When I first started investing I knew I had a low budget because we were not the type of family to have a lot of money to loose. My bank offered me a couple of weeks of no fee training so with a bit of reading I dove into penny stocks. I thought to myself how wonderful this low cost investing was.
It’s been two years since I did that. I have made a whole $3 and the funny part is it costs more than that to sell the stocks. I needed to find something that worked better but did not cost me and arm and a leg. I could not afford a stock broker but if I get into stocks how would that ever change right? After lots of research, I found low cost investing that I can manage without feeling a pinch in my budget and without the usual expense of working with the stock exchange.
What I needed for low cost investing
While searching for a new way to invest I knew I needed a few key things:
- Low cost investing. I did not want to loose money because it cost more to buy and sell than the stock was worth.
- Low to no minimum for how much I can invest at a time. I am not rich and I may only have a few dollars at a time to invest.
- Easy to use. I don’t have time to sit and figure something complicated out as I balance a toddler on my hip, and cook dinner with my free hand.
- Easy to check how my stocks are doing. I hate logging in to check my stocks with my bank but It feels nice to watch my nest egg grow and a bit heartbreaking when it falls.
What I found for low-cost investing.
Through research, I found the Stash App and after fiddling with it discovered it fit my needs perfectly. Each week it pulls just $5 from my bank account. $5 little dollars and if I am feeling brave or find spare cash in my account after bills are paid and savings is added to I can even add more.
This app is truly low-cost investing because it only charges you $1 a month until you hit $5000 in your account. The first 3 months are free and they give you $20 t0 start with if you use a referral link like mine. That equals out to free trading completely unlimited for 9 months. I was turning a profit in the first month so I am happy to say that after 9 months you will have no issue covering that $1 a month if you are sure to invest well.
How we get the most of Stash for low cost investing.
My husband and I have turned investing into a bit of entertainment. Sure it is not a date but we spend time just discussing stocks, We compete against each other to see who can earn the most return and the winner. Well, the winner gets to choose a fun dinner for the family. Yes, that means eating out. I won in February so we are getting Chinese food this weekend. Yum.
Having two Stash accounts might seem a bit much for a married couple but it is sure encouraging us to research, make good choices, and create a diverse stock portfolio as a couple. Even better it allowed us to connect both to one bank account.