'I would argue that the hardest part about basic investing is coming to the realization that it is something most people need to educate themselves about. Once you come to that realization, though, there is good news: Basic investing is not that hard'
Photo: William Foley/The LIFE Images Collection via Getty Images I once believed that, like detached earlobes or the ability to curl one’s tongue, financial know-how is a trait that you are born with. When I learned that is not the case, I hoped that one day I’d just be imbued with financial wisdom, but simply “getting” finances never really happens either.
Before we get to the experts’ recommendations, there are two things all potential investors should know about using these or any other services: The money in your investment account is protected by the Securities Investor Protection Corporation , which provides insurance that protects your investments up to $500,000 , and when you withdraw money from an individual brokerage account opened with any service, you’ll have to pay taxes on any gains.
Betterment offers myriad account options, including Roth, traditional, joint, and SEP-IRAs , along with different kinds of individual brokerage accounts, plus a helpful blog that further explains its offerings with articles and calculators. The fee structure is pretty straightforward: Betterment annually charges 0.25 percent of your account balance — though accounts with a minimum of $100,000, which qualify for Betterment Premium, are annually charged .40 percent of their balance.
Best investing app for beginners who want to choose their investments Stash Buy at Stash Buy Obsessed with social-media companies? Want to invest in commodities or telecom? Two brand-new, gun-shy investors say they like Stash for its ability to let customers choose investments in order to create a portfolio that reflects their personal interests.
But there’s one important distinction between this and Stash, or any of the aforementioned apps: Because Robinhood offers little hand-holding or real guidance to those who’ve never invested before, the experts caution that it may be better for beginners who come to the table with some knowledge of the investing world. While it has a blog, the app will not offer you any insights on strategy or teach you about risk or diversification.
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