Hello everyone thank you for the useful reading materials and advices you are giving out. I’ll give you a better breakdown about my financial background to gain a better understand.
I’m receiving a disability pension monthly and going to school as a full time student, receiving extra money as well. I’am currently not employed and the only taxable account that I currently have is my bank’s checking account/ savings account.
I do have money saved up to invest but just want to make sure I’am doing the right moves before anything. I’m still fresh to the investing game and still learning lots of new things.
My plan was to open my M1 finance account, which I already have and will like to create a 3-fund portfolio on there. The 3 funds that I have in mind through research are; vanguard total stock market ETF, Vanguard total bond market ETF, and vanguard total international market ETF. I was going to do a 90/10 portfolio, 90% begin stocks.With that begin said, would that be a good choice knowing that I would be placing money in every month and keeping it for the long term?
So with your Valuable inputs, mutual funds and etfs are understandable to me now, leaving me with a question. Is there an better advantage of having the mutual fund through the brokerage account compared to the etf through M1 finance? The only reason why I wanted to go with M1 finance is because I wouldn’t need to pay the minimum entry fee of $3000 for the index mutual fund S&P 500. I do have the money for it but I just want to know which will be more beneficial for me. Also once I pay the $3000 minimum entry fee from there on would that be the recommend amount that I would need to put monthly or can I put any amount after that? Thank you guys