Acorns Review : My Review of the pros and cons
I love new and creative ways of making money! As I've mentioned in previous articles the average million has several different streams of revenue. I just had to sign up for Acorns after reading about it! I got $5 just for signing up. Now that I've had it for a couple of months; I feel like I can give an honest acorns review on the concept. Let's take a look.
1 ) Minimal Investment
For those of us that struggle with student loans, car payments, hospital bills etc asking them to invest an additional 4-10% of your income to save for retirement seems absolutely impossible! With Acorns Investments, you don't have to have that much! Honestly, you don't need anything to start, they give you $5 for signing up. After that, you can link it to your bank account so when you get your coffee in the morning and spend $3.75, they will put in .25 in your acorn account. It feels a little less painless that way. So, from that perspective, this is a great idea!
A Penny Saved is a penny earned.
2) Low Fees
For someone to come up with not only not having to give them a lot of money for investment transaction fees seems a little ridiculous! So it's actually only $1 a month to have your money in there and .25% for transaction fees. That's a lot better than overpaid investment banker! Although, I would strongly suggest that you put more in just because fees can add up! Make it a plan of your put $20-$30 a month in there and see where it goes from there!
3) They Invest For You
You don't need a master's in finance in order to be successful with this! You chose your level of risk and they take care of the rest. If you want to know more about what your putting your money in (which is smart!), they have a very supportive and patient customer service team that can help you out with that!
It's too easy to take out
I only see one big con. It's way too easy to take out, especially when you have the app. My solution? Do not download the app! If you just have to see it from time to time, you can just go to the website and see your progress? Easy peasy.
As you can see there are a lot of positives that go along with this app and it's such a minimal investment. I would strongly suggest that you get acorns! So, now that I've told you one of my favorite ways of generating more income, what's yours? Write a comment below and let me know! You never know, you may help someone else out!