They say this from the comfort of a home they could afford to pay off with a single income while supporting a family. Meanwhile, our generation would be lucky to buy a home in Sydney with a duel income and a mortgage our unborn children will probably inherit.
As we try to save our deposit, lured with low home loan interest rates, we also face much lower interest rates on our savings accounts & term deposits. Historically, higher interest rates have usually only been on offer for larger investments – term deposits in the tens of thousands, minimum investments for index funds, etc.
The good news is that with innovative new technology, index fund investing is now an uncomplicated possibility through an app that fits with the millennial lifestyle.
Acorns is an easy to use investment app that allows you to invest in diversified portfolios with anything from your spare change, to your growing home deposit. This allows you to invest in a managed portfolio on the Australian Securities Exchange for as little as $5.
One of the greatest features of the app, designed for those of us who are better spenders than savers, is the linked spending account. You can link your everyday transaction account or credit card, and acorns will round all your purchases up to the nearest dollar, then invest when the roundups add up to $5.
While there is a monthly account keeping fee of $1.25, there are no additional fees or charges for depositing or withdrawing your money. They figure it’s your money, you should be able to access it. Which you can do easily from the app, as well as check on how your investment is performing in real time.
So why not sign up today? If you sign up throughout the month of March using this invite code, you’ll also get $5 in your account right from the start (and so will I, yay teamwork).