ACORNS REVIEW 💰 Is The Acorns Investing App Legit? #Best Education Page #Online Earning

 So in this video today,

we are going to be doing a review

of the Acorns investing app,

maybe you downloaded the app already,

maybe you're seeing the abundance

of ads all over social media

talking about this spare change roundup investing app.

And honestly of all

the different brokerage accounts out there

personally I'm seeing more ads for Acorns

than any other one out there.

I'm not sure why that is,

maybe they are just investing a ton

of money into marketing at this point in time.

But I constantly am getting questions about this platform.

So we are gonna answer all of those in this video today.

And even if you already have an Acorns account

there are a few things that you should probably know

as an Acorns investor,

so I would recommend sticking around

until the end of the video.

Now at the end of this video

if you do decide that you want to open an Acorns account,

I've included a link in the description below,

the very top link,

is an affiliate link

you guys don't have to use it if you don't want to,

but I certainly would appreciate it,

because at no additional cost to you

it's a way for you to give back to me

for putting this video together,

so I will supply that link if you decide to use it,

and I certainly would appreciate your use of that link,

but again it is not required.

But first of all as the ad suggests,

and I'm sure as you guys know,

the purpose of Acorns

is a spare change roundup investing app.

So to explain this simply,

if you buy a pack of gum and your total is a $1.75,

there are gonna take the remaining $0.25

and there are gonna put it into

an investing account for you.

Now there is a limit that you have to meet

before they do that draw from your checking account.

But in a nutshell that's what they are doing,

is they are taking the spare change from your purchases,

rounding it up to the whole dollar amount

and sticking that into your Acorns investment account.

Now on top of that Acorns also offers

a cashback rewards program

where they partner with selected retailers.

But instead of giving you that cash to spend

they actually put that money into your Acorns account,

which is a really interesting idea.

So let's say just for example sake

Nike wanted to partner with Acorns

and they give you 5% extra kickback

for your Acorns account

if you made a purchase from Nike.com.

That's an example of

how this cashback rewards program works.

And there is an ever-growing list

of retailers who are participating

with these different reward offerings.

And then on top of that Acorns

also offers a debit and checking account

that integrates directly with your Acorns investing account,

if that does interest you.

And then through Acorns later

they do offer retirement accounts.

Now at the end of the day

this is not a free investing platforms,

and there are countless platforms out there

that are completely free.

But I will say this,

Acorns has definitely found a niche here

of lazy or forgetful investors who have a hard time saving,

and this app is definitely very convenient

for that type of person.

So as far as the pricing goes

Acorns charges one to three dollars per month

based on what plan you choose.

The most basic plan is a dollar per month,

then they have a two dollar plan

and then they have a three dollar plan per month.

The good news is once you have

over $5000 invested with Acorns,

they switch you over to a different fee structure,

which is .25% asset management fee,

which is pretty much the industry standard

across these different robo-advisers.

The only difference is

when you have less than $5000 per month

you are on the one to three dollar per month fee structure.

Now one huge benefit here for college students

is that any Acorns plan is 100% free

as long as you are in college.

So that is a really cool benefit

and a good way to get young people started thinking

about investing and saving for their retirement.

Now when you invest with Acorns,

you're not putting your money in individual stocks.

You essentially have to choose from one

of five pre-built portfolios that essentially sit

on a risk tolerance profile like this.

You have a conservative portfolio

which is going to be the lowest risk

but lowest potential return.

Ranging all the way out to this aggressive portfolio

that's gonna be the highest potential risk

and the highest potential return.

And then you have some options in the middle.

You have a moderate portfolio that sits dead center.

You have moderately conservative.

And then you have moderately aggressive.

As far as those portfolios go

they actually look pretty decent,

and they hold ETFs offered by BlackRock and Vanguard,

and Vanguard and BlackRock are two

of the most well-known and respected

financial institutions out there offering ETFs,

index mutual funds and different products like that.

So I'm totally on board with the portfolio based investing,

and I think that's a great pick

as far as what ETFs they are using.

So moving on now,

what are some of the pros and cons of investing with Acorns?

Well first of all the biggest pro out there

is it's an ideal platform for people who are bad at saving.

Maybe you forget to transfer money

to your brokerage account,

or maybe you spend every single dollar that you earn

and you're just paycheck to paycheck.

Well this is a great automated solution

for those who are bad at saving.

Another feature that's really cool

is that it's 100% automated.

Every single week you have money moving

from your checking account into your investing account,

and by doing that you are also following

a strategy of dollar cost averaging,

which is a great way to enter the market.

That way you're not putting all

of your money into the market at once,

you are easing in over time.

Another pro is that it is portfolio based investing.

Yes, it's a lot more boring,

but this is how most people are successful

when it comes to investing.

It's not by trading stocks, it's not by picking stocks,

it's by investing in well diversified portfolios

that somebody else has put together

so it takes out all the guesswork.

Another pro is that they do offer retirement accounts

which can allow you to grow your money

in a tax-sheltered way.

It's free for college students,

and for people who like to maximize rewards.

They do have that Acorns cashback program

which is gonna put more money in your investing account

and just accelerate your investments

and allow your money to grow even faster.

But that being said,

there are a couple of cons I want to share here.

First of all the big one is

that it's actually high fee for smaller accounts.

So let's say for example you have

$100 in your Acorns account,

and you are on the cheapest plan,

well you're paying a dollar per month

for management of those funds.

So at the end of the year you've paid $12

or 12% of your total account balance in fees.

So if you have a very small amount of money to invest,

or if you don't plan on continuing

to contribute to your Acorns account,

I actually would not recommend it.

Because of the high fees on small accounts.

But if you see yourself in the near future

having $5000 or more invested,

or if you are a college student,

it's definitely a very solid option.

And that .25% annual asset management fee

is in line with other different options out there.

Another con that I have

is that the portfolio selection is honestly pretty limited.

You have five options here,

and it may not be a good fit for everybody

this one size fits all approach.

If you are looking for something

more tailored to your specific needs,

I would definitely look at Betterment.

I'll link them up in the description too,

as they will build custom portfolios

based on your specific needs and objectives.

Another con here is

that you can't invest in individual stocks,

and a lot of young people they just

like investing in individual stocks,

it's more interesting and its more exciting

than putting money into portfolios,

but data tells us that this is the best way to invest,

and this is how most people are successful

when it comes to investing.

And then finally the biggest con that I have with Acorns

is that simply rounding up isn't going to cut it

when it comes to having enough money for retirement

or whatever it is that you are saving for.

Most people suggest putting away anywhere

from five to 20% of your income into a retirement account

to reasonably have enough money

for a comfortable retirement.

And simply rounding up a couple of pennies

and quarters here and there isn't going to cut it.

Now Acorns does let you accelerate this

by putting a multiplier on your roundup,

but not everybody is going to do this.

So I know that's a little bit nitpicky here,

but I want people to have realistic expectations

and understanding that simply rounding up your change

is probably not going to give you

the retirement that you're looking for

or allow you to meet your savings goals.

But you can add additional funds to your Acorns account

at any time, or accelerate that roundup with the multiplier.

So anyways guys, that wraps up this review,

those are my thoughts on the Acorns investing platform.

Like I said, if you do decide to sign up

I have a link in the description below

if you decide to use it.

I certainly do appreciate your use of that link,

because it helps support me at no additional cost to you.

But thanks so much for watching this video,

I hope you enjoyed it

and I will see you in the next one.

#Best Education Page #Online Earning

online earning,make money online, earn money online, online earning, online earning sites,

 make money online free, online money income, earn money online free, money online, best way to earn money online, online income site, money earning websites, best online earning sites, easiest way to earn money online, earn money payment bkash, online money income site