More millennials are using apps to start their investing journey

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SOUTHFIELD, Mich. (WXYZ) — It’s no secret that investing is one of the best ways to achieve financial freedom.

So, for decades, people have relied on brokers to turn their dreams into reality.

But in recent years, especially since the pandemic, the trend has changed, thanks to investment apps.

Robinhood, Acorns, Etoro and Public are just a few of the many investment apps that allow anyone to start their investment journey without relying on an intermediary.

Karen Mccallum works as a nurse anesthetist and the apps allow her to track her investment during breaks.

“I think it’s great that people can invest anytime, anywhere,” Mccallum said of why she loves investing through apps.

Patrick Bailey is also on investment apps and has friends who have made quite a bit of money through online platforms by investing a few hundred dollars.

“It’s really amazing. Especially for teenagers. You hear these success stories of them becoming millionaires overnight. Whether they’re doing Dogecoin or some other transaction,” Bailey said.

Finance guru Dewey Stefan says investing apps are great for millennials.

“40% of Millennials think they don’t have enough money to get started. If there’s an app you can invest in, try starting with $5 or $100. That’s a great starting point. entrance for them to try their luck.” said Dewey Steffen, CEO of Great Lakes Wealth.

A recent survey by “The Penny Hoarder” shows that 60% of Americans plan to invest more money in investing apps in 2022 than they did in 2021. While 66% plan to try new investment apps this year.

“Start with a small amount. Maybe $1,000, then continually add $100 a week or $100 a month. The roadmap to success is to start and then add,” Steffen said.

Dewey says the apps also offer users the ability to invest in cryptocurrency and cannabis, the two categories not yet available through investment firms.

Dewey stressed that brokers will not be replaced by apps because serious investors will always seek professional advice, which most apps do not offer.

“Every market is basically down versus stocks, bonds, crypto. The only one that’s up is oil and some commodities. So again, you need to understand what you’re doing and why you’re doing it. do,” Steffen said.

Adrienne Volk, who also invests in apps, still believes the digital space meets her needs.

“I’m very ambivalent about brokers and financial advisors. I think I’m going to stick with online resources for a while,” Volk said.

Dewey says that since the market is currently down, now is a great time to invest. The key is to do your due diligence, seek professional advice, if you can, and not use your credit card to start your investing journey.

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