A few months ago, a friend sent me some money they owed me via CashApp. I had to download the app specifically to receive money, because it’s the only money-sending app my friend had (I already had Zelle and Venmo but my friend didn’t have either). Then a funny thing happened. The money sat there. I never took the time to connect CashApp to my bank, so there was no way to “cash out” money. It wasn’t a huge amount of money, and I didn’t need it right away, so it continued to sit in CashApp, untouched.
Investment options with CashApp
Until about a week ago… I logged into CashApp and noticed for the first time that you could invest through the app. Better yet – the deals are free! I started poking around a little. I saw that you can invest in Bitcoin and stocks. I started looking into stocks a little bit and noticed you and looked based on performance. For example, you search for stocks that have performed 10% or higher over the past year (you can edit and change the performance percentage and time period). You can buy individual shares or buy into a fund.
I took a little of my money and threw it into stocks. Why not? I didn’t miss the money and it had been sitting in CashApp untouched for months anyway. Why don’t I try to see if I can invest it and potentially grow it a little? I bought Meta (one stock) and the SPDR S&P 500 (a fund that is supposed to track the S&P 500). It’s only been a week, but I already have a few bucks!
Savings with CashApp
Just today when I logged into CashApp to check how my stocks were doing, I also noticed that they have a high-yield savings account option as well! You can get up to 4.5% interest depending on how much you save and how often you save. Who knew CashApp had all these options for saving and investing?
Final thoughts
I tend to be very financially conservative and risk averse. For these reasons, I’m not a fan of investing in individual stocks. I probably wouldn’t have invested through CashApp at all if I hadn’t been in a situation where I had money sitting in CashApp doing nothing. Since it was a small amount of money, and I could afford to lose it all, I would have viewed this as “entertainment” and an educational experience versus an investment vehicle. I will stick with Fidelity for my long-term investments. And for short-term investments, I have about half of my emergency fund in a CD with a 5.25% yield for 6 months through a CapitalOne360 bank account (currently halfway through the 6 months). The other half of my EF is just in a regular savings account.
I’d like to know if others are using CashApp (or another app like RobinHood, etc.) to invest. I don’t really follow the market enough to start investing in individual stocks regularly. But when the amount is small and is seen as just entertainment, it is a lot of fun to log in and see the daily changes, etc.
What are your thoughts on investing through apps? Would you ever do that? Why and why not?
The post Investing with CashApp appeared first on Blogging Out of Debt.
Source link
