Author: Wedio Now
AS A FRESHMAN in college, my one (moderately) responsible financial decision was setting up a checking account that rounded up every purchase I made to the next dollar and shuttled the extra change into a mini savings account. When a friend from the business school suggested I’d be better off investing that money, I ignored him completely. None of the seemingly complex investing options he proposed made any sense to my 19-year-old mind. I was happy to let my money accrue nickel by dime by a penny in what amounted to a glorified piggy bank.
As it turns out, I wasn’t all that different from the rest of my penny-pinching generation. One recent study by UBS called millennials the “most fiscally conservative generation since the Great Depression,” saying they hold the bulk of their assets in cash and view saving, not investing, as the soundest financial strategy. Often, members of this generation find themselves either unable to come up with a lump sum to meet account minimums for most investment firms, or they’re simply unwilling to pay a financial adviser’s hefty commission fees.
Now, a startup called Acorns wants to solve these problems with a new smartphone app, hoping it can help millennials outgrow the piggy bank. Much like the checking account I set up all those years ago, the app links to a user’s debit or credit card and rounds upon every purchase. But rather than letting the cash stagnate, Acorns invests it. Users can choose one of five portfolios, ranging from conservative to aggressive risk, and the cost is $1 a month, plus anywhere from .25 per cent to .5 per cent of their earnings. They can also withdraw their funds at any time.
Millennials are the “most fiscally conservative generation since the Great Depression.”
With this app, Acorns joins a growing list of startups attempting to create an onramp for a new type of investor, the under-30 set, which many have referred to as “the recession generation.” Companies like Betterment and Wealthfront are using behavioral science and automation to reduce human error in investing and charge lower fees than traditional financial advisors. But Acorns takes a more streamlined approach. Founded by Walter and Jeff Cruttenden, a father-and-son team from Newport Beach, California, the startup is hoping that its dead simple “invest the change” model can serve as a sort of gateway drug to the wider world of investing.
If successful, Acorns could radically change the narrative of this generation, transforming them from post-recession conservatives to savvy financial risk takers. “There are 315,000 financial advisers out there. We’re not trying to compete with them,” says Walter Cruttenden, the company’s CEO. “We’re trying to be the starter account, the farm school, the incubator.”
That plan appears to be paying off. Among the more than 10,000 users who tested Acorns before launch, more than one-third of them are under the age of 22, and a full 85 per cent are under the age of 35. “We’re really excited to be engaging this young group,” says Jeff Cruttenden, Acorns’ COO, a millennial himself.
‘It’s Going to Happen This Way’
The young co-founder is unique among his peers in that he’s been investing in the stock market since he was in high school, something he owes largely to his father’s influence. Before founding Acorns, Walter launched the investment banking firm Cruttenden Roth, now Roth Capital, and also started the investment banking arm of E*Trade.
It was during Jeff’s senior year at Lewis & Clark College that he and Walter began discussing how technology had drastically reduced the cost of trading. Walter predicted that this cost reduction would usher in a new age of micro-investing in the U.S. “Jeff held up his smartphone and he said: ‘Dad, it’s going to happen this way,” Walter remembers.
From that day on, the two began brainstorming ways to build an investment platform for a demographic that’s both mobile-first and wary of traditional investing. Originally, they planned to design a front-end app for existing companies, like Schwab or Fidelity, but soon realized that the multitude of options those companies offer investors would only overwhelm Acorns’ potential users. “We had to consider people who are Ubering home and walking down the street. They don’t have a check with them or 15 minutes to pore over a complicated document,” Jeff says. “We wanted to simplify and streamline it.”
So the team spent the next two years dealing with regulators and becoming their own broker-dealer, raising some $9 million in funding along the way. All the while, they worked on simplifying the technology to enable users to set up an account and start investing in minutes. Users sign up using their bank username and password and provide basic details about themselves, including their social security number, income, net worth, and investment goals. That allows Acorns to recommend the right portfolio for them. Rather than offering an array of investment options, Acorns only offers users so-called exchange-traded funds.
This both simplifies the setup process for users and lowers Acorns’ own costs, by reducing the number of variables the system needs to contend with. “There’s not a place to put in a stock symbol or a price or type of order,” says Walter. “It just sweeps your money into this pre-constructed portfolio, and when you want it, you withdraw instantly.”
The Tinder of Investing
Acorns have been called the Tinder of investing. Just as Tinder made online dating as easy as swiping left or right, so too has Acorns simplified the often tedious and complex process of investing. But that doesn’t mean the investment strategy is any less sophisticated. The portfolios were designed with help from Dr Harry Markowitz, a Nobel Prize winner, who is commonly referred to as the father of modern portfolio theory. Jeff met Dr Markowitz through a friend who was a student of his at the University of California, San Diego.
When Dr Markowitz heard about Acorns, he took a special interest in the company and worked as a paid adviser in the company’s early days. “Investing in a broadly diversified portfolio for the long term is the right choice for most people,” Dr Markowitz said in a statement. “Acorns enables this to happen automatically in tiny increments with minimal cost. This has the potential to help people across all demographics.”
Of course, all by itself, this approach isn’t likely to make anyone rich. The average user invests about $.57 per transaction, with three transactions a day. That’s about $50 a month. According to Jeff, the average expected return of these portfolios ranges from 4 to 9 per cent. The hope is that as Acorns’ users become more accustomed to investing, they’ll opt to invest even more of their money in the markets. And when that day comes, the Cruttendens say, they’ll be ready.
“We want to make our investors feel comfortable as their accounts grow, so our focus on small accounts isn’t at the expense of large accounts,” Jeff says. “We built the platform to handle multimillion dollar accounts.”
Best Games for Android
DOWNLOAD the best games for Android 2019. What are the best free Android games for Android in 2019? Here you will find a list with the top of games with the download link for your free mobile.
To make this list we have used what we believe are the best Android games that can not be missing on your mobile and tablet. In addition, we leave you the free Google Play link to download the game.
FUT Draft Simulator (FIFA 18 Ultimate Team)
FUT Draft Simulator or FIFA 18 Ultimate Team has far exceeded the expectations of its creators, becoming the game and the most downloaded application on Google Play, ahead of WhatsApp. FUT 18 Draft is a soccer simulator in which the user can create, from scratch, his own football team by signing the best players. Then they can compete with other users and measure their results.
One of the main features of this game is that you can challenge other players to demonstrate the skills of your team and as a coach, you can even get awards by completing the SBCs. The game of FUT 18 Draft for Android will allow you to get cards that you can exchange with the other players to make a much bigger team. In addition, you can simulate tournaments with other teams and get rewards.
Batman: The Telltale Series
If you are a fan of Batman perhaps one of the best games that have been based on this character is the recent Batman: The Telltale Series, created by Telltale responsible for The Walking Dead, highlighting in this the amazing graphics and the good dose of Realism that the characters have, not just a mobile game, but also talking about one that is free.
This time we have the option to become the Dark Knight and with our cape and mask to carry out several missions in the darkness of Gotham City, but be careful because each of our actions has its consequences. The game has five episodes (five levels) each one more exciting and addictive so download it and enjoy !
What can we say about Clash Royale? A game that surely we will all have played on occasion and that has become in its own right one of the best free games that we can download on our mobile device. The mechanics of the game is apparently somewhat complicated, but once you start to play you realize that everything it offers makes it the most fun of mobile games.
In Clash Royale, you participate in one-on-one battles with other players from around the world. You must shoot down troops to destroy three of your opponent towers before they do the same to you. However these towers are only accessible through two lanes that your army must travel.
Most of the Royal Clash game revolves around trying to use resources effectively. Each creature has its own unique strengths and weaknesses, so it’s your job to choose the right types for the job and make sure your opponent does not beat you.
Crashland was released in 2016 and since then it has been among the best free Android games ever created. It has an intergalactic truck driver that ends up landing in a forced way on an alien planet. Your job is to find out what is happening, build a base, collect various elements (and create them), and save the world from a nefarious fate.
The game has an RPG element for the development and better control of the character, tons of things that you can collect and create, and in this way it is getting easier to do things like automatically sorting your inventory. It’s really fun and contains dozens of hours of content. The best part? There are no purchases in the application so you can play for hours and always knowing that it is completely free.
DC Legends or DC Legends: Battle X Justice (known by both names) is a game in which we can give life to some of the best DC Comics legend characters such as Wonder Woman, Batman or Aquaman, so we will play with the members of the League of Justice that has been so fashionable now thanks to his film.
A game full of action in which you will have to be a member of this team of heroes and enter epic battles, against villains or groups of villains in any territory, world or land. You can strategize and unleash your wits to take down your opponent and save the whole galaxy with the help of the Justice League.