Many people are scared to invest in the stock market because they think they’re not good enough. In your mind, you tell yourself “I’m not a Wall Street expert. This is not for me.” Do you know that investing in the stock market is not only for millionaires or experts? Of course, there are risks involved. And you don’t want to see your money go down the drain because you’re a novice. You might not know what to pick, buy, or sell – it all looks too much. But, do you know that there are apps that help you manage your investments?
Yeah, that’s right.
There are apps that track your investment and even help you make the right choices. Many investment apps out there are free, but they don’t offer the maximum benefits and services, compared to others. So, I’ll be giving you the top apps that help you invest better.
Below are some of the apps you should get if you’re really serious about investing your money:
Best For Investment Tracking: Personal Capital –
If you’ve been doing your research well, you must have heard of Personal Capital. Currently, it is the most popular investment tracking app. Just so you know, it tracks about $5oo billion in assets. They offer so many free investment services. Also, they have an asset management component that helps take care of your tangible and intangible assets. Investment services offered by Personal Capital for free include –
Investment checkup – This involves you putting in all your various investment accounts. Personal Capital will carry out its analysis and show you where you’re at. It would also give suggestions, recommendations, and tell your risk level.
Retirement calculator – With the retirement calculator, you can know how much you save each month from your income. Also, it calculates your projected Social Security income which you would get at retirement age.
401k fee analyzer – This is also an investment towards retirement. The 401k fee analyzer shows you how much you’re actually paying into your account. Unknown to many, most of these plans gotten from employers have fees attached. The fee analyzer also shows you how much you’re losing to these fees.
Best For Investment Education: Stash
So, you’re probably wondering why we’re talking about investment education. Before you start putting your money into a new place, you have to know well about the place. For instance, I made a mistake in my early twenties. I gave almost all the money I had on me (in six figures) to some people who claimed they were going to help me invest. Not only did I lose all my money, but I also lost all the enthusiasm I had towards investing (I’m getting it back).
What am I trying to say?
You have to educate yourself about something before delving into it.
Stash is one of the best apps that help you manage your investments. But unlike other apps that help you invest, Stash teaches you how to make these decisions yourself. Isn’t that great? You can even become a pro in no time. The information given to you by Stash is usually based on your investment preferences. So, you’re free to build your own portfolio or choose from the ones on it.
As a beginner, you would most likely not understand most of the terms used in the investment world. Stash gives you the basics and helps you grow. With just $1, you can start your investment journey with Stash.
Best For Micro-Investing – ACORNS
Have you ever considered micro-investing? It involves saving up small amounts of money until it becomes a lot. ACORNS is one of the best apps that help you manage your investments. All you have to do is connect your bank accounts and it will do the saving. For instance, when you buy something for $10.40, ACORN would round it off and save the remaining 60 cents.
At $5 in your ACORN account, it will begin investing for you. You can decide that the app invests for you, or you set your preferences yourself. But, you can be assured that your money will grow.
Moreover, since ACORN doesn’t take so much from your account, you won’t even notice a thing. To invest with ACORN, you have to pay $1.00 per month if your balance is less than $5,000. But if it is more than $5000, you have to pay a quarter of your balance every year. When divided into monthly fees, this isn’t so much.
Best For Stock Exchange & Gifting – Stockpile
So, you’re the old mom who has been trying to convince your kids to get started in investing. How did this work out for you? They’ve probably ignored all your words because they don’t understand. So, what do you do? Stockpile gives you a different way of buying and selling shares. To get your kids started and show more interest, you can fund their account with a stock gift card. This gift card gives the receiver stock shares from $5 and above.
Also, you can buy fractional shares of whatever company you’re interested in on Stockpile. With over 1,000 investments to choose from, you can do just anything. You can even give physical gift cards, e-gift cards, or transfer to another account from your bank.
All trades on Stockpile are 99 cents. Guess what is more exciting!
There are no monthly fees. So, why not get started right away?
Best For College Savings – Wealthfront
So, this one is for parents who want to invest in their children’s education and students who have some money to invest for themselves. Wealthfront takes your preferences seriously. It is for people who are interested in passive investment for wealth building.
To use Wealthfront, connect your bank accounts. The first thing it does is analyze your spending to get more information about your finances. Then, it invests your money. The money you put in Wealthfront can go into 11 ETFs. Also, one of its investment options is a 539 College Savings Plan.
In addition to these benefits, you don’t pay any money until you reach $10,000 in investment. When you get past $10,000, you to pay 0.25% per year.
In conclusion, these are just a few apps that help you manage your investment. With just a little or no money, you can get started and have your money grow without much work on your part.
Have you started making up to $60,000 a year, here are profitable things to do with your money.