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Many people assume that making investments requires a lot of money. However, you shouldn’t be worried about having enough cash in the bank to begin. You can start really small when it comes to investing.
Apps like Stash or Acorns streamline the process of investing your spare change. They work through the concept of micro investments. You connect the accounts that you typically use to make your day-to-day purchases, such as your debit card. These transactions are tracked through the app, which rounds the purchase amount up to the next dollar. The difference between your purchase and the rounded-up figure is invested in a diversified portfolio. You can also set recurring or one-time amounts to add to your investments. We review the best online investing apps including Acorns and Stash here.
If you’d like to have a slightly larger beginning investment, the Betterment app gives you an opportunity to get a low-fee investment portfolio that supports your long-term goals. The platform uses technology that automates the investment process, so it’s simple and straightforward.
You don’t have to go through all the work of picking out the individual stocks, and you still get the benefit of a portfolio that works for you. For example, you may be saving for retirement, wanting to enjoy tax benefits or need to build up your wealth to put your children through college. The mix of stocks for each of these goals tend to be different, and Betterment handles that side of the process for you. Read our Betterment review here.