Even if you're not an expert in online investment, there's a place where you can begin without having lots of money to put on, check it out!
Looking to invest in the stock market or more social kinds of organizations? it is possible to try it without being an expert and also without owning a fortune. It may sound to good to be true, but beginner investment is actually something that different apps on the market are encouraging people to do.
There are different options according to your personal interests and the majority of them are not only focused on the money-making but also on offering assistance and teaching people how to invest, without feeling overwhelmed or in need of hiring a financial expert. Now you may be wondering which are the apps that allow you to do this? there are a few:
According to People magazine, Acorns is an easy-to-use app geared for those who want to get started in investing and saving, even with just $5 to get started, and then be handed. When signing up, Acorns asks you about your investment goals, such as seeking high-growth potential or conservative growth. You pick your level of investing knowledge, and how much money you wish to invest. Acorns then creates a portfolio for you.
Dominique Broadway, the founder of Finances De-mys-ti-fied, says that this app is good for investment beginners for the following reason:
"they don't know where to begin, they don't know what their risk profile is, if they are more conservative, or where to keep cash alternatives."
If what you're looking for is to invest but also get an education about it at the same time, Stash is the app for you. It doesn't have a minimum to invest and lets you buy a portion of individual stocks. Another feature is that they have a focus on socially responsible investing.
According to People magazine, fees range from $1 to $9 monthly, starting with a "Beginner" account that allows you to invest as little as $1 for fractional shares of individual stocks and exchange-traded funds. It's $3 per month "Growth" account adds the feature of investing in IRAs while its $9 per month "Stash +" account adds investment accounts for two children and a monthly market research report.
Betterment is an app that tailors to your goals. It is a Robo advisor which means that it invests automatically for you. Betterment invests your money into ETFs based on your desired level of risk. The firm manages the buying and selling of funds in your portfolio and provides advice based on your financial goals.
According to certified financial planner and founder of the financial education company ReisUP, Tara Falcone this app assists not only with short term investment but also long term ones such as:
"They can also help new investors plan and invest for other large financial goals such as building up an emergency fund and putting a down payment on a house."