Hi Scott,
I’m 11 years old and I’m trying to invest, but I’m having a problem. Every investing app I try has monthly fees up to $10 a month! Can you please help give me some advice on how to find the right investing app.
Emery
Hi Emery
Mate, this is a very impressive ‘problem’ for an 11-year-old to have!
Most kids your age are picking their noses or gambling on Roblox, but you’re not just considering investing, you’re asking the right questions too!
Yes, fees suck, especially when you’re only investing small amounts.
So, here’s what I want you to do:
First, figure out how much you plan on investing. Maybe it’s $100 to start with, then $50 a month.
Then I want you to google the following apps: Pearler Micro, Vanguard (accounts for kids), Raiz and CommSec Pocket, and work out how much each of these apps would cost in fees to invest in a high-growth shares option.
Finally, show your workings to your parents – I’m sure they’ll be impressed. Then ask them to cover your fees for the first year!
Remember, investing is like planting a little apple tree. You’re doing the hard work by planting it in good soil now, then you can sit back and watch it grow. Enjoy the apples. Spit out the pips.
Scott.
