Guest Post by Damon Dietz
If there is one thing that single dads don’t have a lot of, it’s time. I am always looking toward technology to help me save time, money, and make my life easier and my investment decisions more strategic.
This became even more of a priority during the time leading to and following my divorce. Divorce put me into financial shock, having to spend thousands on legal fees and ultimately watch 50% of my assets disappear. Now, one year later, we are in the middle of an economic and financial crisis because of COVID-19, and my investments are in further decline.
You must think I am losing hope? Nope. I believe in the power of positivity. I know that we as a nation will recover from this and ultimately my portfolio will be stronger than ever.
So, how am I staying the course? I rely heavily on technology to save me time, money, and most importantly to stay connected. I keep moving forward. Today, I want to share the best 5 financial apps for single dads like myself. Let’s get started.
E*TRADE: Best App For Free Trading & Investment Choices
E*TRADE is one of the original online investing platforms. Now, like many others, they offer commission-free trading. Whether you are a beginner or seasoned investor, E*TRADE has something to offer you. They offer a robust selection of commission-free investments, including stocks, mutual funds, ETFs, options, and more. Of course this can all be done from the app available on IOS or Android.
Coinbase: Best for Buying Bitcoin
Coinbase is the largest app for buying and selling cryptocurrency, including Bitcoin. They offer wallets for beginners, where they will store your Bitcoin. Or, for more advanced traders, you can transfer your cryptocurrency to your own storage wallet. Coinbase allows you to trade the four main cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Acorns: Best for Beginners & Lazy Investors
I wrote about Acorns in my beginners guide to investing, and I am still as excited about it now as I was then. Acorns is an app that allows you to set aside the leftover change from everyday purchases by turning them into automatic round-ups. All you have to do is link your credit or debit card to your Acorns account, and every purchase you make gets rounded up and is invested using robo-investing. Acorns has other features as well that lets you put automatic savings into effect with regular weekly or monthly contributions to invest. Plans start at $1 per month.
Invstr: Best for Learning About Investing
Invstr is an app geared at helping investors learn about investing. It does so by leveraging the popularity of fantasy sports. Ever play fantasy football? I bet you have. Invstr offers fantasy finance. Users can pick stocks using data from within the app to build a “fantasy” portfolio, compete with friends or random app users, all for real world prizes. Oh, and if you gain enough knowledge and gain enough confidence to buy some stock for real, you can buy fractional shares for $0.99 per trade or full shares for $2.99 per trade.
Stockpile: Best for Teaching Kids to Invest
If you are looking for a way to teach your kids about investing, this app may be the start. Stockpile allows you to buy gift cards that are redeemable for stock. You can purchase a gift card for your kids, or maybe your nephews or nieces, to get them started investing. Stockpile allows kids to track their investments and lets kids share a wishlist of stocks with family and friends. Don’t buy your kids another stupid toy. Buy them some stock instead.
Bio
Damon Dietz is a writer, filmmaker, and professional speaker who utilizes his creative talents in an attempt to inspire the world. He shares his knowledge of finance, health and life from the perspective of a divorced dad over 40. He is a father to three amazing kids, and thinks dads are kick-ass, even when the rest of the world thinks we’re idiots. You can be inspired at www.DamonDietz.com.
Disclaimer: The information above is for educational purposes only and should not be treated as investment advice. The strategy presented would not be suitable for investors who are not familiar with exchange traded options. Any readers interested in this strategy should do their own research and seek advice from a licensed financial adviser.
