Can You Gain Enormous Wealth With This Program?
Money Making Opportunity: Acorns App
Headquartered: Irving, CA.
Founded: In 2012 by Walter and Jeff Cruttenden
Cost to Join: Free
There are purportedly 1 million people who are members of Acorns App
Acorns App is a company that has been in existence for approximately 5 years. As far as a money-making opportunity, it is unique in that involves a person having spare change and/or purchases made online which then would be invested for him/her.
Acorns targets individuals in the 18 – 30-year-old range, and especially college students. Those are the very people who have mobile devices and are savvy with Apps installed on their smart phones. They are also decades away from possible retirement and would seek to start investing in their long-term future.
Finally, these group of young people, armed with debit/credit cards are known to make purchases online, doing so on their phones. Acorns just wants to help this demographic group in being able to invest money for the future.
This article, an Acorns App Review will allow you to judge if it is a legit way to gain wealth, or would it be something far less than that.
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A look behind the curtain at the Acorns Investment Company:
In a nutshell, Acorns Apps has promoted the idea that a person can have money invested for him/her in 3 simple steps:
1). Becoming a member for free, an individual would simply connect the credit/debit cards through the bank accounts that he/she uses and then install the Acorns App on his/her smart phone.
Acorns advertises that it could also be installed on a computer or tablet. However, in many instances and specifically when making spur-of-the-moment decisions regarding purchasing a product online most people that age, (college students) usually do so on a smart phone.
2). The person then simply makes a purchase through the App. Acorns would round the cost of the purchase up to the nearest dollar.
Example: Purchase a college-themed sweatshirt for $49.59. Acorns would round it up to $50 with the extra 41 cents coming from the company.
3). With that extra change, (41 cents in the above example) it would automatically be invested by the company into a managed portfolio earning the person interest over time – and depending on the type of portfolio chosen.
The benefit of joining Acorns App as a college student:
Any college student who has a valid .edu address would not be charged any fees/service charges for a period of up to 4 years after he/she registers as a member with Acorns.
Everyone else would be charged a fee of $1/month with an account that has up to $5,000 in it. Above that it would cost 0.25% of the total amount to have it managed by the company regarding fees/services charges.
$5 would be required in an account to qualify it for one of Acorns investment strategies.
A person age 65 could join Acorns if he/she so desires.
The big complaint about this company and to be addressed below would involve a tax-sheltered investment strategy that Acorns does NOT make available. A person age 65 would be negatively affected with Acorns not offering this service.
To prove its legitimacy, Acorns App has been funded by such name companies as Pay Pal, Rakuten, Greycroft and e-Ventures.
The Acorns’ investment portfolio was developed with the assistance of former Nobel-prize winning economist Dr. Harry Markowitz.
Acorns App cash back program – Also known as “Found Money”:
Just like another company that I recently wrote a review regarding a cash back program, Acorns App has a similar program.
Regarding Acorns App cash back program, as of the writing of this review there are less than a dozen companies affiliated with them in which a member can participate in this venture. The cash back incentive would be between 5 – 10% of the total cost of the product purchased.
Some of these companies are:
Caspar Dollar Shave Club
Hulu Hotel Tonight
Boxed Pro Flowers
Blue Apron Warby Parker
A member making a purchase with any of these companies through his/her Acorns Apps would have to wait between 30 – 60 days after making the purchase to see the rewards. In his/her account the cash back amount would be located in something called “Found Money”.
The member could then do one of two things:
1). Ask to receive this cash back in the form of money sent to him/her through a verified Pay Pal account. Or:
2). The member could have that amount then re-invested as money for the future in his/her portfolio to be discussed just below.
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Acorns’ Investment Strategies:
Through employees of Acorns who are trained in handling and investing money professionally a member would have the choice in selecting how this would be done.
Overall, the member would be investing in “Exchange Traded Funds” or Broad holdings of stocks or bonds.
There are “Asset” classes which would be categories of stocks and bonds that the individual could have his/her money invested seeking growth. Those would be as example:
Real Estate Government Bonds
Investment in large companies Corporate Bonds
Also, working with an investment counselor one-on-one, much as I am able to do with my personal funds, a member of Acorns’ Apps could choose how conservative, moderate or how aggressive he can have his/her money be invested.
Below is a YouTube video, about a minute and a half in length created by the company that provides a rudimentary explanation of how a prospective member’s money could be invested to create long-term growth:
Four basic ways to initially invest money with Acorns’ App:
Besides the specific investment strategies that would be available with the company, there are four basic ways to invest money that a member could do to make even more money:
1). Recurring – Have money invested automatically either daily/weekly/monthly with the member having to do nothing after it has been set up.
This would involve purchases made using the concept of “spare change” first illustrated above.
2). Found Money – based on cash back purchases which would be invested, instead of immediately getting it back in the form of $$.
3). One-time investment – the member sees the advantage of simply investing money gained on his/her own but not as part of any purchase of products through the program.
4). Referrals – A member could earn money based on recruiting friends/family members and that person invests money him/herself.
I could not find information about the specifics of a member earning money through referrals. It was just mentioned once on the site and nothing else could be found.
Pros about Acorns App:
For young students who might not yet be mature enough to understand the advantage of thinking long-term and investing their $$, this program is a legit way to put aside cash for the future.
The problem is that you would not be investing the type of money earned as part of a salary in a job.
The fact that in making purchases as cash back with this program and allowing a member to invest it as an alternative is far reaching.
Assuming that a member would work with a reputable investment counselor, able to guide him/her wisely, that person would not have to have an Ivy-league type knowledge about stocks and bonds.
Face it, how many of us have that type of knowledge and savvy? I know that I don’t!
Complaints about Acorns App:
Like a program such as Mr. Rebates, the program here at Acorns App in general involves a member having to spend money purchasing a product to make money, (having it possibly invested).
Right now, Acorns regarding their cash back, “Found Money” program does not have a lot of companies affiliated with them, under a dozen as I mentioned above.
So far, Acorns App is not affiliated with big-name companies such as Amazon, Target, Saks Fifth Avenue, Nordstrom, Walmart, Macy’s, Under Armour, etc. that a company such as Mr. Rebates is partnered with.
I also don’t understand why it would take between 30 – 60 days for any products purchased through Acorns’ cash back program to appear as “Found Money” in a member’s account. With other similar cash back programs they would appear in that person’s account sometimes on the same day!
Now for the big complaint and mentioned above regarding a middle-aged or senior-citizen, (65-years an older) and the disadvantage of that person joining this program:
Acorns App does not offer a tax-advantaged retirement investment program, (IRA’s) as incentive for a person not 25 or so years old to want to join.
The Acorns App is a legit way to set aside some money for the future. Don’t expect whatever you save, however, to be even remotely enough to retire on. You’re smarter than that I hope!
One Last Thing. . .
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Thank you for reading this article! If you have any questions or thoughts, please feel free to post them in the comments’ section below: