According to a survey conducted by Bankrate.com, only 1 in 3 Millennials has money in the stock market. The reasoning behind this is because they think they don’t have the capital to invest.
Investing is crucial for your long-term wealth, retirement, and upward mobility. Even though you might know very little or nothing about investing, there are still ways to influence your finances. The cool thing is that by investing online, you get to increase your passive income without having to check your portfolio every hour.
If you’re looking for easy growth for your wealth, look no further. Here are the 5 best investment apps for amateur investors.
Super basic, super clean is how one could describe Robinhood’s interface. With a straightforward platform, investing on the Robinhood app allows you to buy shares of specific companies in the financial market.
The biggest pro of Robinhood is it cuts out the middleman – brokerage firms. Without them, what you get is low-cost investing and zero-commission trading. In simple terms, you can trade as often as possible without incurring a ton of fees.
For an app with no mess and no stress (both important for investing), while also learning how to invest in the stock market, Robinhood is definitely a contender.
Another uber-simple platform and user-friendly, Acorns is a fun way to grow your wealth steadily through micro-investments. What this app does is take your credit card information; then, when you spend like you normally do, Acorns rounds up what you spent to the nearest dollar.
The extra change is invested through Acorns. This is passiveness at its finest. You don’t do anything – just spend how you normally spend, and Acorns takes care of the rest.
Try Acorns if you don’t want to worry about investing at all.
The equivalent of a portfolio manager on your phone, Betterment takes your goals and dreams in mind. They ask you what you’re investing for – dream car, vacation, retirement – and then builds you a personalized portfolio.
The nice aspect of Betterment is that they actively manage your account, using tax-efficient technology to properly allocate your funds.
Helping you make the most out of your money, Betterment is better than most and is worth consideration.
$5. That’s all you need to start investing with Stash.
The app aids you in choosing “an investment strategy that reflects your interests, beliefs, and goals.” They stay up-to-date with articles and tips to help you learn as you grow. With fun themes and 40 ETFs, this app was designed to make investments fun and personal.
Grab this app today and see what all the buzz is about.
By far the most intuitive app on our list, Wealthfront takes the pressure off of you completely. Widely acclaimed, this digital personal financial advisor connects to your accounts, analyzes your data, develops a plan based on your goals and habits, and offers tailored strategies.
On top of that, they invest of course. Wealthfront has software built to run complex strategies quickly and frequently, taking out the slow human factor.
If you’re serious about investing and planning for the long haul, Wealthfront just became your new best friend.
Other Best Investment Apps?
There are numerous apps that help you allocate your assets and invest your money, but these are the five best investment apps period.
If you want more guidance on how to invest money online as a complete beginner, check out our comprehensive guide to starting your path to financial independence. Or, if you want to learn how to day trade, look into this day trading options tutorial.