Acorns- An App That Invests Your Spare Change

Discussion in 'Wealth Creation & Management' started by House, Jun 27, 2015.

  1. SluiceGoose

    SluiceGoose Member

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    Ah I found that one. Thanks for pointing that one out. In round ups hit the settings tab up top then once in the round up settings hit another settings tab. There it show what to round it up to.

    I'll leave it at 5 bucks for now then I'll shift it up.

    It's showing I have some pending but not in the account yet might take a day or so. Since I've only just started it today
     
    Last edited: Dec 21, 2019
  2. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Yes takes a few days to transfer out.
    Make sure you look at raiz rewards. I have the same amount reinvested only account using this as the normal investment returns. It's pretty good if you use it semi regularly.
     
  3. SluiceGoose

    SluiceGoose Member

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    sorry how does that one work? is it like booking a holiday or something and it invests cash from them also?

    EDIT found my answer.
    the store or holiday will re-invest cash for you!

    that is handy
     
  4. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Yeah it adds up pretty quick if you use it semi-regularly.
    If you look around you can combine several raiz rewards together to purchase something.
    For example if you want to do a shop in Dan Murphys. I could buy a dan murphys voucher (get a $20 voucher for $5) on Groupon. I get 2.5% back with the Groupon raiz reward.
    Then I go to Dan Murphys. Get the $15 discount and also get 2.8% of the total cost back.
     
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  5. SluiceGoose

    SluiceGoose Member

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    that is like something Robert Kiyosaki would do.
    very clever indeed.I love the mind set
     
  6. SluiceGoose

    SluiceGoose Member

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    so after a week of playing around I am still liking the idea of this app and im sure ill keep it for a while yet
    my wife and I are both Using it and so far without me knowing i have invested over $20 in spare change. and the Wife Almost $50 in less time.
    have not seen any returns as of yet and i did not expect too TBH as there is far to little in the pot after just one week.
    but even as a savings app its good so far
     
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  7. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    I have the same issue with my wife spending more. The Raiz account is great evidence to bring up when she denies spending all my money. :D

    Just be aware that a medium term timeframe at least will be needed for good returns with this app depending on the protfilio you selected.

    As of now I'm pretty happy with it too.
     
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  8. SluiceGoose

    SluiceGoose Member

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    I have us Both on the aggressive portfolio.
    but yeah ill hang onto it long term anyways unless it proves to be a scam but nothing suggesting that so far
     
  9. reaver

    reaver Active Member

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    Aha, this thread has come back to life.

    To date since I started in August 2017 my returns have been 22.24% including re-invested dividends and 17.23% in the last 12 months to this date.

    I use the 'Moderately Aggressive' portfolio. Having learned the hard way, don't change this option on a whim, the sell-off and re-buy will make your portfolio take a hit. Unless there is an actual economic shift (foreseeable change for the next 12 months), don't muck around with this setting.
     
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  10. Drake181

    Drake181 Active Member Silver Stacker

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    Has anyone actually taken cash back out if the acorn app? I remember when it came out the reviews on it were scathing in regards to trying to get your money back out of them.
     
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  11. SluiceGoose

    SluiceGoose Member

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    no not as yet but it does state that it will take a while as they have to sell your shares etc
     
  12. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Yeh not a problem, just takes a few days.
     
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  13. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Takes about 5-7 days on average.
    You need to remember that acorn and raiz are now completely different entities, so maybe the time period might be better now due to this etc.
     
  14. Drake181

    Drake181 Active Member Silver Stacker

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    Is that capital as well as divedend that you've withdrawn?
     
  15. SluiceGoose

    SluiceGoose Member

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    Yeah would also like to know
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    No idea how to work that out. If it helps I've withdrawn more than twice the current value of my portfolio. If that doesn't make sense then say my current portfolio is worth $100 which includes market returns of say $35 and dividends of $10 so $55 of it are my contributions, I've withdrawn about $210 over the time I've had the App going. o_O
     
    Last edited: Jan 1, 2020
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  17. SluiceGoose

    SluiceGoose Member

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    So few weeks in now. Still very little invested. But starting to see some traction. Thought I'd post my performance for the few weeks I've used it

    if anyone wants a free 5 bucks to get started click the link
    app.raizinvest.com.au/invite/VKUPGU
     

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  18. Jason1

    Jason1 Well-Known Member

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    Been hearing about this raiz thing from a few people, I have proper investments elsewhere that would make bigger returns, but curiosity got the better of me so thought I'll check it out and put a few bucks in for shits and giggles. Why not.
    The main reason however was after looking up the retail partners I saw a couple I actually make large purchases from with my business. And so if they give back even a small percentage of those purchases that's pretty sweet. A percentage rewards from buying with my business being put back into a personal account on money already spent sounds pretty good to me.
    I haven't done the rewards yet but hopefully soon. Also randomly picked one of you guys as a referral lol.
    So my review over the week I've been using it.
    Easy to use, transfers in are a bit slow, but not stupidly slow.
    Rewards scheme is a good one.
    Did some surveys for shits and giggles, made $5 from them lol but they take a month to show up apparently, so that's a bit slow.
    The surveys are time consuming, be ok if you have free time to make a buck or two, not sure I'll bother again unless I'm bored and want to get even more bored. Lol
    The round up I'd is good to get rid of some pocket change.

    Really does suit a person who just wants to save a few bucks, it's not a get rich thing, but it's not promoting it self as a get rich thing, it's not even saying they give the biggest returns, so they are honest about modest returns, but for some one who doesn't have a great deal of savings this is a good idea to help some one save. So it's not for high rollers after big returns. But the returns are worth it and are better than bank interests.

    The savings report is scary, I consider my self a thrifty person these days, and it's shocking when the ap shows you how much money you waste on shit you don't need, lol that is a good feature for people to see, it's a reality check, I like that feature, I thinking that in it self will be the biggest saving feature as having all your transactions itemised into categories and showing wastage is enough to scare a person into being a thirty bastard. You easily see what fat you can trim from the spendings you do.
    So that feature is great.

    The ap is easy to use, you don't need to be a stock market guru to understand it,
    So it's user friendly, but the navigation around the ap takes a little getting used to but once you figure it out it's easy to remember where certain features are.

    So all In All I rate it as a good beginners trading ap, I Didnt put a big lump of cash in the ap so I'll leave it at what I put in as a test on returns, I won't be withdrawing it as it's not a big sum of cash but also because the ap seems good enough to warrant leaving it there. But not good enough for a main form of investment for me so I won't be putting any More in other than some lose change or the rewards from the partners which is my motivation anyways.

    The big winner is the rewards and the personal spending reports the ap offers. I think i will do better from the rewards program because Of buying some supplies with my business than what I will from stock returns due to amount of money I have in there isn't big, so for me the stock returns are a bit of icing on the cake as they are better than bank interest returns.

    So I think it's worth doing for allot of people. On a modest $1850 investment.
    So far in the week I've made roughly the following from much test run.
    +$6 I've made on the stocks, lol but that could obviously go up and down depending on the market from when I started raise,
    +$5 on the referral,
    +$5 on surveys but that hasn't shown up yet as you can see in the picture.

    Haven't used rewards yet but I'll be doing some shopping tonight. So will see how well that goes.
    You would likely be best opening the account with a few hundred to a few grand if you can.
    Aperently dividends are being paid out soon and they are automatically reinvested, I haven't done the maths on what they will be on $1850 I put in, so be interesting to see. I'll report back later

    Hope this review helps
     

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    Last edited: Jan 16, 2020
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  19. SluiceGoose

    SluiceGoose Member

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    good write up mate im just using it tom play around in the stock market as i have no idea how that all works so good to learn with change and spend my fiat on hard assets
    the best feature with this app is it actually tracking the spending. my wife especially
    i am sure she will get more benefit from this app than i will but still worth playing around with.

    i wish i knew more about the share market to invest there, but one thing at a time for me, as i have just spent months on learning crypto enough to start spending there

    so if you have any tips im all ears
     
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  20. Jason1

    Jason1 Well-Known Member

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    This will definately Give you a good idea of how the stock market works, this ap is definately a good way to get into it. No doubt about that. Honestly I didn't have very high hopes about this ap, but curiosity got the better of me as I heard allot about this ap from people, so had to try it. And it's better than I expected.
    The spending itemisation is I agree a very good feature, and I'm sure would be an eye opener for people. As I said I'm pretty thrifty and it even shocked me when I saw how much more I could save, so be interesting to see how some one who spends like crazy with out a thought would feel when they see how much money they could actually save.
    The ap is well thought out and is rare these days to see something designed with common sense in mind, even old fashion values.
     
    Last edited: Jan 16, 2020
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