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ACORN Pros/Cons
Posted on 5/21/15 at 9:31 am
Posted on 5/21/15 at 9:31 am
Thinking of using the ACORN app. What are the pros/cons? How do they handle tax issues at the end of the year? Is it worth it? How often do they withdraw the "change"?
Thanks.
Thanks.
5
Posted on 5/21/15 at 9:40 am to ThatsAFactJack
I have had it about 5 months so I can't answer the tax question.
When your acorns reach $5, your linked account is debited. You are free to deposit funds whenever you like.
I like it. Even with the monthly $1 charge, I earn higher returns than the money sitting in a savings account with no maintenance on my part.
When your acorns reach $5, your linked account is debited. You are free to deposit funds whenever you like.
I like it. Even with the monthly $1 charge, I earn higher returns than the money sitting in a savings account with no maintenance on my part.
Posted on 5/21/15 at 9:44 am to ThatsAFactJack
I just started this month. I'm curious what kind of returns I'll actually get.
I'm really just using it for a extra disposable savings account though.
I'm really just using it for a extra disposable savings account though.
Posted on 5/21/15 at 10:14 am to ThatsAFactJack
I used my linked card a lot and still only deposited about $100 a month into my acorn account. Canceled it 3 months in and just decided if I wanted to save more I'd deposit into my brokerage account at the end of the month.
Posted on 5/21/15 at 10:27 am to ThatsAFactJack
Recent TD Thread
This may help. No one seemed to be making much but they were saving money. As someone who has a change bucket for spare change after I pay in cash, I don't get it. I get collecting real spare change because if you didn't it would most likely be tossed or lost. But since Acorn is done with cards it's not lost. I guess I'm missing the point of it but I just assume that spare change stay in my account and be used for purchases, and if I want to take some out to invest in the market, then that's basically the same thing except I make the decisions on what to invest in.
This may help. No one seemed to be making much but they were saving money. As someone who has a change bucket for spare change after I pay in cash, I don't get it. I get collecting real spare change because if you didn't it would most likely be tossed or lost. But since Acorn is done with cards it's not lost. I guess I'm missing the point of it but I just assume that spare change stay in my account and be used for purchases, and if I want to take some out to invest in the market, then that's basically the same thing except I make the decisions on what to invest in.
Posted on 5/21/15 at 1:32 pm to ThatsAFactJack
I've had it about a month. I'm down -.24% right now, but it seems to bounce around. Sometimes I check and I'm up, then 2 days later I'm down. I've tried using the conservative portfolio, the moderately aggressive, and everywhere in between. Just doesn't seem to be too consistent, but I'll wait to see if it gets better with larger sums and more time.
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