Wednesday, September 30, 2015
What is the 21st century version of that coffee can?
Acorns, a smartphone app built for exactly that purpose.
Acorns was designed to help people, especially first-time investors, get started in investing with small automated investments into a portfolio of exchange-traded funds, or ETFs, that the company selects and balances. Users link their bank accounts to the app, which then automatically rounds up the cost of all transactions to the nearest dollar, withdraws that spare change and invests it. For example, if you buy a coffee for $2.40, Acorns will take an extra 60 cents and invest it in an exchange-traded fund.
Not sure you get it? Watch the video:
Setting this up is a snap and takes only a few minutes.
My 21 year old son has grown his pennies into $200 in a matter of months.
Sign me up.