The key to building wealth is developing good habits like regularly putting money away for future use. If you make investing a habit now, you’ll be in a much stronger financial position down the road. You won’t miss the relatively small amounts you put away now, and you’ll thank yourself later.
Investments are less risky once you get yourself a good investment bank.
It is, therefore, appropriate to get the best investment package whiles planning to invest. Here are 5 investment management apps that can grow the little money you have into a ‘mighty ocean’
1. Stash
This mobile investment app bills itself as the digital landing spot for investors looking for the best financial market tools. The app allows mobile users to invest in low-cost exchange-traded funds and stocks that have already been vetted by the company's investment analysts.
For just $1 a month, you'll get a personal investment account with unlimited trades, education, and fractional investing for as little as $5. Account balances at $5,000 per year and over cost 0.25% annually.
2. Vault
The Vault app caters primarily to the retirement investment crowd, enabling any long-term investor to open up an individual retirement account.
It provides invaluable advice on setting up and managing a retirement plan, it also allows users to steer a fixed percentage of their income into their retirement plan of choice.
The app is simple to use, it comes with qualified and experienced investment advice from trained customer service representatives, and its low minimum cash amount ($1) and low monthly fee ($1) is a comfort for inexperienced retirement investors looking for a toe-hold to get started.
3. Stockpile
Stockpile offers users the ability to buy fractional shares of hundreds of stocks and exchange-traded funds for as low as $5 per trade.
The app also has a gift card option where you can give a $20 (or more) gift card for your child's birthday, instead of buying a video game or a gift card to a big box retailer.
4. Personal Capital
The app updates and tracks all of your investment portfolio holdings, and evaluates your portfolio performance and your asset allocation and risk management needs. You can even swipe to check out particular gainers and losers in your investment portfolio, giving you a real-time glimpse of how you're doing in the markets, along with a comparison too that pegs your portfolio performance against major market indices
Personal Capital charges one fee based on a percentage of assets managed, and wealth management, trade costs and custody are included. App users pay no trade commissions and the asset fee price starts at 0.89% of your first million dollars invested.
5. Wealthfront
The app is designed with capital appreciation in mind. It comes with a small army of smart, savvy finance and investment analysts who steer Wealthfront users to the investment strategy that fits them best, based on their investment risk profile and financial goals.
The app offers an investment plan option, and is free of charge with the first $10,000 in assets under management. After the $10,000 in assets, the company charges 0.25% of total assets and requires a $500 minimum investment.