‘No-brainer’.The phrase gets thrown around a lot as a qualifier for a decision in which the benefits far outweigh the costs, but there’s applications for which it can have even more meanings; meanings that result in a net financial positive for an individual. Enter ‘Acorns': The most mindless, no-brainer of investment application options available.
Once you get your Acorns account set up, you no longer have to do anything other than make the same purchases you ordinarily would, and you’ll be adding to an investment account with precisely zero extra steps. Acorns will simply round up all purchases on your linked checking account to the nearest dollar. Every time the accumulated round-ups reach a total of $5, that five dollars will be deposited into your Acorns investment account.
So, if you were to spend $6.50 with your debit card, Acorns would set the remaining $0.50 aside until it has $5 worth of rounded-up cents to enter into your investment account. If investing were a video game, this app would be a cheat code. Without even thinking about it, or really noticing the absence of the money the app is putting aside for you, you can build up a formidable investment profile at a very reasonable cost.
“The most mindless, no-brainer of investment application options available” – Michael, ID
For accounts of $5,000 or more, pay only 0.25% per year–only one quarter of one percent…a year! Otherwise, the cost is just $1 per month. However, the service is free for college students with a valid ‘.edu’ address for up to four years from date of registration.
Here’s how to make the magic happen:
Step 1: Download the Acorns app and create an account, by clicking here
The app is aesthetically crisp and highly responsive. Once installed on your tablet, computer, or smartphone just follow the easy steps to create an account and select a password.
Step 2: Link a checking account
In order to have those extra, productive pennies do their job, you will have to link a checking account from a qualified financial institution. The best option is to link it with whatever checking account you use in conjunction with your primary debit card.
Step 3: Build an investment account while spending as usual
It’s that easy, Pennies! You spend the money you already would, and while you do, small amounts are adding up to a BIG investment account down the line!
Disclaimer: We are not licensed financial advisors. We just wanted to tell you about Acorns because we think it’s an awesome app that we like using. Obviously, consult a financial advisor before you go crazy investing money.