Preserving Pennsylv ARE MICRO-INVESTING APPS A GOOD WAY TO BUILD WEALTH?
We’re proud to call Pennsylvania home. This Earth Day, we hope you will join us in vowing to keep it beautiful! After all, every little action we take
EXAMINING THE PROS AND CONS
can have a profound impact on the environment. You may even consider including a conservation group in your estate plan. There are multiple ways to do this and a few facets to consider, but this can be an effective way to preserve your legacy and the state you love.
To outside observers — and probably quite a few people within — the world of investing is overwhelming. Nevertheless, common wisdom dictates that building investments, whether as part of a retirement plan or for other reasons, is an indisputably good thing, but it’s hard to figure out where to begin. Could micro-investing apps be a good place to start? What is a micro-investing app? Micro-investing apps, such as Acorns and Stash, allow users to invest small amounts of money in the market. Many of these apps will round up purchases made with a debit or credit card to the nearest dollar amount, then invest the difference in your portfolio. Other apps, like Clink, will encourage users to invest $1 per day. Pros Most investing apps are incredibly user-friendly and require very little oversight. They offer tutorials on how to invest, give users some basic knowledge of financial markets, and make it easy to view your portfolio. The cost of the initial deposit is usually very affordable too, with Acorns starting at $5, Clink starting at $1, and Stash starting at just 1 cent. On top of that, the subscription fees are also very affordable, usually only costing users a few
Determine which organization you want to give back to. There are a few components to this. First, you need to decide what kinds of conservation are most important to you. If you are passionate about water safety and protection, you may want to consider groups that focus on protecting our waterways. Lifelong farmers may consider donating to environmentally conscious agriculture groups, while hunters may choose organizations that are dedicated to sustaining wildlife. Vet the group you choose. Wherever you choose to donate to, just make sure you know how your donation will be used. Some organizations
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dollars every month.
Cons As affordable as those monthly fees are, they can easily lead to a less-than-favorable expense ratio. For example, say you invested $100 in a mutual fund with a 1% expense ratio, which would amount to a dollar per year. If you invest with Acorns or Stash, you’re paying at least $12 per year because of the flat $1 per month fee. That’s a 12% expense ratio, which is not great. And at the end of the day, micro-investing might be easy, but the fees and minimal investment amounts lead to mere micro-gains. So, if you’re looking for a way to familiarize yourself with the market and figure out how it works, micro-investment apps might be a good place to start. However, if you want to retire on your investments one day, then it might be best to invest somewhere that will net higher returns.
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