In the era of smartphones, investment apps have brought buying and selling stocks to your fingertips. Stock hunting may now seem as accessible as searching for your latest sneaker. That doesn’t mean it’s any easier to find a good stock.
What has changed is how much you can start investing with. Even with less than $10, you can take advantage of investment opportunities to kickstart your financial goals.
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How To Find Stocks Under $10
Instead of keeping loose change in your piggy bank, you can now put even low dollar amounts to work. If you’re starting with under $10, at first glance, you may think you also need to find a low dollar stock.
You might start looking at finance sites like Yahoo or Google Finance, Bloomberg, The Wall Street Journal, or Morningstar. The information overload can get a bit overwhelming.
The problem with trying to buy stocks under $10 is that you could end up putting your hard-earned money into just one stock. Your investment will then depend entirely on how that single company performs. If the company does well your investment could grow. If the company’s stock drops significantly, your $10 could be gone in an instant.
Get a Fully Managed Investment Account
Investment managers often require high account minimums to open a fully managed account. After getting to know the customer’s risk profile, managers select appropriate investment portfolios. They combine knowledge, experience, and modern portfolio theory to create investments offering the highest returns for the least risk.
The main benefits of a fully managed account are twofold: Investments are diversified, often into exchange-traded funds or mutual funds, and they are balanced according to customer risk tolerance. Once a service reserved for the wealthy, fully managed investment accounts are now available to everyday people.
Fully managed investment accounts are offered by MoneyLion for just $1 per month. There are no ongoing trading or asset-based management fees, which keeps investing affordable for investors starting small.
MoneyLion has partnered with industry veteran Wilshire Associates to create diversified portfolios for seven investment profiles. These investment choices are designed for investors ranging from conservative to aggressive. You can start investing with any amount.
By setting up Auto Invest to regularly transfer money into the portfolios, investing becomes effortless. A fully automated and professionally managed approach helps you reach your financial goals faster.
Can I Invest $10 Today?
Yes, you can! And you can invest in a diversified managed account in a few easy steps.
- Download the MoneyLion App for free from your smartphone app store.
- Follow the simple steps to open a MoneyLion Investment account in the app. You’ll answer questions about your income and risk tolerance to choose the right mix of stocks and bonds for your portfolio.
- Deposit your initial investment. Link an existing bank account or RoarMoney account to transfer funds to the investment account.
- Turn on the Auto Invest option in your account (optional). Automate the transfers into your managed investment account to make sure you’re making regular deposits.
- Track your investment over time. Check your account regularly to see your progress and make adjustments as needed.
Anyone Can Invest Effectively With The Right Tools
Even if you start small, you can start saving towards your long term goals with regular investment contributions. But figuring out what to invest in isn’t easy. Finding stocks is time-consuming, and even professionals have a hard time beating the market.
While stock investing may appear intimidating, it is riskier to not save and invest your money. Uninvested cash becomes worth less over time because of inflation, which increases costs.
The best way to build wealth over time is to invest in a diversified portfolio instead of actively picking stocks. MoneyLion simplifies investing so that new investors can invest with confidence. That’s why first-time investors make up 90% of customers. You don’t need to be rich to start, and opening an account only takes a few minutes.