(ThePennyWatcher.com) – Investing can be an intimidating word for some, but with todays technologies and applications there are a few options that have set out to make it easy for those of us that are not experts.
So let’s go ahead and dive in.
Why Start Investing?
You don’t need to be any type of expert to start investing and getting your money to work for you. That is the whole point. Compounding interest over time and making those dollars work for you.
Whether you’re saving for retirement, a down payment on a house, or just looking to build wealth, these easy to use tools can put you on a good path financially.
Again, you don’t need to be a big wig on wall street to invest, you just need to find a comfortable solution that makes it all easy to understand.
Acorns
Have you ever wished you could invest your spare change without having to actively manage a portfolio? Acorns helps you do this.
This app allows you to invest small amounts of money automatically by rounding up your purchases to the nearest dollar and investing the difference. It’s a painless way to start building wealth and doesn’t require much effort on your part.
Set it and forget it.
Acorns specializes and calls these smaller investments “round ups” of which you can also setup recurring investments so you don’t have to think about it, it just happens.
While Acorns does have a monthly fee, it’s still a great option to check out as it may work better for you.
Some people like it better than the free alternatives.
Robinhood
If you are more interested in investing in individual stocks of companies, Robinhood might just be the platform for you. You can buy from searching the market, and choose how much you invest in each stock.
Robinhood has over 22 million users, so it isn’t a new kid on the block. You can even invest in all sorts of cryptocurrencies.
It’s also commission free! And you don’t need to buy a full share, you can actually buy fractional shares.
Invest $5 bucks or $500.
A few other things to note is that you can setup individual retirement accounts, and it has a huge library of educational resources. It’s built for beginners.
Choosing Your Path
These are just a few of some of the tools available today. You should test more than one, and see which one you like better.
Or perhaps you use more than one, up to you.
The point is, get your money to work on a small scale and build up from there!
