Investing may seem like the most intimidating thing for someone who is just getting started, but it doesn’t have to be. Taking control of your financial wellness means finding new ways to build wealth and generate income.
Just because you don’t have $10k off hand to begin your investment portfolio, doesn’t mean that it’s off the table for you.
Although 40% of millennials believe that they don’t have enough money to begin investing, there are plenty of ‘keep the change’ investing apps that will use what you already have. These low-cost ways to get educated on the basics of investing will help you take control of your finances.
Here are five apps you’ll want to download on your phone to get started investing with minimal risk:
Acorns - Acorns is a 'keep the change' investing mobile that app that automatically uses your spare change to create a diverse investment portfolio for you. With this app, you can see the potential of your money long term, and even have it withdraw a recurring dollar amount out of your account for maximum potential. All you have to do is connect your debit or credit card, and as you make purchases, you build your account.
Robinhood - Robinhood is a stock brokerage that allows its customers to buy and sell stocks in the U.S. with a $0 commission. While most investors can be charged up to $10 for each trade, Robinhood cuts out the middleman to invite a new wave if investors into the game. This app autmotes what used to cost investors before the internet of things and mobile apps came into play.
E-Trade - E-Trade is a platform that allows you to connect your accounts and take the stock market wherever you go. It also features retirement options and other educational resources, which enable customers to see emerging investing opportunities and analytics.
Openfolio - Openfolio is great because it combines an= budgeting app and an investing app, all in one. With Openfolio, you can track where your money goes, measure your net worth and check on your investments. After linking your accounts, everything is all in one place for your convenience. Openfolio even integrates with Robinhood app!
Stash - Stash also uses a 'keep the change' approach to investing, making it easy for first time investors to get started. All you need is $5 to begin, and the app will send you insightful articles on how investing works, a glossary of terms and other educational sources.
Are there any investing apps you use to help you get started?