58% of Americans have Less than $1000 in a Savings AccountYahoo Study of 5000
My name is Lori Ballen and I’m a blogger, entrepreneur and affiliate marketer. I’m not a financial advisor, legal counsel or accountant and should always seek professional advice where it comes to your own finances. I’m also an Amazon Associate. This blog contains affiliate links which benefit me when you click or make a purchase. Read the Full Affiliate Disclosure Here.
- The round-up feature allows you to take your spare change and invest it through the app. This is probably best for someone that simply isn’t saving anything. [Watch the video at around the 6-minute mark]
- The Round-Up Multiplier allows you to set and forget 10 times the change as an investment.
- Recurring investments can be established to invest on your behalf just like the Stash Investment app does.
- The investment simulator will allow you to make predictions on investments
- Your investments are placed in broad funds
- Easy to use
- The Robo Advisor works to provide you with investment options that would be best for you based on the desires you share in a form when setting up your app. This is a computer generated advisor, not a person.
- Free for College Students
- Other fees around $1.00 – $3.00 per month
- There are cheaper options out there (as there always are!)
- There is a checking account option that is reasonable
- Unlimited ATM reimbursement
I started using Stash a couple of years ago. After my divorce, I had to learn a new way of looking at money. I, myself, was completely new to investing and had never been much of a “saver”. I always made good money, and always spent it for the most part.
Knowing little about the entire process, the Stash App made it easy for me to begin saving. As Graham points out in his video, there are other methods that are probably cheaper and certainly, could that bring a better return.
That being said, for college students, and for those that aren’t good savers, having a round-up option or automatic bank transfer can be good options. Look at these apps as a first step. Again, this is just me talking to you as a regular person without financial training other than general business operations.
I don’t know about Acorns App, but Stash also offers a retirement savings option.
Today, I’m excited that I have more than I would have imagined in stocks because of using apps like Acorns and Stash as well as an online investment account where I have the Roth IRA and automated payments.
So for guru investors, there will be other places to play. For the “newbies” that are just learning and need to have a place where at least some savings happen, these apps can be valuable.
I use the guides in Stash as well to learn about investing.
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