Undoubtedly you have encountered some of the new investment apps that are popping up all over the place these days.
These apps allow you to make micro-investments, so that you can start your portfolio off with $5 instead of the old $1,500 requirement of some the big boy stock market world investors like T Rowe Price. This is fantastic news.
It is allowing a whole new generation to get in on the investing action and is really good for our fiscal futures.
That being said, it seems like everyday there is a new app popping up with some sexy offer, like $10 just for opening an account and $500 in your account when you and five of your friends all sign up, that look very enticing. So we decided to spend a little time using some of the most popular apps and rate them for you so you can decide where you want to start stashing your nest eggs. Oh hey, Nest Egg, wouldn’t that be a great name for a new investment app…if that’s the next one you see know that they totally stole that from us.
#1 Stash: Stash is pretty great. I started with this one because it is pretty close to being my personal favorite.
Here are the things that I love about it.
- Stash allows you to choose where you invest. They offer the option to invest in bundled stocks with fun labels like “Blue Chips”, “Uncle Sam” (bonds and such), “Corporate Canabis”, “Gamers FTW!”, “Young Money” and so on, and also to invest in individual companies such as Google, Amazon, Facebook, and Apple. The individual stock option is a recent development and they are adding new companies all of the time.
- Stash “gamifies” their app with challenges to help your portfolio grow and diversify. Who doesn’t enjoy a challenge, right?
- Stash has really good articles and podcasts that cover all kinds of money topics and how current events may impact the market to help you stay informed. They even tell you right at the beginning how long of a read or a listen it will be. I always give bonus points for respecting my time. A tip of the hat to you, Stash.
At the time of the writing of this article, Stash costs $1 a month for small accounts (under $5,000). Other perks are they offer auto stash where you can set reoccurring transfers, you can transfer money out of your account at any time, and you can reap and reinvest stock dividends.
#2 Acorns: Acorns was one of the original investment apps and I like it ok. I find Acorns a little less easy to use than Stash which is very user friendly.
Here are some of the perks.
- Acorns offers Round-Ups. If you need to trick yourself into saving money (like I do) then Acorns is for you. You can link your Acorns account to one or more of your debit or credit cards and everytime you make a purchase on one of these accounts Acorns will round it up to the nearest dollar and invest it for you. Pretty neat, and sneaky, in a good way.
- Acorns partners with tons of companies to offer you chances to earn “found money”. Whether it is a percentage or a flat amount, there are tons of companies that partner with Acorns who will invest in your Acorn account when you make purchases with them using the card that you have linked to your account.
#3 RobinHood: RobinHood is relatively new to the investment scene, but they have a super catchy name, and is exceptionally simple to use. Both perks in my book.
Here are a few others.
- RobinHood offers cryptocurrency trading. If want to get in on some hot bitcoin action RobinHood is a place that you can do it. (This service does cost a bit to invest with, worth it if bitcoin is your passion.)
- RobinHood is free. No, really, it is totally free to use. They do have some more advanced offerings such as RobinHood Gold and RobinHood Crypto that do cost money, but the basic service is totally free with no hidden fees. Cheers to you, RobinHood.
Whichever app strikes your fancy, go for it. Invest your heart out. There is relatively low risk and opportunity to slam away some nice dough for your future. A few Nest Eggs, if you will 😊 Happy investing, all.