There are a lot of industries and businesses that keep people out of them. The construction industry around the world has 50 companies making 90% of the revenue. Banking isn’t much better, and the financial industry as a whole doesn’t have a great reputation with gaining and keeping people’s trust (what’s up, Equifax?). Financial Technology (FinTech for the jargon lovers) has been hitting the scene for the last several years with the goal of making finances more user-friendly and accessible to everyone, not merely the financially savvy.
There are thousands of apps out there that are vying for your attention and money, but there are a few that tackle the difficult task of breaking down investment without incurring too much risk. If you’re looking into dipping your toes before taking anything resembling a full plunge into the wild world of investment finance, there are some great apps out there that have your back. The list of FinTech at your fingertips is lengthy, but we’ve got our eye on Stash, an investment app that aims to teach finance in action.
Stash is an investment app that runs on transparency and ease. The founders started it with a simple idea that drives their whole platform: “My co-founder Ed and I left our jobs to start Stash because we believe everyone should have access to financial opportunity. After a combined 30+ years in the business, we saw that Wall Street can be fundamentally unfair to smaller investors as they work to accomplish their goals. Stash will change that.”
With as little as $5, you can start an investment fund that takes small amounts of money–coffee money and spare change, if you so choose–and starts micro-investments. The draw of Stash is that traditional investment accounts generally require large initial investments that bear potentially steep risks, therefore being unfriendly to new investors. Not to mention, the mobile-first user experience panders to millennials, who are a vastly underserved population in the investment world. The platform is transparent and free of fees for the first three months, then charging $1 per month for accounts under $5,000 and 0.25% annual fee on accounts over $5,000. You’re able to choose your investment portfolios and have access to educational articles, videos, and podcasts all dedicated to making a complex world easy.
Staying on top of your finances is difficult, especially with the shifty structure of the financial world we’re currently immersed in. Keep your eyes open for tools that’ll help you learn and practice without the potential for devastating fiscal repercussions. Tons of FinTech is out there with this goal and Stash is just one of many. Do your research, find what makes you feel comfortable, and compound your cash accordingly.
No Comments yet!