5 Practical Tips That Will Save You Money and Make Your Life Easier
2. Micro-Investments
Micro-investing is exactly what it says. It’s all about making investments that are small enough to fit your budget. The essence of micro-investing is to start small, do it frequently and work your way up. Large investment capital is now being replaced by small budget-friendly investments.
And, unlike traditional investments, there are now tools to help you start your micro-investments. Here is a list of the top micro-investment apps available in the market today:
Betterment is the most established of all micro-investment businesses today. The tool has no initial cost and charges just 0.35% as an annual fee for accounts that have a balance of less than $10,000.
The good part about Betterment? It gives financial advice that goes well beyond the realm of investments. The app can give you advice on how to manage your retirement accounts (Individual, IRA, Roth IRA and 401k accounts). It also provides auto-investment options and can rebalance your portfolio for you.
If you are looking for a financial tool that want a personalized experience that will help them with planning your retirement fund, building your investment portfolio and even learning about tax loss harvesting as well as trusts, the Betterment is the app for you.
PayPal has already invested $30 million in Acorn Financial Services. It is a really simple app to use. All it does is it rounds up your expenditures to the nearest dollar and then uses that change to invest in one of the portfolios which have been ranked on the basis of risk.
While you can start by investing your spare change, you also have the option of setting up an automatic monthly deposit. You do, however, need a minimum of $5 to start your investments.
This app lets you start investing after you have made a $5 deposit. It also charges you a $1 monthly fee for an account balance of less than $5000, but the first month is free.
Stash simply chooses investments from professional fund managers as well as investors and then gives you the choice of where you wish to invest your money.
Micro-investment has become a thriving industry and there are a lot of apps that are now available for you to use.
