Are you tired of not making enough money and constantly worrying that someday your expenses will be more than your income because you rely solely on your salary? Well, the problem with relying on your salary as the only source of income is that you have nothing to fall back on in case of unemployment, which is more likely these days due to the economic recession we’ve entered after the coronavirus outbreak.
So, whenever you search for motivational videos like “How to get rich” or “How to make money online.” You may have even watched documentaries about Steve Jobs and Bill Gates on your favorite Spectrum Cable TV in the hope of getting some tips and tricks to make enough bucks.
Well, you’ll find a lot of motivational content out there. While you might not be able to get a step-by-step guide on how to become a billionaire, you will find some useful tips and tricks to get started at least. One common theme that runs across these videos is that all motivational speakers and financial advisors stress the need to have multiple sources of income as they think it is the best way to get rich and wealthy.
If you have seen such motivational content, you’ll know how it talks about saving some money and making the right kind of investments. Some talk about investing in real estate while others suggest investing in stock, bonds, and other financial derivatives.
If you have been inspired by such content and are looking to make some investments, then you are in luck because now you don’t have to hire an investment advisor to help you out. You have the technology to aid you. There are several investment apps in the market that help you manage your money and in some cases educate you too.
What are investment apps?
Before we jump on to the best investment apps and how you can use them to your advantage, let’s start with first understanding what an investment app is. Investment apps basically enable you to invest in stock and financial markets and manage your investment portfolio.
These apps charge you a minimal fee for the services and help you make the best use of your savings. These apps make it easier to keep track of whatever you earn in the form of dividends or price gains.
Previously, when someone decided to make an investment in stock market, they had to call a broker to make that investment on their behalf and pay heavy commissions on every buy and sell. This is not the case with investment apps. Now you just need to install the app in your smartphone, press a few buttons, and trade immediately at lower rates.
Thanks to the internet and technology, there are a lot of apps out there to choose from. However, everyone has different needs and is looking for something different from an investment app. Some of you might be beginners and maybe looking for apps that are convenient for newbies, while some of you might be looking for free apps or the ones that allow automated investing.
Here are some of the best investment apps of 2020 that you can download:
Most of you will already know that TD Ameritrade is one of the most famous brokerage firms in the United States. TD Ameritrade has one of the best investment apps as well. Its wide range of options makes it convenient for both beginners and experts. If you are a beginner or intermediate level investor, it’s better to use the default Mobile app of TD Ameritrade. If you think that you already have a lot of knowledge of the stock market and are comfortable investing, the upgraded professional level platform thinkorswim will be a better option as it shows you all sorts of complicated graphs that a newbie might not be comfortable with.
One of the best features of the TD Ameritrade is that it allows you to trade stocks and ETF commission-free. There are multiple platforms that enable you to manage multiple accounts and reach out to one of the most famous investment assets. This makes TD Ameritrade one of the top preferences for many investors.
Let’s discuss the key features of TD Ameritrade Mobile and thinkorswim. It offers a wide range of investment options such as stocks, mutual funds, bonds, options, and more. Most of the investment apps require you to keep a certain amount of balance in your account, but Ameritrade frees you from this concern. As far as the fee is concerned, it doesn’t charge any commissions for online stocks, options, and ETF trade. There is however 65 cents fixed fee for options trade and you’re required to pay $25 for broker’s assistance and $49.99 for no-load mutual funds.
Fidelity is also one of the leading brokerage firms and is best known for retirement-focused education and investment options. It provides many options for long-term investments, especially for those who are looking for retirement-focused investments. A Fidelity account gives you access to the brokerage’s best resources, calculators, and other tools.
An interesting feature of the Fidelity mobile app is that it connects with Apple Watch as well as Google Assistant. Fidelity also offers its own mutual funds and there are no transaction charges or recurring fees on it.
Apart from its other features, you don’t require a minimum balance with the Fidelity app. The fee structure is almost similar to Ameritrade. There is no commission fee on stocks, but a 65 cents fixed fee on every options contract. Broker-assisted trades are charged at $32.95 while there is a $49.95 transaction fee on mutual funds. Also, there are zero recurring fees on most of the accounts. This app supports investment types like stocks, ETFs, mutual funds and the best feature is that it supports Fractional share investing as well. With fraction share investing, you can buy a fraction of a share for $5 or $10.
Ally is an online brokerage firm with no physical location. It offers one of the top investment platforms for beginners with its low fees and an easy-to-use mobile interface. It easily covers all your investment needs. You can freely trade ETF, options, and stocks without maintaining a minimum balance. Keeping everything else same, 50 cents fixed fee is charged per options contract, $20 for broker-assisted trades, $9.95 for the no-load mutual funds.
Acorns are one of the best apps for automated investments. With interesting funding options like recurring transfers and round-ups for the transactions made through connected cards, Acorns makes it easy for you to maintain your investment account. It suggests your relevant investments based on the information you provide in the survey conducted before signing up for the account.
The acorns fee structure is bit of a problem though. You are charged monthly $1 for the basic account, $2 for a retirement account, and $3 if you use a bank account as well. It may seem a small amount to many, but if you have a low balance in your account e.g. $100, paying $1 per month means that you’ll be paying $12 per annum, which in percentage terms means 12% charges.
Trouble Deciding Which App Is the Best? Here Are Some Tips
In today’s world, everything can now be done from the ease of your palm, whether it’s entertaining yourself with shows on Spectrum stream service or doing investments through investment apps, nothing is difficult anymore. Investment apps make it possible for you to manage your accounts and invest from anywhere in the world as long as you have the internet on your phone. You no longer have to call your broker and give instructions. You could be on a vacation and still be making money at the tap of your finger.
The challenge, however, is which app you should choose. Deciding which investment app to download can be a bit challenging since every app has its own pros and cons. The answer is simple – there is no one perfect app. The best way to decide an app perfect for you is to first list down your needs and expectations from an investment app; what are the targets you plan on achieving?
Another piece of advice we can give you is that never to invest in anything you don’t understand. Before you choose any app make sure you are clear on the instructions and aware of the hidden costs. Always review costs and fees because over time you can end up losing your investment gains to these two things. Don’t be greedy, always go for the option that fits your need perfectly.
Investment is a risky business, it needs good intuition, smartness, and luck. Keeping in mind all this information, you can hopefully take the best decision for yourself regarding which app is most suitable for your investment needs. All of the investment applications mentioned above are available on both android and iOS devices. We wish you good luck!
Baldwin Jackson is a successful digital marketer with expertise in search engine optimization and content marketing. The perfect balance of his analytical ability and creative thinking is what sets him apart from other practitioners in the digital marketing realm. He has helped a lot of small and medium-sized businesses in crafting their digital marketing strategies that are not only cost-effective but delivers results as well.
Baldwin is also a proud father of two kids and a Sports enthusiast. When he is not working, you will find him watching ESPN and NFL network.