My friend was talking about an app the other day that invested his spare change. For example, if he had bought a coffee for $3.50 the app would round it up to $4 and invest the $.50.
What an incredible idea! I wouldn't be paying attention to that $.50 anyway! I decided to look into it.
The app is available for download on Android (I assume on IOS as well) and is pretty easy to set up. You do have to give them your internet banking details if you want to use the round up service though, which may not be for most people. If you don't want to give your internet banking details away, it does give you the option to make recurring deposits.
After that, you get to choose your preferred risk level of investment and make your first deposit (which can be $0, if you so desire). It then runs through a couple of things, such as their financial tracking system and the shops that have deals in conjunction with Acorns (it is surprisingly extensive!).
I did a little bit more digging, just to see if the idea was really viable. Most financial reviews like the idea, due to the accessibility and the fact that it will introduce people to the investing world (not us, we're already invested in Steem!). They do advise that you get your account to over $200 as soon as possible, the fees, although lower than your average broker at $1.25/month*, are quite a chunk out of your spare change in the long run.
In the end, I think it's a great idea and will be using it from now on. If that changes, I'll be sure to let you know!
Also, if you join using this link, we will both get $2.50 when you use my invite code: https://app.acornsau.com.au/invite/JZZ95X
Enjoy!
BDW
*at the time of writing this.
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