Acorns Invest Review: FREE $5 FROM ACORNS: https://www.acorns.com/invite/5SSSLM Click “Show More” to see my Favorite Financial Tools ▽MY FINANCIAL TOOLS▽ 💳 Credit Cards ➤ BEST Credit Cards: https://linktr.ee/Magnified.Money ---------- 💰 Chime Fully Online Banking ➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime ➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder ---------- 🏦 SoFi Complete Money Management ➤ Checking & Savings - https://magnified.reviews/SoFi ➤ Credit Card - https://magnified.reviews/SoFiCreditCard ➤ Invest - https://magnified.reviews/SoFiInvest ➤ Budgeting - https://magnified.reviews/SoFiRelay ---------- 💸 Bankrate | Checking, Savings, and CDs ➤ Checking - https://magnified.reviews/Savings ➤ Savings - https://magnified.reviews/Savings ➤ CD - https://magnified.reviews/CD ---------- 📊 Wealthfront Automated Investing ➤ First $5,000 Managed for FREE - https://magnified.reviews/Wealthfront ---------- 💵 Current Card ➤ Current | Modern Banking App - https://magnified.reviews/CurrentCard ---------- 📸 MY CAMERA GEAR ➤ My Camera: https://magnified.reviews/Camera ➤ My Microphone: https://magnified.reviews/Microphone ➤ My Lights: https://magnified.reviews/Lights When Acorns hit the market in 2012 it was one of those platforms like Robinhood that really shook up the investing industry but what put Acorns on the map was actually their roundup investing feature which we are going to talk about in length today and break down exactly what this means and how to set it up. But in a nutshell, this allows you to automatically invest your spare change without even thinking about it and that really is where Acorns got their start but before we talk about that in-depth let's talk about the three different account options that acorns offer. And yes spoiler alert, Acorns is not free to use platform but don't worry because you are going to get a lot of value for a low price. So essentially you've got the $1 per month basic package that is going to allow you to automatically start investing, the $3 option that will also give you a retirement account and checking services for $3/month, and then the family package if that is something you're interested in for $5 per month. Now $1 may not sound like a whole lot of money and you would be right however if you're only going to be investing a few $100 or even $1000, Acorns is not really worth it just because comparatively...the management fee would be way too high as a percentage of your investment. So if you're going to use the acorns platform, then I personally would recommend that you're investing at least $4000 since paying $12.00 per year on a $4000 investment would mean a management fee of 0.4% which is definitely much more realistic. Now the round-up feature is great so if you go to Panera, for example, and you spend $19.55 then by paying with a card that is linked to your acorns accounts, Acorns is automatically going to round up that purchase to $20 and invest that extra $0.45 for you. Now within the app, you can customize exactly how much you would like it to round up and even set multipliers of 2 3, or 10 times the amount rounded up so if Acorns rounds up and invests $0.10 and you have the 3X multiplier turned on then they will actually invest $0.3 but remember this isn't just free money that they're given to you this is pulling money from the card that you used to pay and investing it automatically without you having to think about it. Now the other big question is where is this money being invested because with the acorns platform you're not able to go in and buy your own individual stocks or ETF's like you can with other investing platforms but that's not what acorns is designed for. Again, it is made for individuals who are looking for a fully automated approach to their investing and because of that, Acorns is going to give you your choice of five different portfolios with varying levels of risk that go all the way from aggressive down to conservative. So if you're looking for a fully automated way that you can get started with investing without even having to think about it then I would definitely check out the Acorns platform since it is a great place to get started. And if this is a platform that you want to get a shot then there is a link at the top of the description that will give you $5 for free just for opening up an account so if you're planning on giving it a shot then definitely check that out. Music from Storyblocks Audio Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.