(Disclosure: Some of the links present in this post are affiliate links. This means that if you click through the link and purchase a product, I receive a small commission at no extra cost to you.)
Getting in the investing game has never been easier. Today, I’ll tell you about some of the best investing apps that are easy to use as well.
If you’re like me, you’re young and you’ve tried to learn investing before.
You read a few articles on Investopedia (a great resource to educate yourself on some basics of investing), try to make sense of some charts, pull your hair out at trying to make sense of all the jargon, then slam shut your laptop and give up.
Then you consider a wealth management service, until you realize that those cost money.
You also probably don’t have the assets to make a wealth management service worthwhile.
Enter technology (yet again).
Technology has helped to democratize investing through various apps that can get your money in the stock market in the same amount of time it takes to read an investing article. Download one of these onto your phone and start making the most of your money!
1. Robinhood
You know the story of Robin Hood.
He stole from rich, corrupt individuals and gave the wealth he acquired to the poor. Robin Hood was a champion of the common man.
This app does not allow you to commit thievery, but it is a steal when it comes to investing. There are numerous benefits to using this app.
Free Stock
Yes, you heard that right. Upon account creation and confirmation, you are rewarded a share of stock for FREE. No catch, except for there is a waiting period before you can cash out said stock. It is not too long, however, and well worth a free share of stock.
To really maximize your free shares, refer your friends to sign up with Robinhood. Upon using your unique referral code, you will be awarded even more stock.
Free Trading
Usually when you see “free stock trading” there’s a catch (typically in the form of a fee).
Not with Robinhood!
Once you link your bank account to the app, you can buy and sell stock within normal trading hours at no additional cost.
For a fee, you can purchase a Robinhood Gold account and trade after hours and trade on margin. Once again, however, this is totally optional if you are fine with trading only during normal hours and you don’t want to get in to margin trading.
Robinhood has greatly democratized the stock market.
Click here to join and get a free share of stock today!
2. Acorns
Got spare change jangling around in your pockets? Use it on Acorns!
Well, Acorns doesn’t really work like that, but it’s a very similar idea.
Acorns makes it easy to invest tiny amounts of money, aka money you wouldn’t really “notice” or “miss” if it wasn’t in your bank account.
Here’s how the app works:
- Link a credit or debit card
- Choose your risk tolerance level
- Spend money with your card like normal
- Acorns takes the “spare change” (the amount of money it takes to reach the next dollar) and invests it into the fund that you chose
Let’s say you went out on your lunch break and bought 2 candy bars from the vending machine for a total of $2.50 using your Acorns-linked credit card. Acorns will take the extra 50 cents (that would’ve rounded up your purchase to $3.00) and invests it into the fund you chose.
Will you even notice or care that your account has 50 cents missing?
I’m pretty stingy sometimes and I know I even wouldn’t.
It will add up, however, when you have hundreds of dollars built up in the stock market without ever feeling any real sacrifice.
It’s kind of the opposite of the idea of “those morning coffees add up if you look at your credit card statement”, because you’re making money without feeling any stress of storing your money in the stock market.
Download acorns and start putting your spare change to work!
3. Stash
Want to feel like a smart investor without going through years of intense study?
Stash may be for you!
Stash is similar to Acorns as far as low barriers to entry go, but rather than letting the app do the investing automatically, YOU do the investing!
After all, the best way to learn is by doing.
Based on your preferences, the app provides you educational content so that you can teach yourself. It is a great place to start if you’re more serious about diving in to the world of investing.
Similar to Acorns, you can set up recurring investments so that you can build a diverse, powerful portfolio.
For as little as $5, you can start making your money work for you!
The POWER of Compounding With Little Risk!
You’re young. This means that the best time to invest is now.
Sure, you can work with an investment adviser to help allocate that hard-earned money into the stock market.
But that costs money.
Or, you can give yourself a headache by reading 20 articles a day in between your day job (or classes) and your busy social life.
But who has the time?
Instead, why don’t you give one of these apps a try and watch your money make money today!
“The secret to investing is to figure out the value of something – and then pay a lot less.” -Joel Greenblatt