Are you new to the investing world and are unsure where to start? It’s a confusing time trying to understand the stock market or what the different is between a mutual fund and a managed fund is. (Believe me, that took a lot of time). With the introduction of apps such as Raiz and Spaceship, investing has become easier to understand and more accessible. These apps can help kick start your career and diversify your portfolio with one click of a button. Even if you have been investing for years and are an expert, these apps can also help you make money. Here are 4 investing applications to help you build your wealth for the future.
Raiz is a micro investing app that allows you to invest small change from everyday purchases into a portfolio. For example, if you make a purchase of $5.70, Raiz takes the 30 cents and invests it for you. Otherwise, you can also set recurring amounts to invest in a time period such as weekly or monthly or put a lump sum into your account to make you money. This is a great app for beginners because it’s an automated system that takes money out of your account and Raiz constructs 6 diversified portfolios with a no lock in contract.
There is no minimum amount however, this investment app costs $2.50 per month or if you have over $10,000 in your account a fee of 0.275%. You have unlimited deposits and withdrawals and it automatically invests dividends back into your account.
Raiz also takes security very seriously, they store everything on a remote server such as a cloud server and uses a high level of data encryption. They also use a touch ID system to enter the app and will contact you on any security alerts.
If I were to use an app to invest my money, it would be this one. The idea of an app rounding up my purchases makes me feel like I’m not even investing. If it was scheduled deposits I would be more likely to chicken out and stop my future investment life before it were to happen.
Simply Wall Street
Simply Wall Street helps you choose an investment opportunity by giving you access to a data analysis presented in infographics. This makes the information easy to understand and allows you to decide if it is a good investment. The data is divided into three different categories such as stocks, portfolios and ideas.
Outlines how a company is performing and whether it would be a good investment
Uses a portfolio analysis to evaluate an investment through strengths and weaknesses.
“The Snowflake” creates an instant snapshot of a company and helps you decide if it’s a good investment or not.
Simply Wall Street has a beginner’s mode that makes understanding the visual reports easier. Using infographics allows everyone to have a clear understanding of the investment and the potential profitability. They also have three plans including the learner plan, investor plan and pro plan.
The “Learners Plan” is the free version of Simply Wall Street.
- Institutional data
- Global Market
- 10 infographic reports per month
- 1 portfolio view with 6 companies in the portfolio
The ‘Investor Plan’ is the next step costing $174 p/a
- Institutional Data
- Global Market
- Unlimited reports
- 3 portfolios
- Unlimited transactions
- Stock Information
The ‘Pro Plan’ costs $480 p/a
- Institutional Data
- Global Market
- Unlimited Reports
- 12 Portfolios
- Unlimited Transactions
- Data Audit
- PDF copies of the reports
Who doesn’t like pretty visuals? I’m quite a visual person, I like the idea of a graph explaining how they intend to make money for you. The free version still has a lot of information for you, however, if you were a more experienced person than me you would need to pay.
Spaceship Voyager is a brokerage app that gives you information to make investing more accessible and helps you make money for the future. This convenient app has no entry or exit fees for the first $5000 and you can make regular deposits in a time period. There is no minimum investment or brokerage fees, however, all your money is managed in a trust and the fund manager decides whether dividends and capital growth will be passed onto investors annually.
There are two types of portfolios including Spaceship Voyager and Spaceship Universe. Spaceship Voyager is an index fund made up of 200 companies to choose from with large market capitalisations. Whereas, Spaceship Universe hand picks 100 companies for you to invest in using the company’s personal method. These methods are high risk because it is heavily weighted on the listings of companies, however, you can sell anytime, and it allows for diversification.
If you are like me and needed a further explanation of what this app does, this is my brief explanation. Spaceship Voyager is an app where experts help you invest your money into a portfolio of your choosing. They do all the work, but you guide them into what you would like to happen.
The aim of Stocklight is to notify you of all stock notifications and help you build your wealth. This can include price sensitive announcements such as director trades and dividends. Stocklight presents you with a stock summary that consists of a stock overview, company information, dividends and quantitative analysis. By doing this, you can create your own watchlist and be notified of the stocks you care about. Stocklight acts as a subscription service with a ‘free’ version and a ‘premium version’.
The ‘Free Version’ contains:
free alerts per month
- Basics such as stock price, yield, market capital
- Market News
- Portfolio ROI for an individual stock
The ‘Premium Version’ of Stocklight costs $13.99 a month, it contains:
- All the latest information alerts to your phone
- No advertisements
- Advanced market filters
- Insider transaction
- Price, volume, dividends and stock data alerts
Getting new information about the stock market sounds like a great way to make money without the effort. This app gives you a lot of information about stocks and dividends, however, there is a niche market for an app like this. I’m a beginner at investing, if I were to get this app I would be overwhelmed with information. But if you know how to invest, it would be a perfect app to help with your investment future.
If you would like to read any information about investing, The Australian Securities Investments Commission (ASIC) link is down below, click on it to read more!
Or if you would like to talk to someone about your investment opportunities, come to ECON Business Solutions for a free consultation.