Money Rehab with Nicole Lapin - The Seven Best Investing Apps

Episode Date: June 14, 2022

Want to start investing, but have no idea where to get started? Nicole shares the all-time best seven investing apps, plus an investing tip that might surprise you. 

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. Today I'm answering one of the most frequently asked questions of all the FAQs I ever get.

So let's get to it. Hey, Nicole. My name's Hannah, and I live in Oakland. I've been listening to Money Rehab, and I'm starting to think about investing, but I'm not quite sure where to get started. What's your favorite investing app? Thanks so much. I'm telling you, I get this question all the time. I get it from Money Rehab listeners. I get it from people who read my books. I even get this question from financial outlets who don't know which of the many investing apps they should recommend to their

readers. And I totally understand why this question comes up so much. If you're a new investor, you might be overwhelmed by all of the different platforms out there, and you don't want to make any wrong decisions out of the gate. First, I want to say, Hannah, and all of you other money rehabbers who have submitted this question before, you deserve a huge pat on the back for even asking about this, because it means you're ready to dip your toe in the investing world, and that is a huge win for your future financial self. So let's get into it. And I'm going to start with the biggest secret when it comes to choosing your investing platform. There are plenty of fun apps out there, but your investment apps can and

should be boring. If you want a thrill, open up your Instagram app or Tinder. If you want a game, play Words with Friends. When it comes to your money, please try to stay away from the hyped-up ones or the ones that try to gamify investing, especially if you're just starting out. Rather, opt for the tried-and-true apps and avoid ones like Robinhood. Your money and your investments are important. They don't have to be served in some sexy package, because that sexy package is likely just smoke and mirrors to divert your attention from some unsexy issues underneath the surface. And which tried and true apps you should go for, you ask? Here are my seven favorites.

Number one, Ally. Ally is an online bank and brokerage. Online banks tend to give you better interest rates because there's not the overhead that you'd have with a traditional bank. Their interface is intuitive and simple to navigate. If you're new to investing and feel intimidated by the whole concept, intuitive and simple to navigate is going to be your friend. Number two, E-Trade. The app is easy to use and the breaking news functionality, as well as streaming live Bloomberg video is nice to have. They also have professionally built portfolios that are helpful to reference if you're building one for the first time. Number three, Charles Schwab. Okay, I'll be

honest, this is not the snazziest app and it doesn't have the coolest colors or pictures, but it is rock solid. The stororied Brokerages app lets you buy and sell investments quickly and easily. I personally have an account and I actually enjoy the no-frills experience. I'm in and out really quickly and I get my business done. Number four, Fidelity. Fidelity is one of the most trusted names in investing, and the Fidelity app allows you to do anything any other brokerage app does, trade, monitor markets, read up on research, etc. And it helps you track your workplace benefits like your HSA or 401k with their net benefits app. If you're looking for an app that

can be your central hub for your financial planning, Fidelity might be a good one for you. Number five, Vanguard. Vanguard is a gold standard in the investing world. Its app is straightforward and no-nonsense. They have research reports that I enjoy. And yes, I'm a nerd, so I tend to like research no matter what. But Vanguard's research is particularly non-jargony and helpful. Also, fun fact, Warren Buffett, one of the greatest investors of our time, put in his own will for his own wife to put a majority of their money in low-cost S&P 500

index funds, and he likes vanguards specifically. Number six, Aspiration. I love their Redwood fund. It's ticker symbol R-E-D-W-X, and it's like an S&P 500 index fund, but without oil and gas, firearms, or private prison companies. So investing in this gives you the security of a trusty, broad-based index fund without the icky stuff. Remember, you can and should put your money where your mouth is. Your dollars are a vote on your values. P.S. I called this one of my favorite new apps back in 2017 on the Steve Harvey Show for their pay what's fair feature. Number seven, Public. Public is a relatively new app, but I think it's really well done and it centers its interface around long-term investing

rather than trading, which is what we want to do to build long-term sustainable wealth. On Public, not only can you invest, but you can also share your investments in a Twitter-esque way with others and also view what other people are saying about different stocks and exchange-traded funds. I really love this feature because it encourages people to be transparent about what they're investing in. For today's tip, you can take straight to the bank. Here's another secret of the industry.

Once you weed out the gamey apps and hone in on the tried and true apps I mentioned today, they're not all that different. Yes, like I mentioned, there are some slight differences, but frankly, features that make an investing app good are going to be featured in any good investing app. So which app you choose is really going to come down to personal preference on the slightly different offerings and functions, and maybe even color scheme or UX, UI, experience or design or whatever does it for you. Before committing to one app, spend some time on the company's website to get a feel for the user interface. But if you choose one of the apps I talked about today, you can't really go wrong.

Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy.

Huge thanks to OG Money Rehab team, Michelle Lanz for her development work, Catherine Law for her production and writing magic, and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.