SALT LAKE CITY – For most people, 2020 was a year of dealing with the devastating impact of the COVID-19 pandemic, which includes the worst economic crisis since the Great Depression.
As people now look forward to a new year, the second round of stimulus checks hits the bank accounts of Americans starting this week, and many leave them wondering about the best way to spend their $ 600.
The second stimulus is half of the $ 1,200 that many of the first coronavirus aid received earlier this year, and far less than the proposed $ 2,000 that Congress Democrats and President Donald Trump have demanded in recent weeks.
So, how can you do more with less? Invest.
Investing is just one of the many ways individuals can use the money, although most financial experts have advised citizens to pay bills and high interest rates first before taking it seriously.
Ultimately, it’s a personal decision on how to spend the money, even if it’s just to buy something for you. But if you are a first investor who wants to put the new funds in the stock market, it can be intimidating.
However, with apps that are easy to use, you can invest from your phone. You may not be the next Warren Buffett, but you can diversify your finances without looking for a stockbroker or visiting Wall Street in New York.
Here are some app-based brokers that can help you get started:
Robin Hood
Available in the App Store and Google Play
The app, which is based on the principals shared by its namesake, provides easy access for anyone who wants to end up in the stock market and not just the rich. Robinhood does not charge a trade commission and is free to download. Users can pay a monthly fee for Robinhood Gold, which provides more resources.
The app allows users to buy shares directly after linking a bank account. Robinhood allows users to do day trading, but with certain restrictions; it also depends on what type of account a user has before day trading.
The app recently had some issues with the government. This month, Robinhood Financial agreed to pay $ 65 million to cover the costs of the Securities and Exchange Commission, which claims it does not disclose the full details of high-speed traders and does not give the best prices to customers on the platform. do not trade, reports Associated Press. .
Acorns
Available in the App Store and Google Play
Unlike Robinhood, where you choose which shares you want to buy, Acorns automatically makes extra changes to your daily purchases above $ 5 and invests that money. It’s initially free to download, but you have to accept a monthly fee to use it. For example, if you buy lunch for $ 7.85, the app will invest and invest 15 cents. Users choose what level of risk they are willing to take and answer a few other questions before the app creates your profile and starts investing.
SoFi
Available in the App Store and Google Play
SoFi is free to download and allows users to start buying shares as soon as they set up their profile and link a bank account. The platform does not charge an annual management fee and users can start investing immediately.
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 money. The app not only enables 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.
Lauren Bennett