These days, everyone is looking for ways to make more money. Whether it's using coupons, making use of high-yield savings accounts or taking on a side job, there are a lot of options out there.
However, there is one option that many people can be intimidated by - investing.
It may seem like a complicated process, but investing is a great way to put your savings to work earning more money. Who doesn't want that? Continue on and you'll learn why you should invest and what the best apps are to allow you to save, invest and learn.
Investing can be a great way to take the money you're already saving and put it to work earning more. However, you can't just invest in any stock out there. It's important to know when to buy stock, when to sell and how to get the most from the money you put forth into the stock market.
These days, applications make it much easier to handle your stocks and get your money working for you. The options we'll cover in this article will teach stock newbies, provide the latest information for those with experience and make things simpler overall for everyone.
It's not hard to find an app to invest with, but is it the right one for you? Those with different purposes or levels of experience may find it difficult to decide which app will suit their investment needs.
The list below will give you a good idea as to which app is best for you!
Stash is a perfect choice for those who are just getting into investing. It's an app that is made to help investing newbies learn about how they can get the most from their investment choices. With the help of the Stash Coach and plenty of educational resources, it's a fantastic starting point.
You can also set your own challenges to help with growing your investments in a way that is unique to you. It only makes sense that new investors might be nervous about losing funds, so you'll even have the option to limit the amount of risk taken by the app when selecting investment options for you.
If you're looking for the perfect choice for creating great investment portolios for other family members, Stockpile is a fantastic choice. Not only can you make trades for yourself, but you can also get younger family members invested, and provide stocks or gift cards to others.
You won't even have to worry about the monthly fees of keeping an account in action. The only added cost is a fee per trade of $0.99, which isn't much to worry about! This is really a great way to get children ahead of the game, work on college funding or just help them to have plenty of money saved by the time they grow up.
There are many people out there who understand just how useful investing can be, but who may not want the task of deciding what to invest in on their own. Weathfront is an ideal app to use in those circumstances. It acts not only as a space to trade stocks within, but also an advisor.
That means you'll be able to set the results you want to aim for and Wealthfront will essentially do the rest. That even includes adjusting the balance of the portfolio as needed. This app combines large stocks and a few smaller options to create diverse, effective profiles that suit your needs.
Robinhood is one of the more recent investment apps that has been making waves on the market. One of the key benefits to using this app is that there are no fees for handling stocks. Most other apps include such a free, which can range from under a dollar to nearly $7.00.
Instead, Robinhood makes money by offering a premium service to those who are immensely active when it comes to buying, selling and trading stocks. Keep in mind that Robinhood is a great choice for those who at least know the basics of handling a stock portfolio, but doesn't offer a lot of information for beginners.
The needs of those who are self-employed can vary wildly from people with regular employment. After all, self employed individuals aren't given a 401k, retirement plan or even insurance. Because of this, they have to take that planning into their own hands to ensure retirement is possible.
Vault assists in making that a reality by providing necessary accounts and investment options suitable for self employed individuals. You can even choose a percentage to send to your Vault account on a schedule that suits your needs perfectly.
Those who need help saving money as well as investing can benefit from the Clink app. This app assists in generating savings and only using a portion of that savings for the sake of investments. That means you get to choose how much of your savings to invest to create more growth.
You'll also be able to rely on the investments that are made, as they are typically Vanguard ETFs. It relies on trustworthy options rather than investing in more risky stocks that may change by the moment. There is also no minimum needed to invest, so you can use any amount you feel comfortable with.
Many of us know just how hard saving money can be, and Acorns is designed to help people do that who may struggle with saving money otherwise. For each purchase you make, this app will simply round the cost up to the nearest dollar, allowing the difference to be saved.
These small amounts add up over time, and they allow you to have money to invest later on. After all, it's difficult to invest money when you don't have any to start with! It's a great first step for those who are interested in investing in the future.
Those who want to make themselves an expert on stocks can benefit greatly from the TD Ameritrade app. The app is packed with information on the companies you can purchase stocks from, the stocks themselves and the trends taking place in the overall market.
You'll even be able to find videos that can assist you in building a trading strategy. Those who want to really gain the benefits offered by the stock market can use these videos to create the best results. However, those who just want to get their trades done will enjoy the standalone trading app.
Some try to gain as much as they can through shorter-term investments while others seek to let their investments grow over many years. M1 Finance is the ideal for the latter type of investor. Additionally, this app will allow you to either choose each stock you invest in or let the app choose for you automatically.
Because of that, it's a perfect choice for those who want a lot of flexibility. There aren't many educational resources on the app, but you can obtain free IRA or Taxable accounts once you have invested a certain amount of money.
When you want a huge range of stock options, this is the app you'll want to make sure to check out. You'll also be able to adjust the fees you pay based on the stocks you choose. Some come with a fee of $6.95 while for others it's only $0.75. Still further, some choices have no fee at all.
Those fees can also be decreased for those who do a lot of trading. Because of that, making over 30 trades each quarter can help to save you even more money. You'll also be able to set up alerts that allow you to keep track of your stock and see an analysis on the market at any given point.
Taxes are often something people keep in mind when they're engaging in investments. This app is designed to provide tips and assistance on saving tax money so that users can get the most from the money they invest in the market.
Furthermore, it works to ensure your portfolio is set up to make taxes as efficient as possible. With harvesting of tax loss and no mimimum needed on your account, this is an app that is hard to go wrong with. Those who invest a lot can also use a premium account.
It's hard to beat an intuitive experience when it comes to dealing with money. After all, learning about the stock market can be hard enough, you don't want the app you use to be difficult too! Thanks to this seamless application, you can enjoy all the trading you need with minimal fees.
Individuals who use Bank of America may also find this app to be more convenient than others, as it is integrated with the bank. What is worth keeping in mind is that accounts do need to meet a minimum balance in order to gain access to trading capabilities.