Opinions on Micro Investing Apps?

[Raava]

Does anyone use these?

I know of Acorn, Stash and Robinhood. I just started using Stash I have savings in an IRA and regular savings. I have just been using it with extra money since I don't know that much about investing in stocks.

I like the set up of stash and the way I choose what to invest. What are your thoughts? Good, bad, waste of time and money? Good way to learn with small numbers for investors?

 

[The Bilingual Gringo]

I use Acorn, and have it tied to my AMEX credit card and my debit card, plus do a $10 monthly automatic investment.

I think it's great because I don't have to worry about anything and money is stashed away automatically and I check the app from time to time. I'll use that money for Christmas, etc. or if I want to pull out a few extra dollars for a purchase.

The only thing you have to worry about w/ Acorn is that you have to invest enough monthly to justify the fees.

 

[MillionMills]

How do these apps work?

 

[AlainLocke]

I just use betterment and I already have an autodeposit of 20 bucks a month on my checking account...

I don't see the point of a microinvesting app

 

[Treblemaka]

Good. My acorn is 11 months old and already has 2 grand. Just from rounding up my spare change and reinvested dividends

 

[The Bilingual Gringo]

How do these apps work?

Bank of America came out w/ a savings account that rounds up your purchases from your debit card, a la the idea of paying cash for something and then you stash the change in a jar. So if you have a $19.37 purchase on your debit card, it'll round up the transaction to $20.00 and then put the $.63 in your savings account.

These apps basically take that idea and apply it to stocks, mutual funds, etc.

You have to register your checking account, which feeds the investment account along w/ a debit card and/or credit card that you use regularly and then it uses your checking account to round the purchases up and invest the money. Acorn allows you to choose your investment style (risky, moderate, etc.) and then handles the rest for you. It's lazy investing, but shyt adds up quick, that's why I like it.

 

[MillionMills]

Bank of America came out w/ a savings account that rounds up your purchases from your debit card, a la the idea of paying cash for something and then you stash the change in a jar. So if you have a $19.37 purchase on your debit card, it'll round up the transaction to $20.00 and then put the $.63 in your savings account.

These apps basically take that idea and apply it to stocks, mutual funds, etc.

You have to register your checking account, which feeds the investment account along w/ a debit card and/or credit card that you use regularly and then it uses your checking account to round the purchases up and invest the money. Acorn allows you to choose your investment style (risky, moderate, etc.) and then handles the rest for you. It's lazy investing, but shyt adds up quick, that's why I like it.

I might need to hop on this. What about Stash and Robinhood?

 

[The Bilingual Gringo]

I might need to hop on this. What about Stash and Robinhood?

Not too sure about those. I use Acorn only because it goes along w/ my Mint account.

 

[mcellas]

 

[WaveMolecules]

Acorns is a great app. Easy way to save money.

 

[mcellas]

I just downloaded Stash anyone know any info on it?