Self Mentor

-7. Investment apps

The internet is the future. As with almost everything else, stock brokerages have gone online. With that, apps on your phone have been developed to help you invest.

Usually, these investment apps are fully regulated by investment brokers. However, there is one major difference: monthly fees. Investments apps generally have low monthly fees, with some even having no fees at all!

One is Acorns, which rounds up your purchases on linked debit or credit cards and invests the change in a diversified portfolio of ETFs. On that end, it works like a Robo-advisor, managing that portfolio for you. There is no minimum to open an Acorn account, and the service will start investing for you once you’ve accumulated at least $7 in round-ups. You can also make lump-sum deposits. Acorns charges $2 a month for a standard investment account and $3 a month for an individual retirement account.