Advice for Roth IRA

[counselorwriterdad]

Hey everyone I’m 20 turning 21 in a few months and I recently opened up a Roth IRA with fidelity. I’m still very new to investing but I’ve been trying to do my research. Im only investing into ethical stocks aka halal ones. My current portfolio consists of 81%domestic stocks (USA) 13% foreign stocks and 6% short term. My portfolio states that I have most aggressive mix which ik isn’t a bad thing to have when starting early. I currently put $3000 in my Roth IRA for 2023. I have 32 shares in amagx, 4 in Hlal, 4 in SPRE, and 5 in SPUS, I’m also thinking about investing $100 monthly or $25 weekly. Is this a good portfolio for someone who wants to set and forget for retirement. I was also thinking of putting most of the new money I add to just Spus since it has lower ER. All advice and tips will be appreciated. Thank you

 

[jesushasspoken]

@counselorwriterdad You can buy individual stocks. The problem is that even if the company is deemed halal today, there's no way for you to guarantee that the business you invest in will not make decisions which cause it to no longer be halal in the future. So if you buy individual stocks, you have to keep yourself informed on what the companies are doing business-wise and how that may affect the halal status. There are Islamic mutual funds that already do this. For example, Amana mutual fund has a growth fund (AMAGX) and an index fund (AMANX) that have performed pretty well. If you simply invest in an Islamic mutual fund, you don't need to put much thought into it.