If You Have $500 To Invest, You Need Robo-Advisor
WHAT IS A ROBO-ADVISOR?
Apparently, this is what I need if I want to start investing and saving my money. Robo-advisors are online financial advisors that leverage automoation and algorithms to help manage your portfolio.
There are currently a few hundred companies out there that use the robo-advisors, but nerdwallet.com chose two that they thought were the best if you have at least $500 to invest.
BETTERMENT AND WEALTH MANAGEMENT
Betterment uses a three tier pricing system. If you have $10,000 or less, you pay them approximately $3 a month. Wealth Management manages the first $15,000 for free, and then when you have more, they charge a flat free on the rest, around .025%. The free management makes everything much more manageable on balances less than $100,000. If you have more than that, you would do better at Betterment.