Looking to invest your motivation check? Here are some apps to help beginners get started
Salt Lake City – For most people, 2020 has been the year of dealing with the devastating impact of the COVID-19 pandemic, which includes the worst economic crisis since the Great Depression.
Now, as people look forward to a new year, a second round of stimulus checks is hitting bank accounts of Americans Starting this weekWhich leaves many wondering about the best way to spend $ 600.
The second stimulus is half of the $ 1,200 received in relief funding from the first Coronavirus earlier this year and well below the proposed $ 2,000 that Democrats in Congress and President Donald Trump have paid over the past two weeks.
So how can you do more with less? investment.
Investing is just one of the many ways in which individuals can choose to use money, even though most of them are financial Experts She advised citizens to pay bills first and high-interest debt before any investment interest is taken seriously.
Ultimately, it’s a personal decision about how to spend the money, even if it’s just buying something for yourself. But if you are a first-time investor looking to put new money into the stock market, this can be intimidating.
However, with the easy-to-use apps, you can invest directly from your phone. You might not be the next Warren Buffett, but you can diversify your finances without having to find a stockbroker or visit Wall Street in New York.
Here are some app-based brokerages that can help you get started:
Robinhood
Available on App Store and Google Play
The app is built on the basis of shared principles of the same name, and it provides easy access for anyone looking to enter the stock market and not “just the wealthy,” according to its creators. Robinhood does not charge a commercial commission and is free to download. Users can pay a monthly fee for Robinhood Gold, which provides more resources.
The application allows users to purchase shares directly after linking a bank account. Robinhood allows users to engage in day trading, albeit with some limitations; It also depends on the type of account the user has prior to day trading.
Recently the app had some issues with the government. Robinhood Financial this month agreed to pay $ 65 million to settle fees from the Securities and Exchange Commission that claimed it failed to disclose full details to high-speed traders and did not offer the best rates to clients trading on the platform, according to the Associated Press. mentioned.
The fruit of the oak tree
Available on App Store and Google Play
Unlike Robinhood, where you choose which stocks to buy, Acorns automatically approximates the incremental change to your daily purchases of over $ 5 and invests money. It is initially free to download, but you must accept a monthly fee to use it. For example, if you buy lunch for $ 7.85, the app will round and invest 15 cents. Users decide what level of risk they are willing to take and answer some other questions before the app creates your profile and starts investing.
SoFi
Available on App Store and Google Play
SoFi is free to download and allows users to start buying stocks once they set up their profile and link a bank account. The platform does not charge a yearly administration fee and users can start investing right away.
General
Available on App Store and Google Play
Public, formerly known as Matador, is proud to be a “social investment app” and is free to download. It allows users to buy shares for free from commission fees. The app not only allows users to buy stocks, but also provides unique features such as group conversations with other users and following other investors to see which stocks they are interested in. The app does not have a daily trading policy, unlike other apps.
Lauren Bennett