Acorns App

[wdoupis]

I heard about this investment app getting plugged by someone on Colbert a while back and I am going to give it a shot. I created my account and it should become active in a day or two.

Basically the premise is it will round up any "loose change" and invest it. I linked my bank account and a credit card to it so if I make a purchase of 5.24 it will take that .76 cents and invest it. You can choose from all types of different investing strategies but it's broken down to where a guy like me who is clueless about it can understand what goal you are setting. Seemed like a neat way to put money away that goes unnoticed.

There is also an option to deposit a certain sum weekly, monthly, yearly or whatever. I want to do one of the bi-weekly ones as well just to feed it.

Before I really dive in to this I was curious if anyone has experience with this app or any knowledge/advice about it.

Would be really curious to hear what Riccio thinks about it.

[Cnasty]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

[shel311]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

The thought is just investing disposable income, no?

[Weasel]

I use YNAB (You Need a Budget) as a budget software/app that syncs with my household. Started using it about 5 years ago when I started working, and I couldnt recommend it enough. With YNAB its definitely more active, as you have to determine where your money goes compared to the passive acorn. Both have their advantages, but I like being actively involved as it helps keep a finger on my financial pulse

[Cnasty]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

The thought is just investing disposable income, no?

You know how sensitive Riccio gets when it comes to this stuff!

[cougnix]

I use YNAB (You Need a Budget) as a budget software/app that syncs with my household. Started using it about 5 years ago when I started working, and I couldnt recommend it enough. With YNAB its definitely more active, as you have to determine where your money goes compared to the passive acorn. Both have their advantages, but I like being actively involved as it helps keep a finger on my financial pulse

Is there a free version?

[Weasel]

I use YNAB (You Need a Budget) as a budget software/app that syncs with my household. Started using it about 5 years ago when I started working, and I couldnt recommend it enough. With YNAB its definitely more active, as you have to determine where your money goes compared to the passive acorn. Both have their advantages, but I like being actively involved as it helps keep a finger on my financial pulse

Is there a free version?

No idea. I bought it online somewhere for like $5 before it went to a subscription based service. That being said, Im sure you could find a download of it somewhere ie torrent

[cougnix]

I use YNAB (You Need a Budget) as a budget software/app that syncs with my household. Started using it about 5 years ago when I started working, and I couldnt recommend it enough. With YNAB its definitely more active, as you have to determine where your money goes compared to the passive acorn. Both have their advantages, but I like being actively involved as it helps keep a finger on my financial pulse

Is there a free version?

No idea. I bought it online somewhere for like $5 before it went to a subscription based service. That being said, Im sure you could find a download of it somewhere ie torrent

Gotacha, you use the program and not the app?

[GeorgesGoons]

I already told my son when he starts working I am taking half his pay and will invest it in mutual funds. Told him I will continue to do so until he moves out.

I plan on starting an account where it's being managed by someone (TD Ameritrade probably), I just gotta put $25k away to start it.

[DRiccio21]

the idea of putting away loose change is great idea for anyone. i started my first account with a few thousand bucks that i had saved up thru actual loose change and money from gifts, etc.

what they will invest you in is a totally different story and pretty much goes back to what i always say whenever some of you guys ask for assistance. you shouldn't trade individual stocks on your own, unless you are training yourself first. anyone can get lucky here or there, but the point of the game is having a sustainable process... like anything else in life. nobody is right all the time, thats not really the goal. the goal is to be making quality decisions repeatedly over the long term and not taking unnecessary risk.

i know nothing about the product you're speaking about (so make sure you check out that they are reputable, have insurances, etc) but it sounds like they probably use some sort of robo-advisor service that will model you based on your criteria you enter then rebalance along the way. those types of things are fine in normal times. the issue comes when the mkt shits the bed and you're losing money every day and you have nobody to talk to or way of knowing what their actual process is and then you pull the plug at the exact wrong time... thats pretty much why using someone like me has value. but in reality i'm just one opinion like anyone else. nobody has a crystal ball even tho they assume people like me do.

also, people get FARRRRRRR too caught up with the market is up 10 % i need to be up 11% and stuff like that. i never think like that and wouldn't advise you to either. just make money, don't lose it and keep putting more money away every month repeatedly (or quarter or year or whatever time frame you can). people assume for some weird reason they are going to put like 10,000 into an account and its going to turn into a million some day without anything else happening, you should be putting money in religiously to mitigate time risk... aka you put all your money in the mkt the day before it crashes.

i don't really have much more to add

[DRiccio21]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

The thought is just investing disposable income, no?

You know how sensitive Riccio gets when it comes to this stuff!

i actually don't give a fuck what any of you do with your money. as long as you aren't throwing them into bullshit penny stock marketing schemes or traps, i'm pretty indifferent and just willing to help when i can.

[GeorgesGoons]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

The thought is just investing disposable income, no?

You know how sensitive Riccio gets when it comes to this stuff!

i actually don't give a fuck what any of you do with your money. as long as you aren't throwing them into bullshit penny stock marketing schemes or traps, i'm pretty indifferent and just willing to help when i can.

I'm actually curious if you have any good books on investment strategies or how the market really works that you would recommend

[shel311]

How easy is it to withdraw from that app?

[Cnasty]

The reason this app wouldnt work for me is that I use my credit card for every single purchase/bill that I can and never use my debit card.

It rounds the points I guess which is the same thing but that little extra change laying around would be nice.

[Cnasty]

Nerrrrmind, I guess credit cards work too:

Acorns is free for four years for college students with a valid .edu email address. Other investors pay $1 a month until their account balance hits $5,000, then 0.25% of their account balance per year.

[shel311]

I'm all for the idea of rounding up and doing something with that money.

Just wondering how reliable the site is, not just with investments, but in being certain you can get money out when you need it, and the site won't just disappear with your money 1 day.

[Cnasty]

Why not do it yourself and add it into your Roth IRA?

Sure it would take a little more work and that takes the easy part out of it but if I understand correctly thats a huge tax relief as well versus something like this which is more taxable.

[Cnasty]

Would be really curious to hear what Riccio thinks about it.

Yea so would I as I assume he is turning red and shaking his head as he read through that.

The thought is just investing disposable income, no?

You know how sensitive Riccio gets when it comes to this stuff!

i actually don't give a fuck what any of you do with your money.

See, so sensitive!!!!!!!!!

[DRiccio21]

i'm actually curious if you have any good books on investment strategies or how the market really works that you would recommend

for individual stocks, 'how to make money in stocks' by william o'neil

[Weasel]

Why not do it yourself and add it into your Roth IRA?

Sure it would take a little more work and that takes the easy part out of it but if I understand correctly thats a huge tax relief as well versus something like this which is more taxable.

Roth IRA is invested with after-tax money. The advantage is that it grows tax-free and you dont pay taxes when you withdraw from it