It’s no secret that investing has gotten not only easier in the last decade but investors also have access to much better and up to date information that allows them to make better decisions. Today I want to talk about my favorite investing apps, all of which I use on my smart phone, to research, fund, and invest without having to get up. While I have retirement accounts with Fidelity and Vanguard, both of which I love. This post will focus on non-retirement or taxable accounts that I use and the apps that make them simple and fun to play with.
First up is Acorns. Acorn’s tag line is small acorns turn into mighty oaks and as we all know thanks to the power of compound interest this is very true. The Acorns app allows you to link your debit cards and every transaction you make is rounded up to the nearest dollar and the difference is deposited in your brokerage account. So for instance if I purchase something for $1.25 then $0.75 will be deposited into my brokerage account. Acorns has several pre-designed portfolios that you can choose from based on your risk tolerance and once your round-ups hit $5.00 they will automatically deposit it into your account which will purchase fractions of each investment in your portfolio. For someone that wants to just set it and forget it, this is a great app. In addition they offer educational articles to help novice investors learn more about what their money is doing.
Second on my list is M1 finance. M1 finance is an app that allows you to create your own portfolios and displays them as pies. You can make your pies up or choose from pre-existing pies designed to fit your investing desires. M1 also uses fractional shares so each investment can buy small slices of the whole pie to keep your asset allocation correct or you can purchase individual shares and the best part is there are no fees!!! M1 offers great educational articles to help investors make the best decisions.
The third app I’ve included is Robbin Hood. This is a full service brokerage account that charges zero fees for trades. You can purchase any type of stock, bond, index fund, or mutual fund but I like this app for purchasing single stocks. I believe in using low cost index funds as the core of my investment holdings but use a small amount of money to play with. This helps me to keep my hands off my long term retirement funds and gives me an outlet to play and speculate. Robbin Hood offers educational articles to better equip investors to make smart decisions.
The last app I chose to include is Ally bank. Ally is a full service bank that also offers full service brokerage accounts. The thing I like about Ally is they offer high yield savings accounts, currently my account is yielding 2.20% which is much more than most banks offer. Ally has a great app and it is easy to navigate and fund your accounts.
Thanks for reading and remember FIRE University is not a licensed investment or accounting company and everyone should consult a professional before making any financial decisions.