Remember the piggy bank you had as a child?
Having been taught that every penny counts, you’d religiously insert a quarter into that thing whenever you could. You’d beam on hearing the distinct clink as you deposited another coin. Then, when there was no space left, you’d gleefully empty the contents (sometimes with a dramatic demolition job—poor piggy!).
Do you still save those quarters on a regular basis?
If you want your spare change to do more than languish in some cute container, we’ve got just the online platform for you.
With Acorns, you can go beyond simple savings and make money off micro-investments. Through this reliable platform, you can have your extra bucks earning…well, extra bucks until you have plenty of them to go around!
Background of the company
Launched in 2012, Acorns prides itself on being “the first company to offer micro investing to the world.” Acorns promotes investment opportunities through simple, everyday transactions that just about everyone can pull off.
The mass appeal of Acorns’ services can be traced to a father-and-son duo who sought to make financial growth accessible to those around them. The story goes that Walter Cruttenden, a veteran of the finance sector, asked his son Jeffrey to start investing in a stock at the age of 11.
Whereas other dads might have focused on refining their sons’ jump shot or fastball at this stage, Walter was paving the way for Jeff to thrive. Sure enough, the boy picked a stock to invest in, learned how to accept failure the hard way, and came to establish his own financial legacy.
That legacy is now largely defined by Acorns, the company Jeff and Walter co-founded. In particular, Jeff wanted to provide a way for his college peers to enter the realm of investing without getting derailed by hindrances such as minimum balance requirements and fees.
In other words, Acorns was launched to give everyone a fighting chance in the investment arena. If you haven’t given it a try, you’d probably be convinced to do so after finding out what it has to offer.
Key features
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To be specific, the Acorns app provides five types of financial services to customers:
- Bank and Spend. Acorns helps you gain access to “online banking that automatically saves and invests for you.” Acorns’ banking features include a Visa debit card that invests your spare change after purchases; an emergency fund built upon small chunks taken from your paychecks; and conventional features of online banking, such as mobile check deposit and digital checks.
- Invest. Acorns will help you set up an investment portfolio based on your money goals. Specifically, your portfolio will contain exchange-traded funds (ETFs), a diversified combination of stocks and bonds that optimize your yield and mitigate risks. Here’s a comforting thought: Your ETF investments will most likely be pumped into stable companies like Amazon and Google. Yay!
- Later. Not worried about your retirement savings just yet? It’s time to give this some serious thought, especially because Acorns is right here to help you out. Acorns will put together an individual retirement account (IRA) plan that aligns with your long-term objectives. Based on these goals, you can set up automatic recurring contributions that will build up your retirement savings. (Trust us, your older self will thank you for this.)
- Early. On the other end of the age spectrum, children can use the Acorns platform to start saving for their future. Mommy and Daddy can set up automated investments every day, every week, or every month, and they can also opt for a Uniform Transfer/Gift to Minors account so that “funds can be used in ways that directly benefit the child.”
Whether you’re a yuppie, a 40-ish parent, or a professional nearing retirement, Acorns offers something that stimulates your financial growth, one small step at a time.
Ready to get started with Acorns? Click here to begin your micro-investment journey.
As you move along, remember to appreciate just how far you’ve come since your piggy bank days. After all, those coins probably didn’t yield dividends as they lay underneath your bed.
