The world of investing can be confusing for beginners. Do you want to take a big risk in hopes of a large return? Or do you want to play it safe and invest in stock that has a steady rise pattern? Ultimately, it is up to you to decide what you are comfortable with but there are some incredible smart phone apps that are helping millennials take more control of their investment portfolios, some even let you invest as little as $5.
- Stash– Stash the app requires a short quiz to get to know you and your risk comfort level before advising you on which stocks to place your money in. The app is streamlined and perfect for beginners.
- Robinhood-Robinhood is a standout here, thanks to its wide investment selection. Users can trade more than 5,000 stocks and exchange-traded funds, or ETFs. Of course, there’s a trade-off to free trading, and that’s a streamlined interface without any of the advanced trading tools that major brokers offer.
- Acorns– Acorns is based on a roundup system, it sweeps your linked accounts, rounding up purchases to the nearest dollar and invests the change for you. You can also make direct deposits, if you’d like, and even set up recurring transfers into your investment account. Also a great option for beginners.
- Loyal3– Loyal3 offers free stock trades through their partnerships with almost 100 trustworthy companies, letting investors buy fractional shares with as little as $10.
Apps such as these are a great way to start expanding your portfolio and begin investing. Millennials tend to be wary of investing due to their memories of the financial crisis and mortgage bubble, so apps such as these that make the process streamlined and let you start with low amounts of money are a wonderful way to rebuild trust while also catering to the needs of a generation that lives life on their smart phones.