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. ARE MICRO- INVESTING APPS A GOOD WAY TO BUILD WEALTH? Examining the Pros and Cons
Spotlight on John Wright
Rochester Managing Attorney and U.S. Air Force Colonel
In addition to fighting for clients in the courtroom, Rochester’s Managing Attorney and Senior Trial Lawyer, John Wright, also fights for his country as a Colonel and Judge Advocate General (JAG) in the U.S. Air Force. Not to mention he’s a happily married father of three. If that seems like a lot of work, rest assured that hard work is in John’s blood. “I grew up in a very small town in rural America to parents — both parents — working two jobs to support and raise three boys,” John explains. “I quickly realized the meaning and value of hard work.” At age 12, John started working in the hayfields with his grandfather, and he continued working to put himself through college at Slippery Rock University and then law school at the State University of New York at Buffalo. It was after law school that John enlisted in the Air Force and began practicing law, which he’s now been doing for more than 20 years. His experience shows in the results he’s garnered — he’s helped recover nearly $75 million for his clients through trials and settlements. He’s also won many awards and honors over the years, including being named Litigator of the Year in 2020 by the American Academy of Attorneys and featured in New York state’s Super Lawyers magazine. “In all facets of my life, I’ve understood the importance of working hard and representing people who’ve experienced injustices and tragic loss,” he says. “I dedicate each and every day to fighting for people who are seriously injured and can’t fight for themselves.”
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 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.
You don’t have to take our word for it, though. Just listen to what his clients have to say about him:
“John was my lawyer when my SUV was rear-ended, and I suffered a brain injury. He explained every step of the process, was compassionate, and actively advocated for my best interest against the insurance company’s lawyers.”
–Cynthia
“John is amazing. He was honest and straightforward right from the start. He has a professional charisma that gives you confidence that he will have your back and fight hard for you. If I ever need someone to represent me again in the future, it will be John and Sheri.”
–Colton
If you’ve been injured in an accident, let Cellino Law’s experienced lawyers like John Wright fight for you. Call us today at 800-555-5555.
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