The Downfall Of Investing Apps

Does anyone remember the investment app war, when everyone was trying to invite everyone just for a chance to get a free stock.

I swear I had like at least 6 different apps on my phone, cash app, acorns, m1 finance, stash, capital and even wealthfront. Those were good times. And then all of sudden banks also became investing apps.

However today I only have one investing app that I use. So in this video, I want to tell you about the best investing app out there, and why you should ignore 99% of all the others apps on the market.

Any by the end I’ll show my investing app, and how much money I have.

Why: I want to make a video to remind people to think long term, and to use these apps as tools not as means to get a few dollars, to think about how these apps help them stay invested, make them feel safe and also don’t cost them much money. ( its bonus if they insure you, but that’s your responsibility )

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1. How they Make Money

-If its free to invest and you don’t have to pay a single dollar to trade

-Then how do they make money

-They make money via Activity, be it trading back and forth, borrowing on margin or just gamifying the stock market
The problem:

-The way investing works, is that you can turn a little into a lot, via reinvesting, compound interest and a lot time

-But if you continuously sell back and forth and try to beat the market you end up missing out

-Sometimes the hardest thing to understand is that, you don’t need to so many things to get rich


For example:

-Investing $200 a month for 30 years means you invested $72,000 ( it’s a good amount of money but not that impressive )

-Now if you earned 8% return on that money, and never took out, it turns into $293 ( 4x more )

-Now if you reinvested the dividend let's say 2% which brings up your return to 10%, that’s 434k

-Now let's say you said I want to do $250 then that would be 542k



That is the power of compound interest

2. What should you look for in an Investing App

-These 5 very important factors to consider when looking into an app

The top 5

-First Size: size does matter, the bigger the company and its reputation the more likely they are to stick around because they already have. Think vanguard, Fidelity and Charles Schwab

-Second Fees: if a app charges even a dollar, or 1% or 2%, its too much, and that’s why size matters, because the more people they have the less they have to charge

-Third Customer Service: if the company hides its customer service number it’s a bad sign

-Forth Long Term Interface: the more boring the better

-Fifth Investment availability and Investing dollar amounts: I know of apps that just started having ETFs available and they don’t allow fractional shares


3. Here what I use Today

-I use Vanguard because my only investment is in the Vanguard s&p 500 but Fidelity has a fund like this one to and so does Charles

-I recommend you be very careful with all these little apps and here’s why


Reasons:

-They Flip Flop: they go from long term to short term, because they have to compete

--They often don’t have good customer service

They have twisted incentives ( since they money on activity what they usually offer is a lot of activity )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

Видео The Downfall Of Investing Apps канала TommyBryson