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Michael F.
Michael F.
Parkdale, VIC
15 Likes
0 Followers

I have just started investing in Acorns. ($2,000 + $25 per month + rounding up of my purchases) Is this a good investment or do think I am wasting my time & money?

4 years ago

Responses

Michael. Such investments are very speculative to say the least. Often turn to failure and at the ripe old age of 59. I am yet to see anyone profit from such a venture.
Di you have a cooling off period by any chance ?
Fair chance you are buying into a venture where the trees have not even been planted, let alone the time they take to bear fruit, be harvest and then for the Managers to tell you there was no profit. Don't get me wrong, your venture may be quite legal and above board. Profit is another thing.
An investment property ( also not guaranteed) but perhaps a lot better investment could be a much better way to go.
Let me now if you would to like to chat.
Regards
Ken Olds
Mortgage Broker
1300 ASK KEN

Hi Michael,
I would tend to agree with Ken. I don't know the specifics of the investment, however to answer if you are wasting your time and money, I would want to know more about your situation.
The first thought is - do you still have a mortgage for you owner occupied home? If so, Investing in paying the extra money into that would be a very solid investment.
If however you have paid that off, there are a number of investments available that would or could be a greater benefit for you - vs the one you are discussing.
More than happy to discuss over the phone wth you.
Im not a financial planner, so cannot specifically advise on investments. However I have some interesting points you may wish to consider, and a few connections I can put you in touch with.

Jason Hulbert
0477 402 710
Online Home Loans
Port Melbourne.

Hi Michael

If you are investing in acorns I'm with Ken and Jason. However, I assume you mean the Acorns app.??

I've not invested in this but have followed it with some interest. I guess the jury is still out as the ETF's that Acorn offer are still relatively immature - but they are managed by respected industry names such as Pimco etc.

I'm obviously not aware of your financial circumstances but it seems to me your loose change is better invested somehow/somewhere, rather than staying in your pocket to be spent on something you don't need.

In a nut shell (pardon the pun) - I'd stick with it.

Regards
Adam Huxley

4 years ago

So it has been 3 weeks since I started investing in Acorns app. So far I have invested $2,032.15 and the balance is up to $2,077.82. For a small investment this seems to be on track for a worthwhile return

Hi Michael, unfortunately taking financial advice from a mortgage broker is akin to asking an electrician to service your car, not good at all. There is absolutely nothing wrong with investing into ETF's and using Acorns to do this. This is NOT a speculative investment and over time you will make a much better return than leaving your money in cash.

Cheers
Damien Butns

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