Are you aware of the app that pays you for everything you spend? Yes, that’s right! Acorn Investment App is a live example of gaining money through your accumulated round-ups. This can easily be done by linking plenty of credit cards to your main account and you can take out money once it hits a round-ups total of $5.
You must go for Acorn Investing if you are a non-saver but want to create value from your money or you don’t know a thing about investing but want to explore this market. This app-based program is a must-try if you want to save some money in just two simple steps. First, link all your credit cards with the app and secondly save the details of your checkout account and start investing.
Advantages and Disadvantages of Acorn Investing:
The pros of investing in Acorn include:
∙ No minimum balance required:
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Acorn Investment app comes with no minimum balance support which is a huge plus as more number of people will enjoy using it.
∙ Selection from one out of five portfolios:
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You can decide the portfolio on your own. The one with the aggressive portfolio is the one that gets more money invested in stocks.
∙ Provision of recommended portfolio by Acorn Investment App:
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Based upon your age, saving goals and income, Acorn provides you with a recommendation portfolio so that you can quickly achieve your saving targets.
∙ No charges on withdrawal of money:
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The app offers a $0 fee on withdrawing the round-ups you have collected and is thus, better from many other apps available in the market.
∙ Opt for recurring investments:
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If you are not good at depositing your spare change, there is also a facility to opt for recurring investments in the Acorn Investment app.
∙ Investment without complexity:
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Acorn Investment app is a convenient app that indulges in no complexity and offers an ease of use.
∙ Endless saving options:
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For novice investors, the options seem to be tremendous and useful in creating a saving from your spending.
∙ Selection of a multiplier to boost your round-up:
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You can choose to get a hike on your round-ups by selecting the multiplier that you find suitable.
The Cons of Investing in Acorn include:
∙ Nil benefits on tax:
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There is no benefit imparted by this app for saving tax, Acorn investing only provides tax assistance of 1099 which they send in your mailbox.
∙ Not recommended for low balance keepers:
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For people who are indulged in keeping a low balance in their account like $1 to $15, this app may not be suitable for you.
∙ Limited investment options:
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There are only 7 asset classes available for investment, so it is not recommended for professional investors.
Some features that make it stand out:
∙ Highly user-friendly:
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The Acorn Investment app is packed with loads of features to make it work excellently for everyone. From changing the portfolio or its status to set up of recurring investments, everything becomes easy with this app.
∙ Cloud Storage of all your data:
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All the information that you put into the app is stored in the cloud so that you can easily manage and access your information from any devices as it is a web-based app as well.
∙ Safe investment:
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The best thing about Acorn investing is that all the investments made up to $500,000 are protected by SIPC. Also, they incorporate SSL encryption, multi-factor authentication, and high bank-level security.
Thus, Acorn Investing is a reliable investment option for the beginners to earn benefits from the money they spend elsewhere. Owing to its exclusive features, many people opt for it to earn a side-income without many efforts.