Money by Majella actually posted a similar video that motivated me to make this one so make sure you check that out: th-cam.com/video/-fpVrYKM7y0/w-d-xo.html
Thanks for sharing :) It's so important that new investors are aware of the facts (esp. when marketing does sneaky things like equate savings & investing!). I recently did a full comparison of all the micro-investing platforms, to see if ANY were a good option. So if anyone's interested you can also check that out! th-cam.com/video/eIKZopwUV4Y/w-d-xo.html
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
My advisor is *ROCH DUNGCA-SCHREIBER* ’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
This is a good video and does inform viewers of the fees with these apps. But, my only issue with the RAIZ example is you're taking a small sample of only 7 days and you're assuming that this person is a hermit that doesn't go out. Most people will spend way more than that in a day, especially on things like coffee, food, petrol, groceries, leisure etc. I did my own calcs across 3 months and the average was about $47 a month ($44) if you take out the fee. This plugged into your interest calculator you used far surpasses a high interest account in Australia, in fact, the returns are about 10x higher.
I really liked your video I have made $500 in commsec pocket buying in after market crash in 2020. It us great you have raised the cons of these apps there is quite a few more positives. Number long term I have found pocket far more superior then savings. Second the divends from the Aussie dividends one and the aussie top 200 have far exceeded bank interest. A red hot tip. I have been recycling bottles and getting .10c per bottles. I average about $10 in bottles fortnight which I put in pocket with my savings. I found it was a great way to cover the $2 fee and paid with bloody plastic bottles how good is that!! Thanks for the video. My experience long term you will succeed like most time with investing 🙌
Rather than round ups, if you directly invest say 100 bucks a week for a long period of time (minimum 5 years) you will find that returns from dividends significantly outweigh the cost of maintaining these portfolios. Your examples are correct but these apps aren’t designed for get rich quick schemes.
*UPDATE* Spaceship Voyager just announced they will be introducing a new fee structure which will charge users $2.50 per month (similar to Raiz). What do you think about this news? Let us know in the comments!
Raiz is good. I had about 40K in it and walked away with about 4k in returns. the monthly means nothing except for very cheap minded people who shouldnt be investing anyway. I'm dollar average about 200k in it soon.
Spaceship will be charging a monthly fee of $2.50 from November 1st. My 3 meager portfolios of a few hundred are already worth less than the money I have put into them. There's not much optimism in the stock market. Dunno whether to risk losing that few hundred as my accounts slowly get drained or hope for better days, which I don't think are coming for a while. Disappointed to say the least. The timing of this move is really weird.
We received the email today also! Funnily enough, I was quite close to putting some money into one of their portfolios myself, luckily I hadn't gotten around to it yet. We are definitely disappointed too, sorry you have to deal with this :/
@@ConnorandAlanwhat if you have $10,000+ on the portfolio in spaceship or raiz. Would it make a difference compared to if you just placed a few 100’s-1000’s. Just curious before getting into it.
Fantastic video. Didn't really think about this aspect of commsec pocket! Pretty bad that these apps are kind of taking advantage of beginner investors.
Thanks so much for commenting! I am glad you liked the video and yes, it has always been puzzling to me that so many people use CommSec Pocket but it just goes to show how effective their marketing has been and just how big a brand they have!
I appreciate your intention, but you’re honestly scaring away beginner investors more than you are protecting them. I’m researching beginner tools to help my mum get started with investing, and I know that if she watched this video, she would come to the conclusion that she’s probably better off putting all of her money in a savings account. If you focused this video on “how to use these apps the right way”, you would have conveyed a more beneficial message.
Yes but if you want to invest anything up to $1000 on the normal commsec the brokerage fee is $10. If you’re just looking to trade up to 15,000 into the listed EFTs then commsec pocket works out better in terms of the brokerage fee.
You’re exactly right, the normal CommSec’s fees are insane! Which is why I would never recommend them to anyone. All I was wanting to show with this video was that with for someone just starting out the fees may be higher than they think 😁 Thanks for commenting!
Thanks for the video. It has been helpful. As i investing newby i would like to ask the following. If a have a custom portfolio at raiz having a asset allocation between shares and bonds, and investing around 500 dollars a month with flat fees of 4.5 dollars, isn't it a good option as a long term investing. I am looking for flaws in this strategy and would be gold to hear your feedback. Cheers
Thanks so much for watching and for the kind words! Unfortunately, due to legal reasons, I am unable to comment on anyone’s personal situation :/ If you would like some qualified feedback, you may like to get in contact with a Financial Advisor 😁
What app do you recommend then for small investors ? I guess that as o ther people commented if they invest big amount of money $2 is nothing big in my casi I have not much to invest. Is there any app you can recommend please 😊
I'm using sharesies for now, it's going well and the brokerage fees are 0.5% which is pretty good, Not Chess sponsored so I'm taking a small risk but it's a great way to build up stock with dollar cost averaging
Great! Sharesies fees are quite competitive and not having CHESS Sponsorship isn’t the end of the world in my books. The fact that you are consistently investing is the most important part so well done!! 😁
I'm never done any investing, but are you kind of saying that if you have a decent and regular amount of money to invest - Say $1000 a month, don't fret about the ups and downs of the market and are prepared to have this tied up for the long term (say 10 years) then this is a good platform to use? But if you are only dealing with a few dollars here and there in the short term, then the fees will swallow up the investment? It's almost like "buying" your way into the big boys club?
Firstly, thanks so much for commenting! With regards to what I am saying in the video, I am not really saying anything other than making the observation that for how these platforms are marketed, the fees may be higher than what you would expect (especially if you only have small amounts to invest with). Definitely, if you have more money to work with, then the fees become less outrageous but there still may be better options on the market. Hope that make sense 😁
Wow, $400 a week! Way to go! If you are asking which option would cost less in fees, it will really depend on how you plan to buy ETFs and with which platform. Did you have an investing platform in mind?
While I can't advise you on what would be the best choice for you specifically, an alternative to investing in micro investing apps would be to use a standard broker with low fees. I would recommend you do some research into the different platforms available and do some quick calculations to determine how much you would need to pay in fees depending on the amount you plan to invest! Hope that helps 😁
I started investing on RAIZ last year, while the first two months were going well I decided to invest all my savings on the third month, an amount of 10k, and ever since my money is being drained, market seems to be dropping every month and Im just loosing money, unfortunately I changed my portfoilio to try to fix it up, but nothing changed, at the moment Im under Moderatellu Agressive portfolio, I still have hope that Ill recover my loss...
It’s all about the long term, if you keep checking every month and get scared of what’s happening in the market, that won’t help. Ride out the wave, I’m sure you’ll be fine!
You don’t really lose money, you just don’t make as much as if you’d managed it yourself. That’s why it’s called a management fee. Who can be bothered rounding up the small change ? I’ve started one for fun and am getting my young adult children involved to learn good habits and learn about money. If they come back to me and say they can do better then the fees have been well spent !
Hey mate, I do agree with your analyse, but i think those platform like commsec pocket is good to start in the world of trading. I put 50 $ like i will loose them, and to see how it works fees etc… before building an actual portfolio with a Broker
Actually, as far as I am aware, Spaceship Voyager aren’t so bad! Considering they allow up to $5,000 invested without charging any fees, they would be a good fit for a beginner who can only invest small amounts to begin with 😁
@@ConnorandAlan "Beginning 1 November 2021, we are replacing our current fee with a new fee of $2.50 per month. This fee will be applied when you have a Spaceship Voyager portfolio with a balance of $100 or more. No other fees or costs will apply, and if you have more than one portfolio within your Spaceship account, there are no additional fees."
Of course you have the click bait thumbnail of a scam then proceed to explain that it's not a scam and just want to educate people that's its just provably not the right decision for them
You’re right! I didn’t speak about Spaceship Voyager specifically because at the time of filming this video, they were still fee free for portfolios under $5,000 and I thought this was a great thing! However, a day after I posted the video Spaceship Voyager announced that they were imposing a monthly fee and that then put them in the same box as RAIZ. So I included them in the title and thumbnail because Spaceship users should probably hear this as well 😁 Thanks for commenting!
A little disappointed. Obviously I understand they need to run their business. There will likely be many customers who just put up with the fee out of convenience and for the investors who have a lot of money managed by them, it probably won't be that big a deal. But, similar to my thoughts about Raiz and CommSec Pocket, I feel for those who are only investing small amounts because this will hurt them the most.
But what about other trading apps like for investing 1000,s you still paying fees. There thresholds are at minimum close to 600 at a time. With comsec pocket you still get dividends. On etrade brokerage is 20 bucks for a minimum of six hundred. Fees will always be between 1to 5 maybe more sometimes. Can not avoid it.
Money by Majella actually posted a similar video that motivated me to make this one so make sure you check that out: th-cam.com/video/-fpVrYKM7y0/w-d-xo.html
Thanks for sharing :) It's so important that new investors are aware of the facts (esp. when marketing does sneaky things like equate savings & investing!). I recently did a full comparison of all the micro-investing platforms, to see if ANY were a good option. So if anyone's interested you can also check that out! th-cam.com/video/eIKZopwUV4Y/w-d-xo.html
@@MoneyByMajella Yes! Everyone should definitely check out that ^ video, very detailed comparison!
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
My advisor is *ROCH DUNGCA-SCHREIBER* ’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
This is a good video and does inform viewers of the fees with these apps. But, my only issue with the RAIZ example is you're taking a small sample of only 7 days and you're assuming that this person is a hermit that doesn't go out. Most people will spend way more than that in a day, especially on things like coffee, food, petrol, groceries, leisure etc. I did my own calcs across 3 months and the average was about $47 a month ($44) if you take out the fee. This plugged into your interest calculator you used far surpasses a high interest account in Australia, in fact, the returns are about 10x higher.
Im planning to invest 1000 per month in comsec pocket for the next 20 years. The $2 charge seems insignificant to me
I really liked your video I have made $500 in commsec pocket buying in after market crash in 2020. It us great you have raised the cons of these apps there is quite a few more positives. Number long term I have found pocket far more superior then savings. Second the divends from the Aussie dividends one and the aussie top 200 have far exceeded bank interest. A red hot tip. I have been recycling bottles and getting .10c per bottles. I average about $10 in bottles fortnight which I put in pocket with my savings. I found it was a great way to cover the $2 fee and paid with bloody plastic bottles how good is that!! Thanks for the video. My experience long term you will succeed like most time with investing 🙌
Thanks so much for watching, commenting and sharing your experience with Commsec Pocket 😁
Rather than round ups, if you directly invest say 100 bucks a week for a long period of time (minimum 5 years) you will find that returns from dividends significantly outweigh the cost of maintaining these portfolios. Your examples are correct but these apps aren’t designed for get rich quick schemes.
*UPDATE* Spaceship Voyager just announced they will be introducing a new fee structure which will charge users $2.50 per month (similar to Raiz). What do you think about this news? Let us know in the comments!
Raiz is good. I had about 40K in it and walked away with about 4k in returns. the monthly means nothing except for very cheap minded people who shouldnt be investing anyway. I'm dollar average about 200k in it soon.
Spaceship will be charging a monthly fee of $2.50 from November 1st. My 3 meager portfolios of a few hundred are already worth less than the money I have put into them. There's not much optimism in the stock market. Dunno whether to risk losing that few hundred as my accounts slowly get drained or hope for better days, which I don't think are coming for a while. Disappointed to say the least. The timing of this move is really weird.
We received the email today also! Funnily enough, I was quite close to putting some money into one of their portfolios myself, luckily I hadn't gotten around to it yet. We are definitely disappointed too, sorry you have to deal with this :/
@@ConnorandAlanwhat if you have $10,000+ on the portfolio in spaceship or raiz. Would it make a difference compared to if you just placed a few 100’s-1000’s. Just curious before getting into it.
@@brendatrang5755any answer to this?
Fantastic video. Didn't really think about this aspect of commsec pocket! Pretty bad that these apps are kind of taking advantage of beginner investors.
Thanks so much for commenting! I am glad you liked the video and yes, it has always been puzzling to me that so many people use CommSec Pocket but it just goes to show how effective their marketing has been and just how big a brand they have!
I appreciate your intention, but you’re honestly scaring away beginner investors more than you are protecting them. I’m researching beginner tools to help my mum get started with investing, and I know that if she watched this video, she would come to the conclusion that she’s probably better off putting all of her money in a savings account.
If you focused this video on “how to use these apps the right way”, you would have conveyed a more beneficial message.
Yes but if you want to invest anything up to $1000 on the normal commsec the brokerage fee is $10. If you’re just looking to trade up to 15,000 into the listed EFTs then commsec pocket works out better in terms of the brokerage fee.
You’re exactly right, the normal CommSec’s fees are insane! Which is why I would never recommend them to anyone.
All I was wanting to show with this video was that with for someone just starting out the fees may be higher than they think 😁
Thanks for commenting!
Thanks for the video. It has been helpful. As i investing newby i would like to ask the following. If a have a custom portfolio at raiz having a asset allocation between shares and bonds, and investing around 500 dollars a month with flat fees of 4.5 dollars, isn't it a good option as a long term investing. I am looking for flaws in this strategy and would be gold to hear your feedback. Cheers
Thanks so much for watching and for the kind words! Unfortunately, due to legal reasons, I am unable to comment on anyone’s personal situation :/ If you would like some qualified feedback, you may like to get in contact with a Financial Advisor 😁
What app do you recommend then for small investors ? I guess that as o ther people commented if they invest big amount of money $2 is nothing big in my casi I have not much to invest. Is there any app you can recommend please 😊
What are the buy in cost for steak + monthly fees
I'm using sharesies for now, it's going well and the brokerage fees are 0.5% which is pretty good, Not Chess sponsored so I'm taking a small risk but it's a great way to build up stock with dollar cost averaging
Great! Sharesies fees are quite competitive and not having CHESS Sponsorship isn’t the end of the world in my books. The fact that you are consistently investing is the most important part so well done!! 😁
I'm never done any investing, but are you kind of saying that if you have a decent and regular amount of money to invest - Say $1000 a month, don't fret about the ups and downs of the market and are prepared to have this tied up for the long term (say 10 years) then this is a good platform to use? But if you are only dealing with a few dollars here and there in the short term, then the fees will swallow up the investment? It's almost like "buying" your way into the big boys club?
Firstly, thanks so much for commenting! With regards to what I am saying in the video, I am not really saying anything other than making the observation that for how these platforms are marketed, the fees may be higher than what you would expect (especially if you only have small amounts to invest with).
Definitely, if you have more money to work with, then the fees become less outrageous but there still may be better options on the market. Hope that make sense 😁
What market do you recommend for people who are beginning to to invest
Whichever market you feel most comfortable with!
Hi would it worth it input in about 400 a week on spaceship or better off buying etfs
Wow, $400 a week! Way to go! If you are asking which option would cost less in fees, it will really depend on how you plan to buy ETFs and with which platform. Did you have an investing platform in mind?
@@ConnorandAlan I use stake just buy s&p 500 etf. But space ship seem to have good returns
I'd like to hear the alternative options and how to implement them for beginners, if the apps are no good for investing. Thanks
While I can't advise you on what would be the best choice for you specifically, an alternative to investing in micro investing apps would be to use a standard broker with low fees. I would recommend you do some research into the different platforms available and do some quick calculations to determine how much you would need to pay in fees depending on the amount you plan to invest! Hope that helps 😁
I started investing on RAIZ last year, while the first two months were going well I decided to invest all my savings on the third month, an amount of 10k, and ever since my money is being drained, market seems to be dropping every month and Im just loosing money, unfortunately I changed my portfoilio to try to fix it up, but nothing changed, at the moment Im under Moderatellu Agressive portfolio, I still have hope that Ill recover my loss...
Just hold out, more likely then not it’s bound to increase in the long term
It’s all about the long term, if you keep checking every month and get scared of what’s happening in the market, that won’t help. Ride out the wave, I’m sure you’ll be fine!
@@christianescobar2211 💯👌
You don’t really lose money, you just don’t make as much as if you’d managed it yourself.
That’s why it’s called a management fee.
Who can be bothered rounding up the small change ?
I’ve started one for fun and am getting my young adult children involved to learn good habits and learn about money. If they come back to me and say they can do better then the fees have been well spent !
Hey mate, I do agree with your analyse, but i think those platform like commsec pocket is good to start in the world of trading. I put 50 $ like i will loose them, and to see how it works fees etc… before building an actual portfolio with a Broker
I can only speak for CommSec Pocket, but the fees are tax deductible.
Okay what's the alternative? Give us solutions not problems.
Yea... I closed my Raiz account. Wasn't quite for me.....
Thanks so much for commenting and for sharing your experience!
Another amazing video!
Any chance you can make an updated video on current best high interest savings accounts? Thank you!
Thank you! We may have something in the works 😏 so make sure to keep an eye out!
@@ConnorandAlan thanks mate! I appreciate the hard work
@@blekdregen Not a problem! We appreciate the support!
It’s really hilarious when people think more about charges than returns.. Start the journey and have patience for returns..
The point is this approach is almost guaranteed to be less effective
Both fees and returns are important but remember, you have more control over the fees you pay than you do over returns you achieve 😁
Great sharing my friend. 👍🏻 Full support here. Stay connected.
Thanks Delma!! For sure 😁
Spaceship should be same?
Actually, as far as I am aware, Spaceship Voyager aren’t so bad! Considering they allow up to $5,000 invested without charging any fees, they would be a good fit for a beginner who can only invest small amounts to begin with 😁
@@ConnorandAlan thanks 👍
@@ConnorandAlan not any more. They are same from nov 1st
@@ConnorandAlan "Beginning 1 November 2021, we are replacing our current fee with a new fee of $2.50 per month. This fee will be applied when you have a Spaceship Voyager portfolio with a balance of $100 or more.
No other fees or costs will apply, and if you have more than one portfolio within your Spaceship account, there are no additional fees."
@@VV-lr7xe What about that timing! Seems like we can just throw Spaceship Voyager in with Raiz and CommSec Pocket now!
Of course you have the click bait thumbnail of a scam then proceed to explain that it's not a scam and just want to educate people that's its just provably not the right decision for them
$4.50 monthly fee now on Raiz!
Im leaving
u didn't talk about spaceship at all
You’re right! I didn’t speak about Spaceship Voyager specifically because at the time of filming this video, they were still fee free for portfolios under $5,000 and I thought this was a great thing! However, a day after I posted the video Spaceship Voyager announced that they were imposing a monthly fee and that then put them in the same box as RAIZ. So I included them in the title and thumbnail because Spaceship users should probably hear this as well 😁
Thanks for commenting!
@@ConnorandAlan Fair enough!
Great vid bro
What are your thoughts on the new $2.50 monthly fee with spaceship universe?
A little disappointed. Obviously I understand they need to run their business. There will likely be many customers who just put up with the fee out of convenience and for the investors who have a lot of money managed by them, it probably won't be that big a deal. But, similar to my thoughts about Raiz and CommSec Pocket, I feel for those who are only investing small amounts because this will hurt them the most.
I recently tidied up a bunch of monthly subscriptions as times are tight and had forgotten about raiz ! $3.5 per month. Im out! Great summary
The fees are simply a charge to play the game.
Thanks for commenting, mate!
Thank you
Not a problem! Thanks for commenting 😁
Thanks
Tiny details well explained
you said the truth now you r going to jail
Haha The first one
You are in deed!!
But what about other trading apps like for investing 1000,s you still paying fees. There thresholds are at minimum close to 600 at a time. With comsec pocket you still get dividends. On etrade brokerage is 20 bucks for a minimum of six hundred. Fees will always be between 1to 5 maybe more sometimes. Can not avoid it.
Great vid bro
Thanks Justin! Appreciate the comment!