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“But the money you put in should be your play money. “If you're in a financial position to use these apps, that is, if you're already saving 15% or so of your income for retirement, you've already built up an emergency fund, and you've paid down high-interest debt, then they can be a great way to learn about the markets,” Andrea Coombes, NerdWallet's investing and retirement specialist says. Of course, he could have just as easily lost it all, too.ĭo-it-yourself investors need to do their homework, making sure they take advantage of an employer-matched 401(k), figuring out how seemingly small fees cut into returns and seeing if they have access to tax-favored investment accounts like an IRA. That’s about 14.99 percentage points more than it would have earned sitting in a traditional saving account during the same time period, he points out. His Robinhood account grew by about $500 in the first year - or about 15% - on his initial investment. “I use them to learn about the stock market and gain perspective in general,” my stepson, Guy Blelloch, tells me over the phone. The apps give them a cheap, convenient and familiar modern way to dabble in investing by making small, automated transfers into passive, individual non-retirement accounts. Not enough to really “make or break” them financially should the markets take a massive downturn. Many app users I spoke with say they're adding about $25 a week into their micro-investing accounts. “Most of the apps that are coming out are essentially piggy banks,” says Chris Michaels, a Raleigh/Durham-N.C., investment enthusiast who uses a handful of similar apps on his phone. “You put a little in week after week, and before you know it, hopefully you've grown your bank account to something substantial.” Robinhood, a stock brokerage app that lets you buy and sell individual stocks for $0 a trade, has about 3 million accounts, and more than 1 million people signed up for early access to Robinhood's new crypto-trading service. According to Stash, since it launched in late 2015, it's amassed nearly 2 million customers and 5 million educational subscribers, with approximately 40,000 new clients joining weekly.Īcorns lets you round up credit and debit card purchases to the nearest dollar and then invests your digital change. Stash lets you pick more than 40 different exchange-traded funds (ETFs) and stocks for a minimum deposit of $5.
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The apps' low barriers to entry, automation and familiar tap-swipe-buy, Tinder-style interface have led to a gold rush of sorts. These kinds of apps are exploding right now, appealing mainly to Millennials looking for convenient ways to start saving and increasing their money. More: Bull market for stocks is turning 9. gold and other investments during 9-year bull market More: Common-sense tips for keeping wild stock market rides in perspective
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More: Stock market 10-month win streak ends in February after correction You ask, what you’re after - and whether you want one more way to get addicted to your smartphone.
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New investing apps like Robinhood, Acorns and Stash make it easier than ever to invest on the go, with zero experience and little more than pocket change to pony up.Īre what's known as micro-investing apps handy in a fluctuating stock market? It depends on who Watch Video: Microinvesting apps: How they work in a volatile stock market