Due to inflation, your money is worth less every year. If you choose to invest your savings, you can avoid the value disappearing to inflation. There are several ways to invest, and it’s up to you to choose the risk level you’re comfortable with and want to invest at.
What Makes a Robo-Advisor Good?
The best robo-advisors offer easy account setup, intuitive goal planning, account services, portfolio management, and security features. Low fees are also a big plus, and robo-advisors usually cost a fraction of what human advisors will ask for.
Because we live in the digital age, investment is easier than ever. It doesn’t require a lot of knowledge or money to get you started, and anyone with a smartphone can do it wherever they are.
If you do prefer a larger amount of money to start investing with, here’s a financial site that offers professional assistance with cheap loans. But even with limited resources you can get into the market and expand your portfolio.
Here are some of the best investment apps that use robo-advisors:
Wealthfront is a renowned investment app because it’s easy to use and offers a great goal-planning assistant. It’s an intuitive platform for both saving and investing. Wealthfront allows you to borrow against the value of your portfolio as a line of credit, but only when your portfolio has accumulated at least $25,000.
M1 Finance is known as the best investment app for commission-free trading. It combines robo-advisors and online brokerage functionalities expertly. It has a user-friendly interface and low operational costs.
There are several ways to use Betterment: Sync all your financial accounts to get an overall picture of your assets without investing or use it to invest in one of the pre-built portfolios. You can also build your own portfolio. The goal monitoring tool is visually pleasing and makes your progress easy to track.
Robinhood is a popular app for free trading of stocks and cryptocurrencies. It ‘s easy to navigate and use, and you can choose between several robo-advisors with no fee. You can also create watchlists and review real-time performance.
Acorns is partly a robo-advisor. It’s one of the best apps for rounding up your spare change to the next dollar, allowing you to transfer a little money all the time. Once the money is transferred to Acorns, you can invest it in your preferred portfolio.
Disclaimer: This content does not necessarily represent the views of IWB.