WEBVTT - The Scoop on Micro Investing Apps #029 0:00:00.080 --> 0:00:03.000 Welcome to How to Money. I'm Joel and I'm At 0:00:03.000 --> 0:00:25.160 and today we're talking about the scoop on micro investing apps. So, Joel, 0:00:25.200 --> 0:00:27.800 I saw some folk art today, and I'm saying that 0:00:27.880 --> 0:00:30.760 to make you extremely jealous, because I know you love 0:00:30.800 --> 0:00:33.680 folk art. Man, why would you? Why would you be 0:00:33.720 --> 0:00:36.120 a trader to our friendship and go see folk art 0:00:36.159 --> 0:00:38.080 without me? Yeah? I didn't tell you about this, but 0:00:38.360 --> 0:00:41.520 did you know that the High has the second Sunday 0:00:41.520 --> 0:00:44.159 of every month they have free admission. Emily and I 0:00:44.200 --> 0:00:46.360 like literally just saw a billboard for so the High 0:00:46.400 --> 0:00:49.640 museums like our local major art museum in Atlanta. It's 0:00:49.680 --> 0:00:51.880 a I mean, it's a major art museum across the country. 0:00:52.000 --> 0:00:54.600 I saw the billboard that there's some major folk art 0:00:54.600 --> 0:00:56.320 exhibit at the High right now, and Emily and I 0:00:56.320 --> 0:00:58.320 were like, okay, wait, we got a research like wins 0:00:58.320 --> 0:01:00.400 the three Days again. Okay, So it's second Sunday of 0:01:00.440 --> 0:01:02.840 the month. Yes, so second Sundays of the month it's 0:01:02.840 --> 0:01:06.559 free admission. Um when I think normally it's fifteen bucks. 0:01:06.640 --> 0:01:08.280 So that's why we went. You know, it's a great deal. 0:01:08.440 --> 0:01:10.360 So we actually went because I saw that they have 0:01:10.440 --> 0:01:13.720 like a Oneie the Pooh exhibit, and we don't care 0:01:13.720 --> 0:01:17.120 about that. Yeah, I don't care as much. Although they've 0:01:17.160 --> 0:01:20.440 got a ton of sketches by the artist. Super fascinating 0:01:20.440 --> 0:01:21.720 because you could, you know, you get to see the 0:01:21.760 --> 0:01:24.160 process and there's a there's a lot of drawings to 0:01:24.240 --> 0:01:26.280 where he didn't like, wouldn't erase stuff, and so you 0:01:26.280 --> 0:01:29.720 can kind of see the progression of the characters. Super cool. 0:01:29.920 --> 0:01:31.959 I'm all about the process and kind of how did 0:01:32.000 --> 0:01:35.000 you arrive to the you know, the final product. Yeah, 0:01:35.040 --> 0:01:37.520 the story to get to the final product is to 0:01:37.640 --> 0:01:40.400 me almost more fascinating than the than the end result. 0:01:40.800 --> 0:01:42.640 And I actually didn't even know that the folk art 0:01:42.680 --> 0:01:44.120 thing was going on. It was because it was called 0:01:44.160 --> 0:01:48.200 like outliers American vanguard artists sort of thing, basically talking 0:01:48.240 --> 0:01:50.680 about how you didn't you know the folk artists starting 0:01:50.680 --> 0:01:53.000 in their early nineteen hundreds, you know, throughout close to 0:01:53.000 --> 0:01:56.040 the two thousands. I guess just lad the way I 0:01:56.080 --> 0:01:59.200 guess with like kind of modern art and based on 0:01:59.240 --> 0:02:02.360 their sort of out fire tendencies and ways in the 0:02:02.400 --> 0:02:05.160 way they did things. So we almos want as an afterthought, 0:02:05.360 --> 0:02:08.640 which you would have been like murdered me over had 0:02:08.680 --> 0:02:11.160 and I going. But yeah, you'll be happy to hear 0:02:11.200 --> 0:02:13.519 there's some poward finsters in there, and a bunch of 0:02:13.520 --> 0:02:16.880 other guys. I'm sure you're more you're more familiar with gosh. Yeah, 0:02:16.880 --> 0:02:18.120 that I wish I could have in my house. They 0:02:18.160 --> 0:02:20.880 already actually at the High they have a normal, awesome 0:02:20.919 --> 0:02:24.560 folk art exhibit just upstairs, I think the top floor. 0:02:25.040 --> 0:02:27.640 That's that's good no matter what. That's always there, permanent 0:02:27.680 --> 0:02:30.680 installation of great folk art. But so the fact that 0:02:30.720 --> 0:02:34.560 they have this exhibit expanded exhibit, yeah, I mean I 0:02:34.600 --> 0:02:36.280 have to go for sure. It's not just folk cart 0:02:36.320 --> 0:02:38.920 That's why they call it the outlier, sort of vanguard thing. 0:02:38.960 --> 0:02:40.760 It's I mean, it's sort of an umbrella term I think, 0:02:40.800 --> 0:02:44.240 to include just a bunch of outliers, just folks that 0:02:44.280 --> 0:02:46.760 weren't doing art, you know, whether it be because they're 0:02:46.760 --> 0:02:49.960 self taught or just using different techniques. One guy in particular, 0:02:50.040 --> 0:02:52.680 I thought you would, you'd love to look for Sam Doyle. 0:02:52.880 --> 0:02:55.320 When I saw the stuff, I was like, man, Joel would, totally. 0:02:55.360 --> 0:02:58.200 I feel like that's right up Joel's alley. I'm writing 0:02:58.200 --> 0:02:59.920 the name down. I'm gonna look at this slew stuff. 0:03:00.160 --> 0:03:02.600 Sam Doyle. Yeah, he's a self taught artist out of 0:03:02.600 --> 0:03:05.760 South Carolina and sometimes he would paint on building materials 0:03:05.800 --> 0:03:07.160 and kind of different stuff like that, but just a 0:03:07.240 --> 0:03:09.520 general s plus, this stuff is really big, and I 0:03:09.600 --> 0:03:13.280 know everything you like is like oversize. I'm like, I 0:03:13.360 --> 0:03:16.040 loves art, Like, why would you get something it's like 0:03:16.120 --> 0:03:17.960 nine inches by nine inches or something like that. I 0:03:17.960 --> 0:03:20.360 don't know. I love like the big broad strokes, like 0:03:20.440 --> 0:03:22.839 if it's not at least three ft long, like don't 0:03:22.880 --> 0:03:24.880 even show it to me. Then yeah, check this guy 0:03:24.919 --> 0:03:27.760 out there. You'll love it. But so, okay, here's my question. 0:03:27.880 --> 0:03:30.720 When you go in for you know, the free museum day, 0:03:31.280 --> 0:03:32.959 how bad is the line? Yeah, okay, that's what I 0:03:32.960 --> 0:03:35.240 was about to say, because the lines were a little 0:03:35.240 --> 0:03:37.640 bit longer than than we would have preferred. But we 0:03:37.680 --> 0:03:39.960 also went kind of at the right in the middle 0:03:40.000 --> 0:03:42.120 of the stinking day, so like right at the peak hours. 0:03:42.440 --> 0:03:44.960 I would definitely recommend going, you know, right when they open, 0:03:45.240 --> 0:03:46.960 or maybe even closer to the end while everyone else 0:03:47.040 --> 0:03:49.080 is heading out of there. Dude, that's a good call, 0:03:49.160 --> 0:03:51.400 but in general, still worth it and it's fun. We 0:03:51.520 --> 0:03:54.520 actually hadn't been there with the girls yet and so 0:03:54.880 --> 0:03:57.160 even though I've been there for for work, you know, 0:03:57.240 --> 0:04:01.400 multiple times with photography, never actually taking the kiddos there. 0:04:01.440 --> 0:04:04.720 So it adds another element of stress when you've got 0:04:04.800 --> 0:04:07.960 your girls and she just from touching like a priceless 0:04:08.080 --> 0:04:11.920 work of art on the wall, which Eddie straight up 0:04:11.920 --> 0:04:14.080 succeeded in touching something. I was just like, oh dag, 0:04:14.160 --> 0:04:18.119 it likely didn't set off any alarms. Like father like daughter. 0:04:18.400 --> 0:04:20.080 I just like to lick it, you know, like it 0:04:20.200 --> 0:04:23.360 give me that artwork. Yeah, but that's a cool thing. 0:04:23.400 --> 0:04:25.960 We recently just heard about that, like the free Sunday things, 0:04:26.000 --> 0:04:27.960 So everybody out there that these are the kind of 0:04:28.000 --> 0:04:29.960 things that you can do, you know, save thirty bucks 0:04:29.960 --> 0:04:31.960 here there and actually you know, go do something you 0:04:32.000 --> 0:04:34.159 know with your family or you know, with your spouse. 0:04:34.520 --> 0:04:37.159 These are just awesome, you know, potential date night or 0:04:37.760 --> 0:04:39.520 but they're there are all sorts of you know, tips 0:04:39.520 --> 0:04:41.080 and tricks like this that you can find out in 0:04:41.080 --> 0:04:45.160 your town, probably with a quick Google search or asking friends, 0:04:45.160 --> 0:04:47.040 you know, what what they do to save money around town. 0:04:47.200 --> 0:04:48.960 And man, that's like, yeah, that's a great tip. Because 0:04:48.960 --> 0:04:51.000 literally I saw that billboard and I was thinking, I 0:04:51.000 --> 0:04:52.840 need to figure out when the free time to go 0:04:53.000 --> 0:04:54.960 is because I know there is one if you live 0:04:55.040 --> 0:04:56.760 in the you know, in the county where we live, 0:04:56.800 --> 0:04:59.200 and so I'm totally taking taking you up on this 0:04:59.600 --> 0:05:01.880 thanks to the tip buddy. You got it man, all right, 0:05:01.920 --> 0:05:03.600 I want to tell you really quickly, I sold a 0:05:03.640 --> 0:05:06.359 bunch of stuff today on the Facebook yard sales site 0:05:06.839 --> 0:05:11.159 and so I sold two items, made ninety bucks, just 0:05:11.240 --> 0:05:14.560 kind of trying to declutter a little bit and do 0:05:14.600 --> 0:05:17.320 The Facebook yard sales site has gotten so much better. 0:05:17.560 --> 0:05:20.760 I was. I'm surprised at how good it's gotten with 0:05:20.920 --> 0:05:23.320 kind of I feel like the listings just look better, 0:05:23.600 --> 0:05:26.560 and like the user interface basically, like it just feels 0:05:26.600 --> 0:05:29.000 better as you're kind of swiping through stuff. Yeah, and 0:05:29.000 --> 0:05:32.479 it's like so much easier to post to multiple spots, 0:05:32.520 --> 0:05:35.000 Like if you're a member of you know, specific groups 0:05:35.120 --> 0:05:37.480 like the East Atlanta group that I'm a member of, 0:05:37.560 --> 0:05:39.720 and then there's a couple other ones that I'm that 0:05:39.760 --> 0:05:41.760 I'm also a member of, I can post to like 0:05:41.800 --> 0:05:43.520 all of them at the same exact time, plus the 0:05:43.960 --> 0:05:47.200 generic market place as well, and so it just they 0:05:47.279 --> 0:05:50.160 they've made it super easy. It's way better than than 0:05:50.200 --> 0:05:53.359 listening to Craigslist now, And yeah, I had an easy 0:05:53.400 --> 0:05:55.480 time getting rid of stuff. And you know that would 0:05:55.480 --> 0:05:57.120 you would you rid of So I had like this 0:05:57.200 --> 0:06:01.039 big mid century style metal like metal island cabinet looks 0:06:01.200 --> 0:06:03.000 you know. Oh yeah, yeah, I know what you're talking about. 0:06:03.000 --> 0:06:05.599 And so yeah, we sold that as a beast. Oh yeah, dude, 0:06:06.040 --> 0:06:08.200 did you tell them that you're gonna help them take 0:06:08.240 --> 0:06:09.560 it off the porch? Yeah? But I was also like, 0:06:09.560 --> 0:06:11.560 you need to bring like three people because it's gonna 0:06:11.560 --> 0:06:13.520 take four people to lift. And yeah, I'm glad I 0:06:13.560 --> 0:06:14.920 wasn't there for them. Me and this like one dude 0:06:15.000 --> 0:06:18.040 did it together. And then I sold a mid century 0:06:18.279 --> 0:06:23.599 style like rolling bar for like fifty bucks. So yeah, 0:06:23.880 --> 0:06:25.440 and that's the thing too, Like I was, you know, 0:06:25.440 --> 0:06:27.039 I probably could have gotten a little bit more for 0:06:27.080 --> 0:06:29.200 each one, but I'm just kind of like ready to 0:06:29.240 --> 0:06:31.279 get rid of them, and you know that they seems 0:06:31.320 --> 0:06:32.960 like a fair price for me to be able to 0:06:33.200 --> 0:06:35.280 sell stuff quick. So I just kind of going back 0:06:35.279 --> 0:06:37.440 to like that spring cleaning episode we did. You know, 0:06:37.520 --> 0:06:39.119 it just feels good just to kind of unload stuff 0:06:39.120 --> 0:06:40.279 and just be done with it. You can kind of 0:06:40.279 --> 0:06:43.080 move on and just remove it from your brain and 0:06:43.120 --> 0:06:44.640 just kind of move on with the things you want 0:06:44.680 --> 0:06:46.560 to think about, not just the stuff that you have 0:06:46.600 --> 0:06:48.640 floating around your house. Yeah, and I mean there's a 0:06:48.640 --> 0:06:50.520 lot of things that that I have to think about 0:06:50.520 --> 0:06:53.320 on on a daily basis, you know, like kids and 0:06:53.440 --> 0:06:56.760 work and podcasts and all these things. And so yeah, 0:06:56.800 --> 0:06:59.080 for me, sometimes if I can you know, list it 0:06:59.120 --> 0:07:01.200 at a at a ice point where I can get 0:07:01.279 --> 0:07:03.239 rid of it, you know, fairly quickly and easily without 0:07:03.240 --> 0:07:05.880 too much hassle, then I'd rather, you know, lose ten 0:07:05.880 --> 0:07:08.680 bucks and kind of sell it in in a way 0:07:08.720 --> 0:07:11.680 that's gonna mean less mental stress for me. So yeah, 0:07:11.720 --> 0:07:13.520 Facebook gard sales sites is great. At the end, it 0:07:13.520 --> 0:07:15.520 asked me to rate the person that that bought the 0:07:15.520 --> 0:07:18.680 item from me on their punctuality and stuff like that, 0:07:18.720 --> 0:07:20.720 Like they're like six different items they want to kind 0:07:20.720 --> 0:07:22.239 of like taking it to like the level of eBay 0:07:22.240 --> 0:07:25.800 almost Yeah, and accountability. Well, I'm like interested to see 0:07:25.840 --> 0:07:28.920 how that actually how do I then see a user's 0:07:29.400 --> 0:07:31.240 like ratings, Like I don't know, I don't think they've 0:07:31.280 --> 0:07:32.880 actually put that side out of it yet, but right 0:07:32.880 --> 0:07:35.520 now they're gathering information atly. I wonder if they instead 0:07:35.520 --> 0:07:37.840 of actually rating it. So just like on eBay where 0:07:37.880 --> 0:07:39.880 you see their actual rating or their star rating. I 0:07:39.880 --> 0:07:41.240 wonder if they're just going to feed that into like 0:07:41.280 --> 0:07:44.520 their algorithm and instead they're gonna feature people who are 0:07:44.640 --> 0:07:47.280 rated well, oh totally. They're gonna like feature their posts 0:07:47.320 --> 0:07:48.920 like when they go to sell like higher up or 0:07:49.040 --> 0:07:52.120 sort of thing, give them priority, or or maybe if 0:07:52.120 --> 0:07:54.080 they message you, like because that's usually how people try 0:07:54.080 --> 0:07:56.480 to get in touch with you about buying something. Maybe 0:07:56.520 --> 0:07:59.160 you'll see like a little something you know by their 0:07:59.240 --> 0:08:02.640 by their picture, like this guy sucks trusted buyer or 0:08:03.040 --> 0:08:04.800 or even like trusted by so and so, like if 0:08:04.800 --> 0:08:07.480 you there's a transaction that you did. I'm so curious 0:08:07.520 --> 0:08:09.160 and now as to how they're going to implement yeah, 0:08:09.240 --> 0:08:11.200 or it could just be like like like uber ratings 0:08:11.280 --> 0:08:13.560 essentially where if you get enough batter reviews, they banned 0:08:13.560 --> 0:08:15.760 you from buying or selling on the marketplace. I don't know, 0:08:15.960 --> 0:08:18.040 but it'll be really interesting to see how they use 0:08:18.080 --> 0:08:19.720 those things. How sad would that be if you got 0:08:19.760 --> 0:08:25.360 banned from Facebook marketplace? Man? Like, hey man, I need 0:08:25.400 --> 0:08:26.920 to use your profile real quick. You have to be 0:08:27.080 --> 0:08:28.800 to go make a purchase, You have to be one 0:08:28.880 --> 0:08:31.360 rotten apple, right, So yeah, man, that's really got me 0:08:31.400 --> 0:08:35.319 thinking because I actually purchased a washer dryer recently on 0:08:36.040 --> 0:08:38.040 through the marketplace, and I don't remember any of that, 0:08:38.080 --> 0:08:40.760 So I wonder if they only rated me, it might 0:08:40.800 --> 0:08:43.040 just be the seller that rates. I'm I'm not sure 0:08:43.280 --> 0:08:46.240 interesting because as a buyer, I don't remember that. However, 0:08:47.080 --> 0:08:48.920 it would probably make sense to rate on both sides 0:08:48.960 --> 0:08:50.800 of the coin, right, it would make sense. Maybe they hadn't. 0:08:50.880 --> 0:08:52.439 I mean, this was only like two weeks ago though 0:08:52.440 --> 0:08:54.680 for me, But yeah, I got a wash and dryer. 0:08:54.720 --> 0:08:56.760 I did remember it being easier though. You know, they're 0:08:56.800 --> 0:08:59.080 constantly updating stuff and they've got the listing and then 0:08:59.080 --> 0:09:01.040 you click a button and it's like at an automated 0:09:01.040 --> 0:09:03.440 message that ye, since it's I mean, yeah, they just 0:09:03.480 --> 0:09:06.360 make it so easy for those transactions, just and you 0:09:06.440 --> 0:09:10.320 can you can notify everyone after you've sold it essentially, 0:09:10.360 --> 0:09:13.000 but you hit sold and then it essentially says, you know, 0:09:13.040 --> 0:09:15.720 we're telling everybody that messaged you then about the items 0:09:15.800 --> 0:09:18.440 they know not to contact exactly. It's yeah, it's gotten 0:09:18.440 --> 0:09:20.960 really nice because it used to be super ganky and 0:09:20.960 --> 0:09:22.920 people like, wait, is it still available? Is it not. 0:09:23.040 --> 0:09:26.040 And basically you're saying, used to be like Craigslist. Yeah, 0:09:27.080 --> 0:09:29.119 I guess you could just like remove the post on Craigslist, 0:09:29.160 --> 0:09:31.280 but um, but yeah it was. It used to be 0:09:31.320 --> 0:09:33.880 a lot worse. And Facebook Marketplace is really getting it together. 0:09:33.920 --> 0:09:35.600 It's really kind of becoming kind of that go to 0:09:36.320 --> 0:09:40.199 resource for selling stuff locally, so especially neighborhood groups like 0:09:40.240 --> 0:09:41.800 that where you can just hop on, hop on down 0:09:41.840 --> 0:09:44.360 the street to pick something up from somebody. Yeah. Like, well, 0:09:44.360 --> 0:09:46.280 and I used to never even click like the marketplace 0:09:46.320 --> 0:09:48.559 button because I would just look in the groups. But 0:09:48.800 --> 0:09:51.520 the marketplace itself has actually gotten really really robust, and 0:09:51.520 --> 0:09:53.440 I feel like feeding me things that I'm interested in 0:09:53.520 --> 0:09:55.440 and then also just just kind of making it easy 0:09:55.480 --> 0:09:57.640 to scroll through things. So yeah, way to go Facebook. 0:09:57.679 --> 0:09:59.720 I love it. Awesome, man. Let's get to the beer today. 0:09:59.760 --> 0:10:03.360 We've on a beer by a local brewery here in Atlanta, 0:10:03.640 --> 0:10:07.920 Orpheus Brewing, and they have donated Wandering Blues, which is 0:10:07.920 --> 0:10:10.760 a blueberry sour ale. I don't know if I've ever 0:10:10.800 --> 0:10:13.520 actually had this, dude, so I'm I'm super pumped. Yeah, 0:10:13.559 --> 0:10:16.760 it's been around for a few years, but yeah, they 0:10:16.840 --> 0:10:18.560 I think last year they started putting it in like 0:10:18.600 --> 0:10:21.199 six pack cans, and um, I feel like they've actually 0:10:21.240 --> 0:10:22.960 kind of honed in the recipe. So I'm excited to 0:10:23.040 --> 0:10:28.360 have this one again. So without even pouring it, you 0:10:28.400 --> 0:10:30.000 can pop that can and I can. I can see 0:10:30.000 --> 0:10:33.360 that head and it's pink. Yeah. Man, kind of like 0:10:33.440 --> 0:10:37.440 last week's beer poured a cherry red. This one pours 0:10:37.480 --> 0:10:41.400 like a blueberry that kind of bluish purple. Yeah. Yeah. 0:10:41.400 --> 0:10:42.880 We were talking about how many held it up to 0:10:42.920 --> 0:10:44.960 the light. It looks like a soaked cherry. This looks 0:10:44.960 --> 0:10:47.640 like a soaked blueberry, yeah, which is like the exact color. 0:10:47.720 --> 0:10:50.000 You want beer like this, so, yeah, you want It's 0:10:50.000 --> 0:10:51.760 a match. I can't remember what beer this was. I 0:10:51.760 --> 0:10:53.960 was listening to a beer podcast and they're talking about 0:10:54.200 --> 0:10:57.760 a perfectly clear beer that this brewery was making, which 0:10:57.800 --> 0:11:00.400 sounded terrible. It's like, what is there to see? Yeah, 0:11:00.480 --> 0:11:03.280 exactly reminded me of like pepsi crystal or something like that. 0:11:03.320 --> 0:11:05.920 You know, That's what my mind immediately went. You're just like, oh, 0:11:05.960 --> 0:11:09.200 this is gross. It's like, what kind of chemicals are 0:11:09.200 --> 0:11:12.400 in here? That is fooling my eyes? Right? Yeah? And 0:11:12.440 --> 0:11:14.520 I love by the way, I love the can art 0:11:14.559 --> 0:11:16.000 on this and and so if you want to see, 0:11:16.040 --> 0:11:18.760 you know, a picture of that, go to our Instagram page. 0:11:19.040 --> 0:11:22.640 We've got like an awesome little instagram following instagram dot 0:11:22.640 --> 0:11:25.880 com slash poor not Poor. Let's drink this puppy cheers. 0:11:26.840 --> 0:11:30.920 That really does have like a juicy blueberry definitely some tart. 0:11:31.200 --> 0:11:33.320 It's also like a little bit sweet at the same time. 0:11:33.640 --> 0:11:35.240 I feel like it's kind enough the city though, to 0:11:35.320 --> 0:11:36.800 kind of balance that. Yeah, like it's to me it 0:11:36.840 --> 0:11:38.959 almost has like a red wine um, like a red 0:11:38.960 --> 0:11:42.680 wine vinegar, like red wine acid, like almost balsamic i guess. 0:11:42.760 --> 0:11:44.880 But you know, it's not that concentrated though. It's it's 0:11:44.920 --> 0:11:47.160 a really a light beer. It's really good. So thanks 0:11:47.160 --> 0:11:50.480 to Orpheus Brewing for donating the beer for tonight's episode, 0:11:50.480 --> 0:11:53.400 Wandering Blues Blueberry sour Ale. Yeah, this one was great, guys, 0:11:53.440 --> 0:11:55.520 Thank you so much. All Right, Matt, onto the topic 0:11:55.559 --> 0:11:58.360 in hand, the scoop on micro investing apps. This is 0:11:58.400 --> 0:12:01.360 kind of like a hot new segment, right, and it's 0:12:01.400 --> 0:12:03.680 been around now for a couple of years, and you know, 0:12:03.720 --> 0:12:06.960 new players are coming in and existing players in that 0:12:07.040 --> 0:12:09.400 sphere are making changes, and so it's kind of tough 0:12:09.440 --> 0:12:11.320 to know, like, wow, should I be using a micro 0:12:11.400 --> 0:12:14.400 investing app? And if so, you know which ones are good? 0:12:14.800 --> 0:12:17.679 And there's different fees and some are kind of say 0:12:17.720 --> 0:12:19.839 they're free, but are they really free. They're just kind 0:12:19.840 --> 0:12:21.559 of a lot to sort through. And so we figured 0:12:21.800 --> 0:12:25.080 let's tackle this subject and kind of give people the skinny, 0:12:25.160 --> 0:12:27.679 the scoop on you know, what the deal is with 0:12:27.760 --> 0:12:29.960 micro investing apps. Yeah, and by the end of this episode, 0:12:29.960 --> 0:12:32.280 we're hoping that you as a listener. Um, we're not 0:12:32.280 --> 0:12:34.880 gonna do it like a run through of every single 0:12:34.960 --> 0:12:36.480 app that's out there, because I got a feeling that 0:12:36.480 --> 0:12:38.360 there might be ten more new ones, you know, by 0:12:38.360 --> 0:12:40.240 the end of eighteen. So it's not we're not going 0:12:40.280 --> 0:12:42.760 to get a give a comprehensive review necessarily, but we 0:12:42.840 --> 0:12:45.040 want to sort of talk about this maybe from like 0:12:45.080 --> 0:12:48.440 the ten thousand foot view for specifically you do walk 0:12:48.480 --> 0:12:51.000 away from this episode and to know should I be 0:12:51.480 --> 0:12:55.000 getting into micro investing in particular through these these apps 0:12:55.000 --> 0:12:57.360 because they make it so handy, man, that's like it's 0:12:57.360 --> 0:12:59.600 just so easy. Yeah, So we'll talk about what it 0:12:59.640 --> 0:13:01.640 is some of our favorite players or some of the 0:13:01.640 --> 0:13:03.880 big players right now and kind of go over you know, 0:13:03.880 --> 0:13:05.719 what their model is, and then we'll kind of talk 0:13:05.720 --> 0:13:07.520 about pros and cons and then at the end whether 0:13:07.559 --> 0:13:10.480 we recommend you know, you getting involved in micro investing 0:13:10.559 --> 0:13:13.080 or not. And so let's start with like kind of 0:13:13.080 --> 0:13:17.480 a definition MATT. Micro investing usually takes place in apps. 0:13:17.600 --> 0:13:21.760 Micro investing is usually geared towards younger folks, millennials in particular, 0:13:21.840 --> 0:13:24.280 right if you like to use that word and generation 0:13:24.360 --> 0:13:28.679 why for the more studious, right, well, you are more 0:13:28.679 --> 0:13:31.160 studios than I. So it's and it's typically done via 0:13:31.240 --> 0:13:34.360 an app. And like a lot of these micro investing 0:13:34.400 --> 0:13:36.960 players don't even have like a website where you can 0:13:37.000 --> 0:13:38.440 do it. I know, Robin Hood is one of the 0:13:38.440 --> 0:13:41.080 big players, and they just like recently started allowing you 0:13:41.120 --> 0:13:44.160 to kind of trade stocks on a web platform as well. 0:13:44.200 --> 0:13:46.440 But but it used to be app only. Uh so 0:13:46.520 --> 0:13:48.800 that the may there's just a huge shift right now 0:13:48.840 --> 0:13:52.160 that micro investing allows people of all income levels and 0:13:52.200 --> 0:13:56.120 savings abilities to actually begin to invest. Now whereas investing 0:13:56.200 --> 0:13:57.720 used to be, there used to be this big barrier 0:13:57.760 --> 0:14:01.120 to entry. Now minimum trading level and high fees have 0:14:01.240 --> 0:14:03.160 kind of been torched gone by. There are by the 0:14:03.160 --> 0:14:05.800 wayside in this new model that allows you to begin 0:14:05.960 --> 0:14:09.840 building wealth in like minutes with almost no money. Ye mean, 0:14:09.840 --> 0:14:12.120 it makes me think of just the different ride sharing apps, right, 0:14:12.120 --> 0:14:14.320 You've got like Uber or Lift and and even the 0:14:14.320 --> 0:14:16.720 newest thing that is in our city at least are 0:14:16.760 --> 0:14:20.440 the scooters. And it takes no time to just be like, 0:14:20.520 --> 0:14:22.080 I wonder what that's about, and you just download the 0:14:22.080 --> 0:14:24.240 app and before you know it, you're hailing a ride. 0:14:24.280 --> 0:14:26.040 You know, you're you're you're calling for a lift, or 0:14:26.040 --> 0:14:28.720 you're about to scan a scooter and you know, drop 0:14:28.720 --> 0:14:30.360 a few bucks to try this thing out. Well that's 0:14:30.360 --> 0:14:32.240 a good too, because we went in our town at 0:14:32.280 --> 0:14:36.600 least from zero scooter services to like seven overnight. Like 0:14:37.080 --> 0:14:39.640 I see all these different brightly colored scooters and bikes, 0:14:39.760 --> 0:14:41.960 the bikes, and so there's there's a new ure's a 0:14:41.960 --> 0:14:43.920 new bike share now too, like the bright yellow ones 0:14:43.960 --> 0:14:46.680 you like, it won't be long before you know, we 0:14:46.720 --> 0:14:48.200 have a ton more of those two. So that's kind 0:14:48.200 --> 0:14:49.760 of one of another. Yeah, and one of those things 0:14:49.760 --> 0:14:52.440 that's like expanding quickly and hitting up cities and then 0:14:52.480 --> 0:14:55.960 just inundating cities quickly, and so so obviously, I mean 0:14:56.040 --> 0:14:58.480 the reason that this is happening is because they're popular, right. 0:14:58.520 --> 0:15:01.560 It's incredibly easy to just everyone's got the smartphone. You 0:15:01.560 --> 0:15:03.600 just pull it up, download it, or scan it, give 0:15:03.640 --> 0:15:05.880 it a shot. And it's not a huge deal. And 0:15:06.280 --> 0:15:07.600 I mean you said it a second ago when you 0:15:07.720 --> 0:15:10.560 mentioned barriers to entry. That is the number one thing 0:15:10.720 --> 0:15:13.240 that these micro investing apps have gone for them is 0:15:13.240 --> 0:15:16.280 the fact that anyone can do it well. And probably 0:15:16.320 --> 0:15:18.720 the first major player in the industry made it, you know, 0:15:18.760 --> 0:15:21.440 the absolute easiest. And so we're going to talk about 0:15:21.440 --> 0:15:24.680 the major apps that are out there right after this break. 0:15:33.240 --> 0:15:35.000 You know, the first major player that I know of 0:15:35.040 --> 0:15:39.160 in the micro investing sphere was a company called Acorns. 0:15:39.160 --> 0:15:41.360 So in Acorns got bought by PayPal, so they've got, 0:15:41.400 --> 0:15:44.240 you know, this big major corporation behind them. They've got 0:15:44.320 --> 0:15:46.640 enough money to sun like fifty million into them or 0:15:46.640 --> 0:15:48.680 something like that. Yeah, so you know Acorns is gonna 0:15:48.680 --> 0:15:51.080 be around for a while, yeah, man, Acorns. So essentially 0:15:51.520 --> 0:15:54.280 they round up your purchases and invest your spare change. 0:15:54.280 --> 0:15:56.760 It's almost like the digital version of kind of coming 0:15:56.800 --> 0:15:58.200 home at the end of the day with your pockets 0:15:58.200 --> 0:15:59.880 full of change, and you take that and you like 0:16:00.120 --> 0:16:02.720 in the change jar, right, except that I never do 0:16:02.800 --> 0:16:05.800 that anymore because I don't ever use cash, and so 0:16:05.840 --> 0:16:07.400 this is the digital version of that. You know, you 0:16:07.440 --> 0:16:10.040 make all your purchases, whether via debit cards or credit cards. 0:16:10.280 --> 0:16:13.440 So yeah, so imagine making a purchase for seven fifty. 0:16:13.600 --> 0:16:15.680 You know, they rounded up fifty cents to eight bucks. 0:16:15.800 --> 0:16:18.040 You still see that eight dollar charge on your credit card, 0:16:18.080 --> 0:16:21.280 but fifty cents. So that gets invested in whatever investments 0:16:21.320 --> 0:16:23.960 that you've chosen. It's kind of brilliant because there's I 0:16:23.960 --> 0:16:25.600 feel like a group of people who kind of counted 0:16:25.640 --> 0:16:27.600 on the changes are because whether it be just sort 0:16:27.600 --> 0:16:30.000 of like having some cash on hand, uh for sort 0:16:30.000 --> 0:16:33.600 of unexpected small emergencies, or folks that would use it 0:16:33.960 --> 0:16:36.520 specifically to say, for stuff. And so one of the 0:16:36.520 --> 0:16:39.240 great things about acorns is that they do allow you 0:16:39.240 --> 0:16:41.960 to invest in both traditional and roth ira A. So 0:16:42.720 --> 0:16:45.440 you get that tax advantage, you get that tax benefit. 0:16:45.600 --> 0:16:47.920 It's not just money that's pushed aside and invested in 0:16:47.960 --> 0:16:50.160 a standard brokerage account where're getting hit with your regular 0:16:50.160 --> 0:16:52.360 amount of taxes. You know, it's still tax sheltered, which 0:16:52.400 --> 0:16:54.640 is awesome. Yeah, and acorns is added Yeah, kind of 0:16:54.680 --> 0:16:56.680 a couple of things to their business model. And so 0:16:56.920 --> 0:16:58.600 you know, for one dollar a month you can get 0:16:58.640 --> 0:17:03.000 their basic rounding up and investing service, and for two 0:17:03.040 --> 0:17:06.080 dollars a month you can get there they're Acorns later, 0:17:06.200 --> 0:17:09.119 which involves saving for retirement, and then for three dollars 0:17:09.119 --> 0:17:12.040 a month you can combine that and essentially get acorns 0:17:12.080 --> 0:17:15.280 new banking service. So Acorns has really, you know, grown, 0:17:15.320 --> 0:17:17.880 expanded their offerings now the PayPal has invested in them. 0:17:17.960 --> 0:17:21.000 But even though the Acorns business model seems really cool, 0:17:21.080 --> 0:17:23.400 and I actually really like the idea of people being 0:17:23.440 --> 0:17:25.679 able to invest their spare change, I mean, I think 0:17:25.680 --> 0:17:27.760 that's I think it's pretty cool, a brilliant concept, right, 0:17:27.840 --> 0:17:29.639 And the one dollar fee every month doesn't seem like 0:17:29.680 --> 0:17:31.560 that big of a deal. Or two dollars if you're 0:17:31.560 --> 0:17:34.040 going for the retirement account, or three dollars even right, 0:17:34.040 --> 0:17:36.440 and if you're going for their banking service as well, 0:17:36.680 --> 0:17:38.920 it doesn't seem like that much unless we're talking about 0:17:38.920 --> 0:17:42.520 you investing twenty dollars a month. And yeah, those dollars 0:17:43.480 --> 0:17:46.800 cutting into your investment returns can add up rather quickly. 0:17:47.040 --> 0:17:49.280