Basically, if you pay $10.95 for lunch, it will invest the extra nickel into an investment fund of your choice. There’s also the ability to make one-time micro investments of $10 to $100 and a multiplier for spare-change contributions. However, Acorns claims some 3 million users who believe in its roundup strategy. Now, if you watch every penny that moves from your accounts obsessively, this may not be the app for you. What Acorns Does: “Invest your spare change,” urge the people behind Acorns. 2 percent every year to the managers of the investment funds you hold. On top of that, you will be expected to pay about. 50 percent on your balance up to $99,000. How Much Does Wealthsimple Cost? It’s $0 for the first $5,000 you invest in the first year. There’s also an option to make your investment portfolio “socially responsible,” which means you’ll primarily invest in companies that are low-carbon, clean-tech, or have sustainable growth. Wealthsimple Secret Sauces and Differentiators: Wealthsimple uses the “modern portfolio theory,” developed in 1952 by economist Harry Markowitz, who won the Nobel Prize in 1990. When you sign up for the service, it walks you through a series of questions to help you invest the right amount, based on factors like your income and savings, as well as your personal preferences. It offers the typical three models of investing (conservative, balanced, and growth) that put a percentage of however much money you want to invest into separate funds based on risk level. To Plaza’s credit, she shares an emotionally honest story about being poor and then not being poor, and approaches something like profundity when it comes to the concept of money. After all, Wealthsimple drafted Oscar-winning filmmaker Errol Morris and Legion actress Aubrey Plaza to promote its service this year in a series of videos. What Wealthsimple Does: This app markets itself as “investing on autopilot,” and if that sounds chill, it might be intentional. Aubrey Plaza in a Wealthsimple advertisement.
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