need to deposit at least $100. While this is the minimum I would definitely recommend going with at least $1000 to start. Once you have some money in your account you will be ready to create your first M1 Finance dividend pie / portfolio.
As of right now M1 Finance offers some pre built pies you can opt in to. None of them however offer an all dividend paying strategy. If your looking to go with straight dividend paying stocks I would recommend researching them, and adding them one at a time. I would also go with adding 10 different stocks all set at 10 percent. This will allow you to spread your risk as you will have some winners and losers over time.
The cool thing about M1 Finance is that they automatically re invest dividends for you. This is an automatic setting so you will not do anything in your account settings. You will also get to see the percent gains from dividend gains in your overall portfolio.
So you might be asking is M1 Finance good for a dividend pie / portfolio? I would have to say absolutely! M1 has a unique twist on investing which is that its a robo advisor that lets you choose your investments. You can spread your risk among-st as many companies as you like. I personally like to use the 10% rule since its worked well for me in the past. You can also check out some additional resources on them here.