In this time of COVID-19, the year 2020 has not been kind to everybody. Governments across the world have mandated strict measures of not leaving the homes to contain the spread of the virus. Because of this lockdown, a lot of businesses have closed due to the lack of walk-in customers. A lot of people lost jobs. People grew hungry. It is during these trying times that we have all wished that we had invested money somewhere a long time ago so that we can enjoy its benefits, especially during this time of the pandemic. However, hindsight always has 20/20 vision and now that we are in dire need of finances, do we get to appreciate the importance of having investments.
It is not too late though; we can still start investing even if we do it little at a time. There are two investment apps that you could try that will teach you how to invest your money. These apps are Robinhood and Stash.
Robinhood is a fictional character during the Medieval England who steals from the corrupt government’s coffers and distribute the wealth to the poor. While the investment app we are featuring today is named after the fictional hero, the Robinhood app does not do any stealing. The app, however, does empower people to get involved with investments without having to pay for trading fees.
For people who are new to investing, Robinhood is a great way to start because you do not need to have a minimum balance, and it does not charge commissions or fees. Robinhood allows people to invest in the stock, exchange-traded funds, and cryptocurrencies using a simple-to-understand interface.
The unique feature of Robinhood is that it is free to use and will never charge you anything if you have a basic account. However, Robinhood does not come with investment guidance or resources, which means that a beginning investor will need to learn investing from somewhere else.
Another investment platform that beginning investors may look at is Stash. This platform allows you to invest in fractional shares of stocks, bonds, and ETFs with very minimal monthly fees ranging from $1 to $9 depending on which account type you choose. Stash also has an auto-Stash feature that schedules a regular deposit for your investment. Like Robinhood, Stash does not charge any trading or commission fees. One good thing about Stash is that it lets you invest in the industries that you like but will offer suggestions to help you choose your investment options.
Stash is unique in such that it allows investors to invest only in industries that appeal to him or her. If a person does not want to invest in a specific industry for whatever reason, then he or she can choose to focus their other sectors.
Stash also offers an automated banking solution of automatically adding to your investments. This is advantageous since regularly putting money as investments in Stash is better than leaving your money in a bank account that offers very little annual interest on savings.
Whichever investment app you choose will surely be beneficial to you since you are on your way to becoming smarter on how you manage your money.