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Just trying to see if anyone has used any of these apps as a first time investor or someone who does not really understand investing as well as others. If you have used any of these apps or similar ones---is it worth it? Is it safe to use?
Investing is so very confusing sometimes!
Acorns and Stash are fine but honestly I would rather just set up a recurring $100 per month into a mutual fund each month. No need to mess around with these spare change apps.
Acorns and Stash are fine but honestly I would rather just set up a recurring $100 per month into a mutual fund each month. No need to mess around with these spare change apps.
Oh, Mutual Funds. Ok! I will look into that. I have allot to learn (should have started allot sooner.....darn it)
I looked into those apps for 'small investing ' for weeks when money is tight here.
I also read an article about them.
Think about it...you invest $5 a month , and they keep $1 in fees. That's a whole 20% for fees!!! Even at $100, it's a 1% fee.
THAT would not happen with a mutual fund or no one would invest in it.
So seriously consider just keeping your change or small bills until you have enough and go as the above poster suggested.
I looked into those apps for 'small investing ' for weeks when money is tight here.
I also read an article about them.
Think about it...you invest $5 a month , and they keep $1 in fees. That's a whole 20% for fees!!! Even at $100, it's a 1% fee.
THAT would not happen with a mutual fund or no one would invest in it.
So seriously consider just keeping your change or small bills until you have enough and go as the above poster suggested.
Wow - that really verges on a scam in the disguise of helping inexperienced investors. I guess these guys aren't making enough lending at outrageous interest rates so now they've discovered a way to skim off money from all the responsible people actually trying to save a bit? Disgusting.
Stay away - OP - you can do much better with no load and low fee mutual funds with someone like Vanguard or Fidelity. Just do a little research reading on here in the forums.
I looked into those apps for 'small investing ' for weeks when money is tight here.
I also read an article about them.
Think about it...you invest $5 a month , and they keep $1 in fees. That's a whole 20% for fees!!! Even at $100, it's a 1% fee.
THAT would not happen with a mutual fund or no one would invest in it.
So seriously consider just keeping your change or small bills until you have enough and go as the above poster suggested.
Yes, I looked into those app's fees and I thought it was quite high.
Wow - that really verges on a scam in the disguise of helping inexperienced investors. I guess these guys aren't making enough lending at outrageous interest rates so now they've discovered a way to skim off money from all the responsible people actually trying to save a bit? Disgusting.
Stay away - OP - you can do much better with no load and low fee mutual funds with someone like Vanguard or Fidelity. Just do a little research reading on here in the forums.
You'd be better off taking spare change or $5/week and saving to put in a CD, better rate of effective return, is think.
You'd have to make a LOT on those investments in stash or acorn to cover those fees!
I nixed the idea.
If I can find the link to the article....actually I tho k i just typed in a search for "stash investing" or something and found the article. The author decided to try it and see what came of it. He pointed out the 20% fee on the $5 tgey claim you can invest with them. That started me thinking, and I looked into it more, both the article and the apps. Sure enough your investments will be greatly REDUCED by the fees.
A no load mutual funds or the like is better than that by far.
Look at vanguard and others as mentioned.
It's as easy, I think. Maybe you need a bit more, but your money doesn't have to work as hard to overcome the fees.
$1 doesn't sound bad, until you look at what that equates to as a percentage!!
Best if luck finding a niche for your hard earned spare "change".
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