Hey everyone! I'm new to the community and I would love to share an app with you that I just found out about. I couldn't believe how someone could come up with such an app. The app is called Acorns. Basically, this app will invest spare change automatically from everyday purchases into a diversified portfolio. If what you are buying is like 12.49 or something, the 51 cents is left over and this app will invest it for you. THAT IS GENIUS! I recommend this to you guys to try out. Let me know how it goes and if you are able to gain any wealth from this. All my change ends up in the bottom of my car anyways so this is a very smart way for me to do something useful with the money.
Acorns comes with a few inherent weaknesses and problems, though. For starters, you don't control where your money goes, and financial investment freedom is something that consumers should prize instead of forfeit. If you rarely use the app and don't put much money into it, then you're going to lose a few bucks here and there. The app is only available on iOS at the moment, and the fact of the matter is that people are better off learning some basic investment knowledge and then investing for themselves. It might cost a little bit more, but they're almost guaranteed to see better gains. Acorns is perfect for the super uninitiated, but a person that can focus for even a couple hours per week on investing will earn more elsewhere.
It's not true that Acorns is only available on iOS. It is also available for Android devices that have the Lollipop OS. I totally get what you're saying about learning basic investment knowledge, but not everyone has time to delve into that world or learn yet another skill. I already have too many things on my plate.
I am not really one for investments, unless I have done a lot of research into what it is that I am going to invest my money in - even if it is lost change, or left over change. That money could have gone somewhere else; somewhere more productive as far as my life goes. I don't have much investment skills, but I do know a lot from having been scammed previously. I won't be investing in anything like this again.
Doesn't seem to be a great idea, but it's not a terrible one either. I think it has a specific market, people who don't typically have a savings plan or who are new to it.
Lol is it just me who thinks the app is kind of shady? I don't think I can trust that app especially I've never even heard of it before. I'll check this out though thanks for the information.
