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Acorns Review 2023: What is Acorns, and how does it work?

Saving and investing can often feel intimidating – but it doesn’t have to. Did you know there’s an investing app designed to make investing accessible to everyone, no matter their financial expertise.

Acorns is the solution whether you have $10 to invest or $100. Here’s what you need to know about the platform, including how it works and how to get started on your investing journey.

What is Acorns?

Acorns is a platform that brings the world of investing right to your fingertips. It takes small amounts from your everyday purchases and invests this money into a diversified portfolio. This approach is known as “micro-investing,” and it’s a game-changer for those who want to invest without feeling a major pinch in their wallets.

How does Acorns work?

Acorns works by rounding up your everyday transactions to the nearest dollar and investing the spare change. For example, if you buy a coffee for $2.75, Acorns will round up the purchase to $3.00 and invest the extra $0.25. These tiny amounts might seem insignificant, but they can add up over time to build a solid investment portfolio.

Key steps to get started:

• Signs up for an account: Click here to sign up for an Acorns account.
• Link your accounts: Connect your bank accounts and credit cards to Acorns. This allows the app to track your transactions and round up your purchases.
• Select your investment strategy: Acorns offers different portfolio options based on your risk tolerance. Choose the one that aligns with your financial goals.
• Start Investing: Once you’ve set up your preferences, Acorns will automatically invest your spare change from each transaction.

Benefits of using Acorns

1. Easy entry to investing: Acorns removes the barrier to entry for investing, even for beginners who might not have large sums of money to invest.

2. Hands-off approach: The app takes care of the investing for you, making it ideal for those with busy lives who want a simple way to grow their wealth.

3. Diversification: Acorns spreads your investments across various asset classes, reducing risk and potentially increasing returns.

4. Financial education: Acorns provides educational content to help you understand investing concepts and make informed decisions.

Additional Features of Acorns

• Recurring investments: Set up recurring contributions to invest a specific amount regularly (starting at $5).
• Found money: Earn cash back when you shop with Acorns partners, and the cash back is automatically invested.
• IRA and Roth IRA accounts: Acorns offers retirement account options for those looking to secure their financial future.
• Acorns Later and Acorns Spend: These features provide retirement and checking account options, respectively, integrating seamlessly with your investment portfolio.

Bottom line

Acorns is changing the game by making investing accessible, even for those who never thought they could invest. With its innovative micro-investing approach, Acorns helps you build a financial cushion for the future without major lifestyle changes.

The  user-friendly interface, educational content, and automatic investing make it a powerful tool for both novice and seasoned investors alike. So, if you’re ready to take your first steps toward financial growth, Acorns might be the perfect companion on your journey. Click here to get started.