Another month, another roundup of how my continuing investment in Acorns is going. I'm tracking this so that you can see for yourself if this is a smart investment idea.
For those still not familiar, Acorns is a really simple app that transfers money from your bank account automatically into an investment account. You can choose what you'd like transferred. For me, I get it to invest my spare change. It checks every purchase I make, and rounds up to the nearest dollar. At that money then gets invested. For me, I don't even notice this happening, but every month my investment grows.
How was July?
After the Brexit event of June I was worried that things would decline, but the markets have done the opposite. It just goes to show that if you have a nobel prize winning economist (like Acorns does) on your team, you can still profit if you have a diverse, sensibly balanced portfolio. And I don't even need to do a thing 🙂
Starting Balance: $406.79
Deposits this Month: $82. 86
Ending Balance: $516.72
That's pretty amazing. But probably it's not a realistic figure as last month I lost quite a bit of value from Brexit. But that has all been recovered. At the moment, all my income is automatically being reinvested back into my account. But once I build this up i'll think about taking some out. But right now there is absolutely no point in doing that.
I didn't quite deposit my target of $100 per month, but I'll up my game next month.