As a millennial, we’re a generation that are easily able to adapt to change. We’ve grown up through the transition between having very little technology to it being part of our adult lives. It’s something that we are in constant use of and would struggle without it. Technology and the online world can really provide us with so many opportunities and there’s plenty that can be taken advantage of even from our own phones. Investing your money into opportunities can be a worthwhile thing for many, so here are five investing apps for millenials that are worth taking advantage of.
There aren’t many opportunities out there to invest in global companies but with Robinhood, it’s an app that should be taken full advantage of. Robinhood is a commission-free investing platform which means that you never have to pay a fee for placing a trade. You can make an unlimited amount of trades in shares across 3,500 US stock – now that’s a lot to choose from. There are also over 1,000 global stocks to choose from, so you’re not just limited to US investment opportunities. As you’re trading in the US stock market, it’s important to note that if you are operating from another country, you’ll need to be wary of the difference in time.
P2P Lending Apps
To be fair, stock trading can be quite abstract for many new investors. If you are looking for different investment opportunities as a millennial investor, you should certainly consider P2P lending. With P2P lending you are investing your savings in consumer loans or business loans. There are many P2P lending web apps that allow you to invest for free with as little as $10. You can plan to make net returns of more than 10% per year. Many investment platforms offer broad diversification options which will help lower your investment risk.
A little bit different to other investing apps, Acorns is a personal investment app that allows you to save money automatically by linking it to your credit card. Every spend you make, the app will round it up to the nearest dollar and remove that difference. It can be mere pennies but it’s certainly worth it to do as a long-term investment with little to no risk. The app also has an investment part to it where you can invest spare change and apply it to a diversified range of investments. Having a portfolio is a great way to help spread your investments and hopefully reduce the risk of losing out on all your money.
Another automated investment service, M1 Finance is another example of smart money management. You work hard for your money and so it’s worth seeing where your money could grow with smaller investments like this app offers. It helps you build your investments and allows you to both invest and borrow money. With it’s intelligent automation software, it keeps your portfolio on track and does the work for you than most traditional stock and share investing entails. With dynamic rebalancing the app promises you’ll never have to worry about manual trading ever again!
Wealthsimple is an intelligent portfolio that contains low-fee funds which are designed to meet your financial goals. They promote diversifying your income in order to reduce the risks that come with putting all your eggs in one basket. When you invest your money, there’s no guarantee you’ll make anything back or the money you put in the first place, so spreading your investments is very beneficial. Wealthsimple helps by choosing a risk level that suits you, depending on how often you invest and whether you’ve done so before. As you evolve, a custom portfolio will develop and you’ll hopefully profit from what you invest in. Keeping it on autopilot is easy when you use an app like Wealthsimple.
Stockpile works a little differently to others in that you can buy fractional shares, rather than buying full shares of businesses. With Amazon for example, which is at $1000 dollars per share, you can instead buy a fraction of it. Pay $50 and you get 0.05 shares. It’s a helping hand into the world of investments for those who are new to the market and perhaps don’t have much of an idea in how it all works. It works simply by linking up your bank account, open a trading account and watch what happens when you buy and sell your shares. It will give you regular updates as your pot builds and this can be great when you have a busy lifestyle and want it to tick on by without needing too much of your attention.
Investing apps are very popular with millenials who are looking to make more money in life. And with such low trade options, everyone has the ability to have a go and to get involved in the world of investing. So why not give it a go yourself?