One day, while filling up his gas tank, a tree dropped an Acorn on his head. Harold then got an amazing idea to go to MoneyHax.com and see if there was an app called Acorns that would literally make it super easy to invest in shit without ever knowing. Plus, there are apps to help pay down his student loan debt that he’s been paying for since 1974.
Investing Spare Money with Acorns
With all of the breakthroughs within the Financial Technology industry (Fintech), it’s no wonder that Acorns tapped into the spare change market. How does investing in spare change work?
- Buy a chocolate bar for $1.50 including tax
- Acorns will take the .50c extra into an investing account
- That’s it!
By being rounding up on these investments, you’ll be spending money not only on good but your investment account with Acorns. Acorns recently announced that they are taking applications for their Debit card making it EVEN EASIER to invest in spare change. Soon you’ll be investing spare Acorns like it’s nothing!!
Most cash transactions are ancient history. When was the last time you paid for something under $1? Perhaps it was the neighborhood Lemonade stand, or maybe you’ve used a few quarters in the laundry room or vending machine. In the current world, it’s rare to use spare change, so why not invest it with Acorns?
If you want to get started, you’ll be able to find Acorns on pretty much any smartphone app store like Android and iOS (Apple). Plus, you’ll be able to manage your accounts from your PC as well!
Other Ways to Invest in Acorns
Acorns will make you invest in spare change quickly, but that doesn’t mean that’ll be the only way you can invest more within the portfolio Acorns provides. You can also refer other people to the Acorns service and earn more money over time (much like Affiliate Marketing). Here are some different ways to boost your Investment portfolio with Acorns:
If you love shopping online, then you could also turn it into an investment opportunity by enabling this function. How it works:
- Shop at any Acorn’s Partner found on their Found Money Page
- Make sure you’ve enabled a Credit or Debit card through the Acorns App
- Buy Something from a Retail Partner
- Get Money Back in the Form of Newly Found Money for Your Acorn’s Investment Portfolio
Found Money is indeed an easy way to earn extra investment bucks here and there, although the idea is not to overspend and get into debt by using the function. Think of it as a cool extra perk.
Like many apps, you’ll be able to refer friends and earn some credit. With Acorns, you’ll be able to obtain extra investment dollars in your portfolio bysuccessfullyrecruiting your friends to the app. Of course, it’s an easy sell…after all people are building investment portfolios using the spare change!
One Time Investments
Acorns can also act as a traditional stock account, where you can fund it at any given time. Try to add a more substantial sum of money to boost investment return!
We’re excited about the New Debit Card offering from the Acorns company, as you’ll earn cash back with every purchase, along with quick access to spare change investments. We’ll have to wait to see how it works with the functions of Found Money, but overall this is an excellent Debit Card to use if you are serious about funding an investment account!
You can also automatically place $5 or more into the investment account every week, month, etc. It’s easy to set up directly from the app!
What’s the Cost of Using Acorns?
- $1 Per Month for Portfolios (Accounts)under $5,000
- 0.25% of the Balance if you areover$5,000
Pretty cheap if you ask me! Plus, it’s the perfect app for those looking to get into investments. Think of it this way…it’s a pain-free way to invest, while not giving up the shopping habits you are probably committed to.
Who Should Be Using Acorns
The app makes sense for a particular category of people. Not everyone is going to be investing, no matter if it’s the best thing since sliced bread. But here are some who should seriously try out the Acorns app today:
- Savvy Shoppers
- Beginner Investors
- College Students
- Families Just Out of Debt
Although advanced investors could balk at the returns that Acorns provides, the fact remains that people spend money…a lot of it. So Round Ups in any shape or form that could end up benefitting one’s financial situation no matter how big your wallet maybe could benefit from this app!
Best Acorns Alternative for Investing
An app called Stash allows you to spend, even with an amount as small as $5 to investment portfolios that could be tailored to your character. For example, if you are an activist, perhaps you’d like to invest Solar, Wind, and Electric technologies, with Stash you’ll be able to do so, easily with their unique interface.
You get a fully interactive platform and a vast array of portfolio options for only $1 a month! That’s if you retain a balance under $5,000. And while you can continue utilizing Stash past the amount, it does act as an investment platform for beginners. For any interested investors past the $5,000 threshold, you’ll only pay 0.25% of the balance.
Stash believes in empowering a new generation of investors, with their simple and easy to use application, we certainly think it’s a great stepping stone to invest and a decent alternative to Acorns.
Pay Down Debt with Qoins
Ok, Ok, so let’s say you don’t have a ton of money…or you are actually in trouble with Debt. Acorns, although a great app to get started investments isn’t going to be in your plans just yet. Luckily there’s an app that takes the wholepain-free spare change thing and focuses on paying down debt in a similar manner.
Qoins is the app you’ll want to look at in this case. You can round up purchases, much like Acorns, and apply the spare change towards specific accounts with large debt. Qoins will also pay down the ones where it’s logical to pay first, like those with higher interest rates and so forth.
Pay Down Student Loans with ChangEd
A common burden most college graduates have is the massive amount of student loans they have to pay off…forever. While you can look into refinancing and other avenues, there’s still the issue of paying these loans off to avoid interest piling up. Enter: ChangEd
ChangEd is backed by the popular investor Mark Cuban. You know, the guy from Shark Tank. Anyways, it applies the same concepts that both Acorns and Qoins utilizes, but with a deeper focus into Student Loans.
Curious about learning more about ChangEd?
Check out the intro video here:
With the issue of Student Loans never going away any time soon, it’s to know that there’s a way to pay off this kind of debt, even though it may take a long time, it’s rather pain-free!