Why did we say “hopefully”?
You need to know that with any investment strategy, tool, or app–there is some risk. There is no way of guaranteeing that you’ll make money when you invest in the stock market. Why? The stock market is ever-changing, which means that the value of stocks can go up or down without any warning.
So, what does that mean for you and the Acorns app? It’s important to remember that when you’re using Acorns (or any other investment tool), your investments are subject to market risk. That means that you could lose money. But, still, it also means you can make money.
How Much Does Acorns Cost?
Acorns charges a monthly subscription fee and the cost depends on which plan you choose. Your options are the Personal Plan or the Family Plan.
The Acorns Personal Account costs $3 per month and includes:
- An investment account
- A retirement account
- A checking account
The Acorns Family Account costs $5 per month and includes:
- An investment account
- A retirement account
- A checking account
- An investment account for kids
The Pros and Cons of the Acorns App
There’s no perfect way to start investing. You’ll have to experiment a bit to find the method that works best for you. Here are the major pros and cons of the Acorns app to help you decide if it’s the right investment tool for your financial goals.
The Pros of the Acorns App
If you’re new to investing, you’ll likely enjoy the following pros of using the Acorns app.
You don’t need a lot of money to start investing
It’s a great way to start investing in the stock market, even if you don’t have a lot of money. The Acorns app rounds up your spare change to the nearest dollar and invests that money for you. You can get started with as little as $5.
It’s a hands-off way of investing
Once you’ve set up your account and completed your investment profile, the Acorns app can do the rest of the work for you. It will recommend a portfolio based on your goals, automatically invest your money if elected and rebalance your portfolio as needed.
