I’m Going Investment App Crazy!

Many companies are getting into investment apps.  Personally, I am struggling to keep up.  I see one, I think it’s great, then another one comes along that seems even better.  Eventually, I’m not even sure how any of them will make money – but they always find a way!


Incentives Everywhere

It seems like they’re willing to offer anything they can to get customer acquisitions.  Acorns offers hefty amounts and occasional prize pools if you refer so many friends in a given period of time.

The features are amazing and they continue to offer more ways to get money into your accounts.

It’s definitely one of my favorite apps, if not my favorite because it just rounds your debit/credit card transactions and invests for you.  It doesn’t get much easier.

Plus, they offer rewards through different vendors.  Example, I can go to Wal-Mart’s website through the app and purchase something and get a percentage invested into my Acorns account.  They even have offers from Amazon, Expedia, Bed Bath & Beyond, and more…

Other apps, like Robinhood, offer free stock trades.  I’ve waited for the day that this would exist and it finally does.  No longer are the days of $5 to $10 per trade!

M1 is also gaining in popularity and may end up in my portfolio in the future as well.


Curiosity Killed the Cat

Seriously, I can’t help it, but I keep downloading new apps and trying them out.  I always tell myself, “Don’t knock it ’til you try it.”  This investment app craze is hitting full throttle.

If you check out my financial toolbox you’ll see all the apps I currently use and some quick descriptions – too many in my opinion.

Tax season this next year is going to be tons of fun!

I love it though.  These new apps are offering way lower fees than all of these financial institutions that previously robbed us and savings accounts have finally returned with somewhat respectable interest rates.

It’s a bit crazy that Chase bank still offers a .01% interest rate when I currently have a 1.85% rate through Capital One!

Although Chase isn’t exactly following the crowd, there are other companies that are making large adjustments to continue to compete.  Competition is rising!

Any Excuse To Empty My Wallet

I spend plenty of money, but I keep my primary account low – and this is on purpose.

Any excuse to have my funds making money for me is welcomed and if it means using 10 different methods of funneling my money away – I’m fine with it.  These apps are making this wayyy easier.

My method of madness:

  • Any large excess funds go to my Vanguard as my primary investment option.
  • Other funds go into savings account for quick access if needed or my Robinhood account.
  • Any remaining money goes toward bills and Acorns is set up to withdrawal money as I spend it.

I try to keep my checking account as low as I can within reason and all of these new phones apps make things as easy as pie.

When time comes for bills to be paid I move money from my savings account where it would have at least been working to earn me interest.

Even if it’s only a few bucks, I don’t care.  That’s a few extra dollars in my pocket working for me instead of someone else.


Last Thoughts On This Growing Market

I’m hoping that I come to my senses by the end of the year so that my taxes next year will be much simpler.

I also wonder if all of these investing apps make things a little too easy.  If everyone starts adapting these auto-investing apps I can only wonder if that means the markets would become over-bloated.

Either way, these investing apps have made life much easier.  Any person can be signed up and invested in the markets in a matter of minutes with little to no knowledge.  Technology is an amazing thing.

However, just because these apps can do a lot of the work for you doesn’t mean that there are any guarantees.  Research and acceptable risk is always a part of investing.

It’s also very tempting to make impulse decisions, which these apps allow you to do.  If you’re impulsive then maybe these investment apps aren’t the right solution.


Have you caught onto this new craze of investment apps in the last few years?  Which one is your favorite?

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