By: Will D
How to turn your spare change into an investment portfolio? Acorns is a new smartphone app that helps people get more experience investing with small amount of money.
There are two ways to invest; the first is having a recurring deposit and the second method is to round up transactions and use the difference to invest in your portfolio. This new app has already raised over 25 million in its first 8 months.
Economics teacher, Mr. Craft, said, “If you make thirty transactions a month, the money adds up quickly and you also earn points on your credit card.” The app has a monthly fee of one dollar, and allows you to select how much risk you want in your portfolio. Senior James R said, “I prefer this method because it’s a small investment, and the app will invest for you.” The app allows you to choose your age, time horizon, income, goals, and risk want in your portfolio. “It’s the change you would normally throw in a jar so why not?”, said Junior Luke P.
Being a relatively new app, there are concerns for the stability and the longevity of the app. Senior Charlie R said, “I wouldn’t want to be a guinea pig for the Acorns app in case it fails.” Charlie believes this app needs more reviews in order to gain a bigger client .
Rovengo said, “I would use this app in the future, but give it more time to see how affective it is during times of instability in the market.” Acorns is available on Google play, and the Apple AppStore.