Apps to help you invest – Also will help you learn how to invest
Do you want to start investing but don’t know where to begin?
There’s no denying that investing is a complicated topic. If you’re new to investing, then there are several things that you need to learn before you get started.
This article will show you some apps that will help you get started investing.
How Much Money Can You Make With App Investments?
Before you look at all the best investment apps out there, let’s take a closer look at how much money you can make.
Let’s say hypothetically, you invest $10 per month into an index fund and earn 4 percent each year.
Over 20 years, you’d end up with almost $1 million, which would undoubtedly mean you didn’t need to save for a rainy day!
But what happens if you were to spend half of that initial $10?Or what if you used $100 instead of $10 per month?
Can you imagine what you could accomplish if you started putting more money away each month?
Keep reading below to nd out.
How To Earn The Most From Your Investment Apps
Now that you know a little bit more about investing apps, it’s time to learn some strategies to start earning the most money possible.
We’ll begin by breaking down five different ways you can maximize your potential earnings with investments.
Then, we’ll dive into three investing apps that stand out among others.
How Many Percentages Should I Be Holding At Once?
First things first, how much should you put into investments every month?
Well, there isn’t a hard and fast rule for this number.
However, we thought we’d give you some recommendations based on your goals.
For example, if you want to retire early, you may want to consider setting aside 5-20% of your salary.
On the other hand, if you wanted to be a millionaire by 40 or 45 or 50, then maybe you should consider increasing that number down to 10%.So, keep in mind that it’s essential to think about your long-term plans and determine the percentage you should hold.
Once you do that, you can move forward with your investing strategy.
Diversify Investments
To ensure safety, diversification is critical.
If you only invested in one type of stock during your career, then you might run into trouble when market conditions change.
For example, right now, Tesla has been performing well, but over the next decade, will it continue to increase in value as the car industry changes?
Well, if you don’t diversify your investments, then the answer is likely yes.
However, if you’re willing to allocate 30% of your portfolio toward equities, then you can reduce the risk even further.
Now, this doesn’t necessarily apply to everyone, so feel free to determine your own needs.
Find An Index Fund That Is Right For You
Alright, so far, our discussions have essentially focused on the types of investments available to investors.
But what about finding the one that’s right for you?
The good news is that investing apps aren’t just limited to stocks and bonds.
You can also track mutual funds, ETFs, real estate, and cryptocurrencies.
As long as you understand how these various assets work, you can determine whether or not you like them.
However, a lot of people are typically afraid of high-risk assets, such as cryptocurrency.
Despite its upsides, there is always risk involved with taking chances.
Still, you shouldn’t worry too much about finding the perfect mix of risk and reward because all of the investing apps discussed here can help you achieve that balance.
Investing App for Android and iOS?
Robinhood
If you’ve been looking at the stock market, chances are you’ve heard about Robinhood.
Robinhood has one of the best mobile app platforms out there. It’s easy to use and allows you to trade stocks, options, ETFs, cryptocurrencies, and more from your phone or tablet.
You can also buy and sell Bitcoin with Robinhood.
It’s free to open an account, and it doesn’t charge any fees when you trade.
The only downside is that they do not offer their index fund.
However, if you are interested in learning how to invest, Robinhood is a great place to start.
How Can I Use These Apps To Learn How To Invest?
Learn how to invest with these apps.
The Motley Fool
Yahoo! Finance owns the Motley Fool.
They provide financial education through articles like “What Is A Dividend?”.
Their goal is to teach people how to invest.
Stockcharts
Stockcharts is another company owned by Yahoo!.
They offer charts that allow users to see historical data on stocks.
Acorns
Acorn is a robo-advisor app that helps you save money. They automatically invest small amounts into your savings every month.
Quicken
Quicken is a personal finance application. You can track your finances efficiently.
Investments Apps That Don’t Require Inactivity?
There are many apps out there that don’t require you to log in online.
These are perfect for beginners who aren’t familiar with the internet yet.
Here are our top picks for investing apps without logging in:
1. Lending Club
LendingClub is one of the oldest peer-to-peer lending networks around today.
They even got their start operating during the Great Recession back in 2008.
As long as you meet their credit standards, you’re suitable to apply for loans.
All you have to do is fill out a short prole and upload a copy of your ID.
You’ll then receive requests from other members of the network.
You can either approve them right away or set up your loan to follow later.
While this isn’t a traditional investing app, it’s convenient for those new to the game.
It’s also one of the few places you can borrow against your retirement accounts.
2. Prosper Marketplace
Prosper Marketplace was created to help people become better borrowers.
Just as lending clubs focus on giving out loans, Prosper focuses on helping its members become better clients.
That’s why they provide tips on how to improve your credit score.
When it comes time to pay off the loan, you can use Prosper’s platform to handle the entire payment process securely.
Prosper makes it easy to create, view, edit, and cancel contracts. And their rates are typically lower than most banks.
3. ZestFinance
Zest Finance is another option for those looking to borrow money against their 401Ks or IRAs.
Because of Zest’s secure API, you’ll never have to worry about being identified while using their service.
The company holds no funds themselves and works solely by collecting payments from debtors.
This means you won’t see any fees when applying for a loan through Zest.
Plus, they offer 0% teaser interest which means if you miss a single payment, you’ll still owe the same amount.
If you’re not confident in your ability to repay the loan, you can get more information before closing the account.
Final Thoughts on These Apps
Each of these apps offers different ways to invest and different levels of risk.
To figure out what type of investor you are, you should first consider whether you’d rather have a higher return on your investments or keep your cash safe.
Next, think about how comfortable you feel with the concepts of diversification, rebalancing, etc.
And finally, you need to understand your goals. Are you trying to achieve long-term results? Or are you just saving up money for emergencies?
Once you answer these questions, you’ll be able to determine which of these apps will work well for you.
Some investors may prefer a simple app like Robinhood because they want to make quick trades.
Others might prefer sites like Stockcharts, where they can look over several portfolios at once.
So choose carefully depending on your needs, and remember to stay invested throughout the process.
What types of returns can I expect from them? These questions aren’t as important as getting started with investing.
But once you decide which way to go, you’ll be able to find answers within each app. So this is all about investing apps!