How to Make Money on the Acorns App: A Comprehensive Guide
Are you looking for a new way to boost your finances? Consider using the Acorns app. This popular app allows users to invest their spare change and earn money through various investment opportunities. In this detailed guide, I’ll walk you through the steps to make money on the Acorns app, from setting up your account to maximizing your earnings.
Setting Up Your Acorns Account
Before you can start making money on the Acorns app, you’ll need to create an account. Here’s how to do it:
- Download the Acorns app from the App Store or Google Play.
- Open the app and tap “Sign Up” or “Get Started.”
- Enter your email address and create a password.
- Verify your email address by clicking the link sent to your inbox.
- Enter your personal information, including your name, date of birth, and Social Security number.
- Link your bank account or credit card to the app.
- Set up your investment preferences and choose your investment style.
Once you’ve completed these steps, you’re ready to start investing and earning money with Acorns.
Understanding the Acorns Investment Strategy
Acorns uses a unique investment strategy that involves investing your spare change and rounding up purchases to the nearest dollar. Here’s how it works:
- When you make a purchase using your linked bank account or credit card, Acorns rounds up the amount to the nearest dollar and invests the difference.
- Acorns automatically reinvests your earnings, allowing your money to grow over time.
- You can choose from several investment portfolios, each with a different level of risk and return potential.
It’s important to understand that investing involves risk, and the value of your investments can go up or down. However, Acorns has a strong track record of helping users grow their money over time.
Maximizing Your Earnings with Acorns
Now that you know how Acorns works, let’s look at some ways to maximize your earnings:
1. Increase Your Round-Up Amount
By default, Acorns rounds up purchases to the nearest dollar. However, you can increase this amount to $5 or $10 to invest more of your spare change. To do this, go to the “Settings” section of the app and adjust the round-up amount.
2. Use the Acorns Referral Program
Acorns offers a referral program that allows you to earn $5 for each friend you refer who signs up and invests at least $5. To take advantage of this program, go to the “Referrals” section of the app and share your referral link with friends and family.
3. Invest in Acorns Later
Acorns Later is a retirement account that allows you to invest for the long term. By investing in Acorns Later, you can take advantage of tax benefits and potentially grow your money faster. To get started, go to the “Invest” section of the app and select “Acorns Later.” Then, follow the prompts to set up your account.
4. Use the Acorns Spend Card
The Acorns Spend card is a Visa debit card that automatically rounds up your purchases and invests the difference. You can also earn cash back on eligible purchases. To get a Spend card, go to the “Cards” section of the app and follow the prompts to apply.
Monitoring Your Investments
It’s important to keep an eye on your investments to ensure they align with your financial goals. Here’s how to monitor your investments on the Acorns app:
- Open the Acorns app and go to the “Invest” section.
- Review your investment portfolios and the performance of your investments.
- Adjust your investment preferences if necessary.
- Stay informed about market trends and economic news that may impact your investments.
By staying informed and making adjustments as needed, you can help ensure that your investments continue to grow over time.
Conclusion
Using the Acorns app is a simple and effective way to make money by investing your spare change. By following the steps outlined in this guide, you can maximize your earnings and take
