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Investment App Tier List (2021)

Shane Hummus2021-06-11
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💫 Short Summary

Shane discusses various investing apps such as Acorns, Betterment, M1 Finance, Robinhood, Stash, Titan, Wealthfront, Weeble, YNAB, Public, Zach's Trade, Ally Invest, Cash App, Sofi, and international options like eToro and DeGiro. He provides insights on fees, features, controversies, and user experiences, encouraging early investment and engagement with viewers for further content. Shane emphasizes the importance of choosing established companies in the finance world and offers a wide range of options for different investment and financial management needs, catering to a diverse audience seeking accessible and engaging investing platforms.

✨ Highlights
📊 Transcript
Update on investing apps, including Acorns, Betterment, and M1 Finance.
Acorns automatically invests spare change from purchases but charges a monthly fee, ranked in C tier.
Betterment is a robo-advisor with minimal human intervention, considered better than average and placed in B tier.
M1 Finance combines robo-advisor and brokerage features, offering automated investments for efficiency.
Overview of Financial Platforms
M1 Finance stands out for its zero fees and automatic share purchases, making it user-friendly for investors.
Mint.com, previously a popular budgeting tool, faced backlash for moving away from its free model and lacking customer support.
Personal Capital has emerged as a strong alternative to Mint.com, providing wealth planning tools, budgeting features, and excellent customer service.
Robinhood's fee reduction revolutionized investing, leading to changes in the industry as other brokerages followed suit.
Controversy surrounding Robinhood and Gamestop stock.
Robinhood blocked buying of Gamestop stock, CEO explanation faced backlash.
Limitations and questionable practices of Robinhood highlighted, speaker prefers Weeble.
Introduction of Stash, investment platform for investing in companies aligned with beliefs.
Stash caters to younger audience investing in causes they support.
Titan and Wealthfront offer unique approaches to investing and financial management.
Titan is a hedge fund investment platform that educates users on their investment decisions, making hedge fund investing accessible to the general public.
Wealthfront is a robo advisor that goes beyond investing, focusing on the full financial picture and integrating various financial aspects into one platform.
Wealthfront initially offered a high interest rate for emergency funds, but it decreased significantly during stock market fluctuations.
Overview of Wealthfront, Weebly, and YNAB financial platforms.
Wealthfront is praised for its automated investing and cash loss harvesting features.
Weebly is recommended for beginners with a user-friendly interface and sign-up promo offering free stocks.
Encouraging early investment is highlighted as beneficial for starting investing at a younger age.
YNAB is a budgeting app with varying monthly charges, catering to different financial management needs.
Overview of finance apps discussed: YNAB, Public, Zach's Trade, and Ally Invest.
YNAB app is compared to a cult, with doubts about its superiority over free budgeting methods like paper or spreadsheets.
Public app is praised for its focus on long-term investing and social media-style platform.
Zach's Trade is highlighted for its research functions, catering to day trading enthusiasts.
Ally Invest is commended for integrating various finance services into one platform, including online banking and investment options.
Ally, Cash App, and Sofi are highlighted for their unique strengths in financial services.
Ally is commended for its effective combination of financial services, making it a strong competitor in the market.
Cash App is noted for its quick access to stimulus funds, but its lack of FDIC insurance affects its safety.
Sofi specializes in debt consolidation and refinancing, offering free management and access to financial experts.
Sofi provides options for automated or manual investing, setting it apart from other financial service providers.
Recommendations for international investment apps and engagement on the channel.
Established companies should be chosen in the finance world to avoid bait-and-switch tactics.
Recommended investment apps for international viewers include eToro, DeGiro, Revolut, Quest Trade, Trading 212, Free Trade, Stake, and Self Wealth.
Speaker values feedback on app recommendations and encourages engagement through likes, subscribes, and comments.
Emphasis on caring about viewers in English-speaking countries and offering a selection of videos for further viewing.