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Home / Technology / Do you want to invest your stimulus check? Here are a few apps to help beginners get started

Do you want to invest your stimulus check? Here are a few apps to help beginners get started



SALT LAKE CITY – For most people, 2020 has been a year of dealing with the devastating effects of the COVID-19 pandemic, which included the worst economic crisis since the Great Depression.

As people look forward to a new year, the second round of stimulus checks hits American bank accounts this week, leaving many wondering the best way to spend their $ 600.

The second stimulus is half of the $ 1,200 that many received from the first funding of coronavirus assistance earlier this year and far less than the $ 2,000 proposed by Congressmen and President Donald Trump in the last few weeks.

So how can you do more with less? Invest.

Investing is just one of many ways individuals can choose to spend the money, although most financial experts have advised residents to pay bills and high interest debt first before any desire to invest should be taken seriously.

Finally, it is a personal decision on how to spend the money, even if it is only to buy something for yourself. But if you are a first-time investor who wants to place the new funds in the stock market, it can be daunting.

However, with easy-to-use apps, you can invest right from your phone. You may not be the next Warren Buffett, but you can diversify your finances without having to find a stockbroker or visit Wall Street in New York.

Here are some app-based brokerages that can help you get started:

Robin Hood

Available in the App Store and Google Play

The app was founded on the principals who share the name, and provides easy access for anyone who wants to get into the stock market and “not just the wealthy”

;, according to the creators. Robinhood does not charge a trade commission and is free to download. Users can pay a monthly fee for Robinhood Gold, which provides additional resources.

The app allows users to buy shares directly after linking a bank account. Robinhood allows users to participate in day trading, but with certain restrictions; it also depends on the type of account a user has before day trading.

The app recently had problems with the authorities. This month, Robinhood Financial agreed to pay $ 65 million to pay fees from the Securities and Exchange Commission, which claimed that it did not provide information on high-speed traders and did not provide the best prices for customers who traded on the platform, the Associated Press reported. .

Do you want to invest your stimulus check?  Here are a few apps to help beginners get started
Photo: AP Photo / Patrick Sison

Acorns

Available in the App Store and Google Play

Unlike Robinhood, where you choose which shares you want to buy, Acorns automatically rounds off the extra change from your daily purchases over $ 5 and invests the money. It is originally free to download, but you must accept a monthly fee to use it. For example, if you buy lunch for $ 7.85, the app will round up and invest 15 cents. Users choose what level of risk they are willing to take and answer some other questions before the app creates your profile and starts investing.

Do you want to invest your stimulus check?  Here are a few apps to help beginners get started
Photo: acorns

SoFi

Available in the App Store and Google Play

SoFi is free to download and allows users to start buying shares once they have created their profile and linked a bank account. The platform does not require an annual administration fee, and users can start investing right away.

Public

Available in the App Store and Google Play

Public, formerly called Matador, is proud to be “the social investment app” and is free to download. It allows users to buy shares without commission fees. The app not only allows users to buy shares, but also offers unique features such as group chats with other users and following other investors to see which shares they are interested in. The app has no day policy, unlike other apps.

Lauren Bennett

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