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/biz/ - Business & Finance

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1664078 No.1664078 [Reply] [Original]

is acorns actually a good way to save and invest money or should i just put my money in a mattress

how do i save money in a way that makes more money like rich white people can

>> No.1664082

>let me allow a company to track my finances and charge a monthly fee to do so because I'm too lazy to keep receipts use a spreadsheet

>> No.1664107

>>1664082
so what do you suggest i do with my money just sitting in my checking account

>> No.1664109

>>1664082
If you have less than $5000 in your acorns account it's a dollar a month. If you have more than its a .25% annual fee.
If you go to college and have a .edu email address its free for up to 4 years.

I have acorns and I'm slowly saving on the side to open a legitimate investment account on a larger scale. I started acorns with $100 bucks with $20 a month deposited and whatever extra money I have to deposit. I've made about ~$20-$30 bucks in investments and dividends. It isn't horrible, good for people starting small

>> No.1664112

>>1664109
>allowing some business to track everything you spend

>> No.1664127

i just want a secure future mane

so what do i do with my money then

>> No.1664134

>>1664127
Pre-Phase: Develop a budget. Track your expenses for a few months. Put everything in a category and track it in a spreadsheet. Then determine what you can cut back on. Are you paying hundreds a month for muh 1,000 mbps download speeds internet even though you really only need a $50/month plan to browse 4chan and play video games online? Are you spending $100 a week on eating out for lunch instead of packing your own? Are you spending $150/month on a cell phone instead of a $50 pre paid? Etc.

Step 1: Have an emergency fund in a savings account or Money Market that covers at least 3 months living expenses

Step 2: Pay off debts by making extra principle payments. Or just continue paying the monthly payments if the interest rate is lower than what you could get from investment returns.

Step 3: Invest. A stock market ETF is probably the safest bet. Put 90% in a total stock market ETF and 10% in a bond market ETF. As you get older and closer to retirement, move more of your capital into bonds to reduce risk. Put monthly contributions in and ignore the noise.

>> No.1664140

Fuck off shills

>> No.1664160

>>1664134

so I'm at step 2 right now

okay thanks for the guideline i'll try to stick to this