As a CERTIFIED FINANCIAL PLANNER™, I’m always looking for ways to increase the overall net worth of my clients as well as myself. Investing in your retirement accounts is obviously one of the easiest strategies to employ when working toward that goal. Additionally, I’m not really a fan of investing in individual stocks, however, with the various apps available, you can often play a little without ruffling your nest egg too much. Which is why today I’m sharing three investing apps I personally utilize to play (learn) and grow my wealth.
The first app on my list is Acorns. The concept behind this app is to invest your “spare change.” We’ve all probably saved our spare change in a jar at some point in our life. Well, now that notion is getting an upgrade with a digital spin. Your Acorns account takes whatever you spend and rounds up to the next dollar for you, investing the leftover change. For example, if you stop and fill up your tank and it costs you $20.01, then the other $.99 is also withdrawn from your bank account and invested for you based on your risk tolerance.
It’s a great way to rack up extra investments on the side. In fact, my wife Emily and I were able to rack up saving an extra $2500 in 2018 just based on our regular everyday spending habits! You then can transfer this account balance over to your Roth IRA, use the money to go on vacation, or perhaps make a strategic purpose. You really can’t go wrong saving extra money, so I’m a fan of Acorns.
Another great app I use every day is Robinhood. I like to take risks with this app. By that I mean, I can invest in stocks I might feel will do well, without really touching my retirement portfolio. Basically, Robinhood allows me to purchase individual stocks at an extremely low price—actually even cheaper than I can buy them as a CFP®. You can essentially set a certain amount to come out each week to invest in whatever stock, EFT, option, or cryptocurrency I want to play around with. I have mine set up to pull $10 a week and then I go in and buy my favorite stock of the week.
Now, I am not a proponent of investing in individual stocks, to me, the risk is just too high. I’m not into gambling with my retirement goals. However, I don’t mind playing around with some excess cash from time to time and Robinhood gives me the chance to do so. It’s a great app for newcomers and experts alike.
The final app I’m a fan of is Circle. With cryptocurrency taking off over the last few years, Circle provides an opportunity to invest directly into numerous cryptocurrencies, markets, and platforms. The company is on a mission to change the global economy and make investing in the new currency easy and accessible for everyone.
I actually have my app set up to invest $10 three times a week in various cryptocurrencies, giving me the chance to learn a little without risking a lot of money. Now, I’m not saying you should do the same, however, if you’re interested in gaining more knowledge of cryptocurrency, then this app will get you started.
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With apps like these, building your wealth has never been so easy. If you’re interested in getting your feet wet when it comes to investing, these apps give you everything you need at your fingertips. Or if you’re an experienced investor looking to make a few extra gains without detouring your retirement goals, these will help you do that.
Investing is never a guaranteed success, which is why we always recommend talking with your financial advisor before sinking any of your money into an investment. If you don’t have an advisor, then reach out to us. We’d love to help try to make investing financially simple for you.
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