Personally, I would be cautious about using apps catered specifically for millennial investors…
The millennial generation will inherit the greatest transfer of wealth in history…
So, there are plenty of companies lining up to cater to millennial investors and who are already lining their pockets…
This is my own advice.
Learn About Investing
There is a great tendency amongst people in the internet age to google something and then sign up to it. That’s fine if you are buying a t-shirt, or a nice place to eat. But investing and maintaining your own capital is an incredibly important. You don’t want to do it on a whim. To that extent, I would recommend learning about investing.
Specifically, learn about:
• The importance of costs (and costs incurred by fund managers, especially costs over 1%)
• Compound Interest
• Index funds
• The limitations of index funds
• Sustainable investing
• Counterfeit sustainable investing (investing in Apple is great for returns, but your not helping the world!)
• Different asset classes (stocks, bonds, property etc.)
• Alternative asset classes (farmland, private equity, commodities etc.)
All of this information is on the website. If you can’t find the information, just ask a question on the forum!
Once you have read about investing and understood the very basics (investing is at its core very simple), you should open a brokerage account.
There are many apps that cater to “millennials”. I won’t mention any in particular, however I notice there is a tendency to take advantage of investors and their lack of knowledge. Do not fall into this fatal trap. If the website says millennial, be very cautious. It
This is incredibly easy to avoid… if you do the homework!
I will finish by saying this…there are only a few decisions in your lifetime, that you could mean the difference between $200,000-$300,000. Investing is one of them…
If you choose the wrong broker, or do not bother to do the homework…you will lose money you could have saved.
In some cases, you would get better value for money by incinerating your bank notes!
All views are my own. Sit down with a financial advisor who will not rip you off when you want to make any big decisions related to financials. But be wary of this as well. As the saying goes:
"Never ask a barber if you need a haircut"