SALT LAKE CITY: For most people, 2020 has been a year of controlling the devastating impact of the COVID-19 pandemic, which included the worst economic crisis since the Great Depression.
Now, as people look forward to a new year, the second round of stimulus checks hits U.S. bank accounts starting this week, leaving many wondering how best to spend their $ 600 .
The second stimulus is half of the $ 1,200 that many received from the first coronavirus relief funding earlier this year and far less than the $ 2,000 proposed by Congress Democrats and President Donald Trump over the past two years. weeks.
So how can you do more with less? Invest.
Investing is just one of the many ways individuals can choose to use their money, although most financial experts have advised citizens to first pay high interest bills and debts before any desire to invest is you have to take it seriously.
In the end, it’s a personal decision on how to spend the money, even if it’s just about buying something for you. But if you’re a first-time investor who wants to introduce new funds to the stock market, it can be intimidating.
However, with easy-to-use apps, you can invest directly from your phone. You may not become 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 application-based brokers that can help you get started:
Robin Hood
Available on the App Store and Google Play
Based on the principles shared by its namesake, the app provides easy access to anyone who wants to enter the stock market and “not just the rich,” according to its creators. Robinhood does not charge any commercial commission and can be downloaded for free. Users can pay a monthly fee for Robinhood Gold, which offers more resources.
The app allows users to buy shares directly after linking a bank account. Robinhood allows users to participate in daily operations, but with certain restrictions; it also depends on the type of account a user has before daily trading.
Recently, the app has had issues with the government. This month, Robinhood Financial agreed to pay $ 65 million to settle Securities and Exchange Commission charges alleging that it did not disclose all details of high-speed operators and did not give the best prices to customers. listed on the platform, the Associated Press reported. .
Glans
Available on the App Store and Google Play
Unlike Robinhood, where you choose the stocks you want to buy, Acorns automatically rounds out the daily change replacement exchange for more than $ 5 and invests the money. It can be downloaded for free initially, but you must accept a monthly fee to use it. For example, if you buy lunch for $ 7.85, the app will round out and invest 15 cents. Users select 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 on the App Store and Google Play
SoFi can be downloaded for free and allows users to start buying shares once their profile is set up and by linking to a bank account. The platform does not charge an annual management fee and users can start investing right away.
Audience
Available on the App Store and Google Play
The public, formerly called Matador, prides itself on being “the social investment app” and can be downloaded for free. Allows users to buy shares without commissions. The app not only allows users to buy shares, but also offers unique features, such as group chats with other users, and tracking other investors to see which shares interest them. The app has no daily trading policy, unlike other apps.
Lauren Bennett