Acorns. Money Investigating App
- Thread starter UKserialkiller
- Start date
Honest question, how is this app any different than say, opening a Vanguard Mutual or Index fund, and having automatic payments to it on a weekly or daily basis?
I believe it's $3,000 for many of their funds. I opened a Roth IRA to supplement my 401k. Not sure what my future holds and I like having one of each type of tax retirement accounts.
Vanguard will hold money as a Money Market Account until it hits $3,000. At that point, you can buy a fund(s).
Pro-tip: make sure you ACTUALLY buy the fund at the 3k mark. It doesn't just magically go into some account returning 10% interest. I made that mistake and lost 3 months of gains... which, in the long run, could be a $15-20k mistake.
Opening up an old thread. Anyone have any more good or bad experiences to share? Thinking about hopping on the bandwagon.
Funky,
What are you looking for? Passive saving?
My acorns is back up to $1300 that I’ve hardly noticed.
This isn’t part of my long term savings. This is just fun money that I’ll spend on something fun when it gets to a certain point.
What are you looking for? Passive saving?
My acorns is back up to $1300 that I’ve hardly noticed.
This isn’t part of my long term savings. This is just fun money that I’ll spend on something fun when it gets to a certain point.
That’s kind of what I’m looking for. Just don’t want to throw it away and lose it. I assume that unless the financial **** hits the fan, you don’t really gain or lose all that much over a short period of time, but I wasn’t completely sure how it worked.
I have been using this app for almost 9 months have about $800 from using loose change off buying stuff from the use of my debit card and credit card. I haven't noticed any less money. It's a $1 fee per month and your money is insured up to $500K. I doubt you'll have over $500K saved in that Acorns app. I'm hoping to see about $60K by retirement and I would be happy knowing saving loose change netted me about $60K. Not a bad deal.
So I opened up an account last month and I’m down 3 bucks. I guess it’s like anything else and if the economy is struggling so is Acorns. Anyone else see a dip?
Yeah, I saw a dip, but I’m up overall $800 was $1500. Still way more ahead had I not started the acct
I’m wondering about Acorns as well recently after having opened a few other accounts. I opened Acorns a year or so ago and I have been doing $250/month auto deposits and the round ups. I did make an initial investment as well I think I’m up to around $7k now.
But, after opening a Robin Hood, betterment accounts as well as signing up for Vanguard but not having deposited anything there yet I’m wondering if I should move the Acorns money over. I do really like the round up function and I have linked all of my business cards that I allow my employees to use for expenses so it’s a nice little bump every so often.
Any advice from those in the know would be appreciated.
But, after opening a Robin Hood, betterment accounts as well as signing up for Vanguard but not having deposited anything there yet I’m wondering if I should move the Acorns money over. I do really like the round up function and I have linked all of my business cards that I allow my employees to use for expenses so it’s a nice little bump every so often.
Any advice from those in the know would be appreciated.