I have always been interesting in making my money work for me. It’s something I felt is important to learn or work on so that my portfolio of money making is diverse. Investment is a more long term goal for growth but it is worth it in the end. The economy might be volatile now, but the eventual growth is inevitable.
Nowadays there are so many ways to invest. My mother who has a lot more capital on hand invests in real estate. I, on the other hand don’t have that much on hand to buy property so I have found quite a few ways to invest small amounts of money. There are so many apps nowadays that can invest your money easily and without much of your own legwork. You simply just sit back and set aside some money to put into those accounts. Here are some of the apps that I have used and a little about them:
Robinhood claims that they cut out the fees and let you transfer funds almost immediately. This is because they take the money from your bank and have a storage-like account on the platform kind of like paypal. They have you invest in certain companies that are more lucrative like Apple, Google, Twitter etc. You will need a bit more research and insight to invest with Robinhood, but if you find no transfer fees and company stocks appealing check them out. Here is a link for free stocks or click on any of the Robinhoods.
You can invest with Acorns at a lower dollar amount. They try to offset their $1 monthly fee with some promotions. This month they are offering $100,000 split among those who invite or refer people. The benefit is that they let you buy small fractions of stocks from various sources. This takes the research work out of your hands and into theirs. It’s also automatically investing your money into these various bonds and stocks when you buy things by rounding up. The other way you can invest is by setting aside $5 a month or per week into that account. It’s good if you would like to have your money invested long term with little thought or effort.
I really like this app, it does the same thing as Acorns but on a larger scale and they use different data to inform you on how your stocks are doing. They manage the first $10,000 for free and you can increase the amount they manage for free by $5000 each time you refer someone (Here’s my link). Wealthfront allows you to set certain goals for large life plans like buying a home or planning retirement and even saving for college. I like the system and they have low fees or no fees for the amounts under a minimum of $5000. They take into account your goals and invest in more conservative or more volatile stocks based on your preference.
Again, I highly recommend making your money work for you. It’s better than having a bunch of money sitting in a savings account without growth. I hope you enjoyed reading this and I encourage you to leave a comment if you might use other investment tools like Stash or Wealthsimple.
If you want to try wealthsimple, they offer free airport lounge access as one of their perks for investing at least $100,000 with them. Their service is very similar to wealthfront but they started in Canada. Click here to try it and get an extra $10,000 managed for free.
Thank you for visiting!