The financial sector needs to innovate and catch up!
After the notion above entered my mind through articles or radio (the inception point escapes me), I took it upon myself to try out the most innovative apps for managing money and/or growing it.
I chose three innovators Acorns vs Digit vs Stash. All three had a novel approach to money and I was curious which one would be best for me.
With Acorns, the idea was more exciting than the immediate gratification. I liked how saving pennies led to large savings but I left because if I couldn’t even make back what I was losing in fees to them (just one dollar I think) then what was even the point? I was mostly in the red on any and all investments.
I liked how Digit kept me updated about any movement of money in & out of my bank account. Also their AI withdrew and saved money on my behalf. But I left because they became the biggest drain on my bank account! It became difficult to tell if I was curbing my expenditures or not. Was I curbing my bad habits or saving for a rainy day fund, why did my funds keep decreasing? So I skedaddled.
Stash won! Its autostash feature is a bit lame compared to Digit’s AI but then again, it can be controlled … maybe they should acquire or license or purchase Digit’s technology engine? Anyway … I am still in the red with them too but Stash is addictive! Hats off to their marketing and content writers. They are the Las Vegas experience! You may lose the money if you don’t know what you’re doing but at least its fun.
I believe that stocks are very risky for the uninitiated and “diversified” ETFs are just another way to fool oneself into ignorance … what is disguised as investment is just a bubble waiting to sink your savings like a titanic but goddamn if they can get me through the boring wait while my car is being serviced, I say do it!
Addendum — If Acorns or Digit got on top of bitcoin as the primary purchase for growing money, that could get a little interesting
