While conventional wisdom suggests that to start investing, one must be willing to part with thousands of dollars. When I first contacted a financial advisor about investing a little bit of money he ought right told me that I would need at least two thousand dollars. No matter where I looked, the numbers remained similar, with the lowest being only one grand, and some of the most expensive requiring upwards to ten thousand dollars!
However, things are changing. Lots of apps and online services are popping up that are allowing for much cheaper investment options. Some apps such as Robinhood require no initial investment, and don’t even charge transaction fees! Other apps like Acorns have a minimum deposit of only 5 dollars and even handle nearly all of the investing for you. Just put money in and watch it grow!
Some downsides of these free or cheap investment strategies include lack of brick and mortar buildings you can visit, and often do not provide investment advisors for you to consult, while the more expensive options do. However, these downsides are by far worth the upsides of ease of use, and the much lower barrier of entry.
Take just a few moments and you can start investing with many different online investment and wealth building companies today. With the low barrier to entry thanks to advancing technologies, anyone can start building and managing a portfolio of stocks and mutual funds in just a few minutes.