SALT LAKE CITY – For most people, 2020 was a year of managing 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 is hitting Americans’ bank accounts starting this week, leaving many wondering how best to spend 600 dollars. USD.
The second stimulus is half of the $ 1,200 received from the first funding to help the coronavirus earlier this year and far less than the $ 2,000 proposed by congressional Democrats and President Donald Trump that they pushed in the past two weeks.
So how can you do more with less? Invest.
Investing is just one of many ways people can choose to use their money, although most financial experts have advised citizens to pay their high interest bills and debts first before any investment desire is taken seriously.
In the end, it’s a personal decision on how to spend money, even if it just buys something for you. But if you are 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 right 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 brokerages that can help you get started:
Robinhood
Available in the App Store and Google Play
Based on the principles shared by its namesake, the application offers easy access for anyone who wants to enter the stock market and “not just the rich”, according to its creators. Robinhood does not charge a commercial commission and can be downloaded for free. Users can pay a monthly fee for Robinhood Gold, which offers more resources.
The application allows users to buy shares directly after connecting a bank account. Robinhood allows users to engage in day-to-day trading, but with certain restrictions; it also depends on what type of account a user has before daily trading.
The application has recently had problems with the government. This month, Robinhood Financial agreed to pay $ 65 million to pay taxes from the Securities and Exchange Commission, which claimed it did not disclose all details of high-speed traders and did not offer the best prices to customers who trades on the platform, the Associated Press reported.
acorns
Available in the App Store and Google Play
Unlike Robinhood, where you choose the shares to buy, Acorns automatically replenishes the stock exchange from daily purchases over $ 5 and invests the money. The download is initially free, 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 select what level of risk they are willing to take and answer a few more 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 once they set up their profile and connect 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
The public, formerly called Matador, prides itself on being a “social investment app” and can be downloaded for free. Allows users to buy stocks without commission fees. The app not only allows users to buy shares, but also offers unique features, such as group discussions with other users, and track other investors to see what shares they are interested in. The application has a daily trading policy, unlike other applications.
Lauren Bennett