Nearly 7 in 10 American have less than $1,000 in their savings! Don’t let it be you! If you haven’t heard of “micro investing” application called Acorns, then that is about to change. Acorns is an application that rounds up every purchase to the nearest dollar automatically. So in the end, pennies add up and grow over time, and best part? Everything is done automatically every time you make a purchase, so you don’t have to do anything (other than setting up your account of-course). If you are already interested, Sign Up. Check out how a $0.01 (penny) turns into $10.7 million in just 31 days with the power of compound interest.
I wanted to share with you my compiled Acorns micro investment application and the reason why it is an app you must have.
What is Acorns?
As a student, saving money is something that is nearly out of reach unless you somehow found a way to pay through school and able to manage your lifestyle, that is great for you! But for majority of students, money is a big issue.
Acorns entering the game helped to change the investment industry. You don’t need experience or knowledge about investing. Acorns is revolutionizing how investment works and like I mentioned that 7 in 10 Americans don’t even have $1,000 in savings, that dream retirement is way out of our vision. In order to have a good retirement, we must plan it. You will be guided from step one with their simple to use application that is very user friendly that guides you with easy steps to follow and portfolio options for you to choose from.
How Does is Work?
Acorns primary feature is it rounds up to the nearest dollar every purchase you make. Later, these pennies are spread around five to seven different asset allocations (depending how much risk you want to take). These options ideally gives you a choice on how conservative or aggressive you want to be.
The Portfolios are as follows and each is different at risk level:
There’s another option where you can choose contributing lump sums or whatever you set whether it is monthly, weekly, or even daily basis. This option involves more of getting out of your way and transferring a sum over.
It is very easy to log in and check the balances or make any changes.
Example in my Case
About two years ago, I found out about company called Acorns. I gave it a try and set up an automatic withdrawal each month and to be honest forgot about it.
As months pass by, I went through my bank statements to go over my charges and noticed on transactions list there were Acorns charges and I remembered about it. When I logged in I had almost $500 in the account. How I looked at it is as a free money because I have completely forgotten about it. If I were to keep it for a few more years, it would of been triple or even more of that depending on the risk level.
Ever since I found out about this and loved that extra $500 I changed up my settings and doubled up on monthly minimum and the best part is that the money also grows, there are people behind it that are hard at work managing your portfolio.
Detailed Example of How the Process Works
You went to the grocery store to buy Arizona Iced Tea (I mean who doesn’t like it?) which is 99 cents. After taxes in my state (CA) it came out to $1.08. The .92 cents is considered a spare change to round it up to $2.00 that get invested into your account for you automatically. Or if it came out to 99 cents in other states. It all adds up in the end and worth it.
If it sparked interest in you and you want to get started, follow this link and you will get $5 invested for you when you sign up.
This is a must have app for students, just set up an account and set whatever sum max monthly and check back few months later or at the end of the year. You will be surprised what you will see.