Millennials are always using their smartphones and tablets to do everything. They are the generation of technology who grew up knowing technology all of their lives. Now they are ready to go to college or a trade school, learn some skills, and start making their own money. It is an exciting time for them (and you) because your birds are leaving the nest.
But like any good mother or father, grandparent, or mother bird, you want your young person to thrive, not just survive.
Investing money in their future the right way is one of the best ways they can prepare for a more solid financial future.
There are 3 apps we like that help millennial students to invest some of their money each payday. We’ll run through all three of them briefly, then provide the links so your young person can try them too!
This is one of our favorite apps because it allows millennials (or anyone) to invest in fractional shares of stocks. It also uses the famed Harvard Business school model of spreading out your money into different assets that help you stay safe with your investments. There are line graphs to chart progress and millennials can use the line graph to see what their investment will be worth in a few years at the current interest rate and the amount they put in. Automatic financing of pennies from transactions are available as well as manual or automatic more extensive deposits. But the user maintains control of it at all times.
Here is another investment tool for anyone wanting to start an investment portfolio without the more substantial risk. Invest as little or as much as you wish each payday or anytime. Like Acorns, you tie it to your bank, and you can move money to your investment account anytime.
Stockpile is my favorite app because this one allows the investor to pick and choose the stocks they want to invest in. You can choose from an extensive list of well-known and startup companies and read their earnings history. Then select which one you want to try and set up a deposit from your bank. Watch the money grow every day.
Now is the best time for young people to learn how to invest in the stock market. Consumer confidence is high, joblessness is down, and the opportunities are endless for Americans. Invest a little or a lot, as you can afford to and withdraw cash anytime.
These three apps take the guesswork and some of the risk out of investing. For young people just starting out, these apps teach young people to see how money can grow and you can create a passive income from just pennies a day.
Download one of more of the apps and try them out. Delete the ones you decide not to use. It’s simple. They are all available on both iOS and Android.