A few weeks back I did a quick review on Robinhood which was an app that provided free trading on the stock market. This week if you’re looking for an app that combines an effortless investing strategy on both sides of funding your account and automatic investment levels from conservative to aggressive then this app is for you. The way it works is by linking your credit and debit cards to the app and when you spend money the remaining change from $1 goes into the account. Once you’re up to $5 the investment takes the money from your bank account and invests it in the market. Think of it like an automatic savings account that will get you more than 5¢ in interest every week. Their motto that got me was $5 a day is almost $2,000 a year. So if you saved $2,000 a year for 10 years you’ll have $20,000 on the market and if the market goes up to say 7% (which is the traditional average) in that time you’ll receive an additional $1,400 in interest. Do that for another 10 years with $40,000 and your interest payment would be $2,800. $42,800 is a middle-class salary from just saving your change and putting it on the stock market.
I should stop here to tell you that it’s not guaranteed and that you have just as much chance coming out with less money but over the long term you’ll usually come out on top. The part about the app is that they make it effortless and as long as you don’t over draft funds from your checking account, stay consistent and be patient you’ll make a good chunk of change.
Now for the way the app looks and functions this is the best part, everything is displayed in such a clean and easy to use function you’re more interested in how your investments are doing rather than how the app is designed and how it works! The best apps, in my opinion, are the ones that get out of their own way and let you focus on the details and Acorns does just that! The UI on the app shows detailed information on how your investments are doing from the minute of the day to the term of the full investment. They have a full section on investment advice and even an area where if you’re signing up for services or getting discounts from certain companies the app is affiliated with you can get additional money that way as well. In addition to an amazing app, they also have a website that displays your account info, supports both iOS and Android and even have an Apple Watch app as well. It’s truly the easiest and most effortless way to invest. So download the app in your app store or head to their page acorns.com and if you’d like to leave a comment furthering this review please do I’d love to hear your thoughts on it!