Hi all, I currently use both M1 and Robinhood. I both like and dislike both for different reasons, there has to be a platform that offers the best of both worlds… right?
The problem statement: I love the flexibility and ease of use of Robinhood when it comes to investing in individual ETFs/Stocks, but it doesn't allow for an "Easy" way to make my own "pie" that I can DCA into. I love the ease of use and visual interface on M1 for making my personal basket or "index" that I DCA into on a recurring deposit, but it only has two times of day that a trade will complete, doesn't allow for fixed auto-recurring deposits (goes based off current weight relative to target weight), and some other restrictions.
I love robinhood for index investing because the UI/UX is top-tier and I can just easily set recurring investments. I also love robinhood for individual stocks that I invest in on a conditions basis (certain price met, flash crash, etc…).
I love M1 for making "pies" (basically my own index) that auto-invest based on target weight and my recurring deposits that are set to auto from my bank.
The issue is, between these platforms and stragegies, and other aspects of my financial situation, I've spread myself too thin. Even just to rebalance my strategy takes too much time to check two apps, do calculations, track it on a separate spreadsheet bc I can't do it all in one place, etc..
Happy to hear others' experiences and would love any reccomendations, even if it's not a direct answer to my question!
Want to find a brokerage w/ a UI like a mix of M1 and Robinhood, any suggestions?
byu/AnywhereSavings1710 ininvesting
Posted by AnywhereSavings1710
3 Comments
Pick one, or use both, because you’re not gonna find exactly what you want.
Anything that gets you to spend less and invest more auto = your friend.
Anything that provides obstacle or friction to auto investing more = your enemy.
You’re experiencing friction. Setup auto recurring buys on a weekly basis. Work to increase that weekly. Only sell when you have something urgent to pay for.
People who have fancy setups = never increase their rate of investment because it would start the whole useless exercise of allocation again.
This is the power of VOO and chill. The trick is to have a mechanism to remind you to increase that auto investment. Best of luck.
Fidelity has their Fidelity Baskets, but is $60 a year to replicate the M1 pies feature