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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 10:29 am to yellowfin
I just withdrew my money the other day after having an account open for 3 months. The monthly $1.00 fee was outpacing my return. Plus, like someone already said, I'll just transfer money at the end of the month to my brokerage account or savings account.
Posted on 5/21/15 at 12:11 pm to Bearded_Chow25
I just checked mine. I'm up 3.44% I've been in between 6 months and a year. Probably about 10 months.
It automates your digital change jar.
I don't use it for performance, I use it to do something g I wouldn't do on my own, calculate it, and deposit it. All without me noticing.
It automates your digital change jar.
I don't use it for performance, I use it to do something g I wouldn't do on my own, calculate it, and deposit it. All without me noticing.
Posted on 5/21/15 at 12:26 pm to The Connoisseur
quote:I don't think it's useful for many people. But it's great for younger people who want to save money, but don't have the discipline to actively put it away. And also don't make enough money to put large sums away every month.
I guess I'm missing the point of it
Posted on 5/21/15 at 12:53 pm to jturn17
quote:
But it's great for younger people who want to save money, but don't have the discipline to actively put it away. And also don't make enough money to put large sums away every month.
The problem is that these younger people may not have the intelligence to check or even understand that they may be getting negative returns due to the fees.
As was stated above, most people on the MB, people who have above average understanding of finances, still indicated negative returns over several months.
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.
Posted on 5/21/15 at 2:14 pm to Neauxla_Tiger
It's probably up right up until your fee hits, then it drops down again.
Posted on 5/21/15 at 2:22 pm to seawolf06
It has been good for saving money I guess. Still, the fees are too high.
I knew that going into it though. Will probably end the experiment in a month or two and then put the average put in each month into my own account
I knew that going into it though. Will probably end the experiment in a month or two and then put the average put in each month into my own account
Posted on 5/21/15 at 5:11 pm to seawolf06
I don't get the fee talk. It's $1 per month. Sure its high when you have just a little balance. But get over 500 and it becomes a smaller and smaller amount.
Does the fee go up with higher balances?
Does the fee go up with higher balances?
Posted on 5/21/15 at 5:14 pm to seawolf06
quote:Negative returns are still better than not saving. Saving 98% of your $20 a month is better than saving $0 a month.
The problem is that these younger people may not have the intelligence to check or even understand that they may be getting negative returns due to the fees.
As was stated above, most people on the MB, people who have above average understanding of finances, still indicated negative returns over several months.
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