There are various different Apps out there where you can invest small amounts of money each month and some that round up purchases to the next dollar and invest that money for you as well. If you are someone that has been thinking about adding to nest egg and investing money but don’t know where to start and can’t seem to make the jump and start – these are for you. These sites make it very easy to sign up and start the process and you can have a plan set up that will make a weekly deposit to be invested based on your profile.
Most of these have a minimum of $5.00 per week, if you are someone that has been thinking about starting an investment account then you shouldn’t have a problem coming up with this amount. $5 per week with an annual return of 7% would turn $7,800 that you would put in, into $26,500 over 30 years making you a profit of almost $20,000.
The average person makes just under 25 debit card transactions each month. If you sign up for one of these apps and had it round up to the next dollar and invest that money for you it can surprisingly add up over time and honestly, you won’t really notice the money being gone. If you signed up today, in 30 years your account could be over $15,000!! This takes less than 5 minutes – and you won’t even know the money is gone.
Simple site that took less than 10 minutes to create an account, a profile and link my bank account to start a weekly deposit as well as rounding up each purchase I make to the next dollar and depositing the change. There are 3 tiers you can have and different options depending on what you are looking for. Be sure to change from Personal to Lite if you are looking for the cheapest option which has a fee of $1.00 per month.
Betterment offers you the option to plan for different major events and set’s up a plan based on where you are currently at, what your goal is and how much time you have to achieve that goal. Weddings, Retirement, Emergency Fund, New Homes etc. All of these purchases can require that you have a large sum of money saved up and Betterments goal is to help you build that money up.
This is the better option to go with if you want more hands on control of your investments with an expansive offering of research tools and Analyst Reviews. There is a higher deposit minimum but a very professional service offering. You can research funds and create auto investment strategies which is what you should be looking have in place.
There are many options to choose from out there in the Auto Investment arena and if you are looking for somewhere to start, these 3 are great places to get going. Remember that sometimes it’s more important to start something that’s not perfect as opposed to not starting at all. The first two apps will allow you to start auto investing for very minimal amount of money. In order to climb Mt Everest, you must take that first small step – good luck!!