Today it is easy to start investing, especially with the many available investing apps for beginners. These are my favorite investing apps that take away unnecessary complication while helping users grow their wealth and financial knowledge. It doesn’t need to be intimidating to take the first step of investing, especially when you have the right tools.
Acorns
I think it’s impossible to beat Acorns as an investing app for beginners. This is my go-to. I have been using this app for years, and it was actually the first investment app I ever downloaded. It is incredibly user friendly. If you are anything like me, and struggle with saving instead of spending, this app automates everything for you, so it makes it a lot easier to save. Once you create an account and connect your bank or debit card you can set a recurring investment amount, and the app will take that amount from your account and invest it for you based on the time frame you designate. When you sign up, you select one of five portfolios (combinations of investments) depending on your risk level, and Acorns pretty much takes it from there. In addition, the round up option is great if you want to invest but do not have a lot of wiggle room in your budget. For purchases made on linked cards, Acorns will round up to the nearest dollar and invest that change for you. Acorns also provides ways to earn additional rewards by shopping at qualified stores or referring friends. One thing to note about Acorns is the monthly $3-$5 fee. Overall, I think Acorns is a wonderful hands-off way to invest, especially if you are not yet comfortable trading and selecting individual stocks.
If you sign up here using my link you can receive a $5 bonus investment, and I receive a bonus too.
Betterment
Betterment is another great app for beginners to invest. Specifically, Betterment focuses on goal based investing. They have goal categories for saving, such as educational , safety net, and major purchase. It’s personalizable too because you can customize the title and upload cover images to represent your goal. You then select the target investment amount and the target date you would like it to be achieved by. Like Acorns, investors can be very hands-off in the investment process, although Betterment does offer more portfolio options than Acorns. Social Impact, Innovative Technology, and Betterment Core are just a few of the portfolios available. These portfolios focus on stocks from companies in those specific categories, allowing you narrow down companies to invest in based on your interests. This app provides recommendations for portfolio combinations, but ultimately allows you to tweak your portfolio by specifying the breakdown you would like between bonds and stocks (which if you remember based on the last post I made, is an element that adjusts the risk you are taking on). If you are looking to invest in a passive way, but want some options to adjust your portfolio, Betterment may be the right app for you.
Here is the link to sign up.
SoFi
For beginners, SoFi offers educational elements that are more in depth than typical investing apps. They have member experiences which are virtual meetings/conferences focused on financial topics that users can reserve spots for. They also post articles all about investing and business news, and share market updates about the stock market as a whole. In addition SoFi hosts a podcast on Spotify. These are just a few of the educational elements. All throughout the app, helpful information is available to assist you to make wise investing decisions and learn to be a savvy investor. The app also provides complementary access to Certified Financial Planners. Although SoFi does offer automated investing like Acorns and Betterment, where you simply select a portfolio and allow the application to manage it for you, with SoFi you also can select the specific stocks you want to buy. Cryptocurrency and fractional shares are also available for investment. SoFi is a great option, especially for those who are looking to learn about investing and begin selecting individual stocks themselves.
Here is the link to sign up.
Public
Public reminds me of a combination of Twitter and a traditional investing account. It allows you to select people to follow to view their trades and commentary on your public feed. This aspect is really unique to the app since it is focuses on breaking down the exclusivity that surrounds the stock market, and makes it more accessible and comfortable for those unfamiliar with it by setting it up as a social app. In addition, it allows users to learn from the trades of more experienced investors. Within the app, you can create group chats or join live investing conversations. With Public, you need to select your own stocks. You can choose between ETFs, fractional Shares, stocks or even some cryptos. I really like the aspect that it helps you narrow down stocks to invest in by breaking them down into themes. They have categories like green power, travel, women in charge, plant based, immigrant founders, and stay at home.. Public is a great app if you are a beginner but want to be active in selecting your investments while joining an investing community.
If you sign up using my link we each receive a free stock!
Wether you are looking to invest with $5 or $500, these apps are great ways to dip your toes into the waters of investing. Always remember to invest within your risk level, and research before you select your investments. Celebrate the little steps you take when beginning this journey!
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Some of my links may be affiliate links I can earn commission from. At no additional cost to you, I receive a commission if a purchase is made after clicking the link.
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