Category Archives: The Stock Market and Financial Institutions

Another Wall Street Scam

I want to warn millennials about more scams to get your money into the stock market. Digital savings companies have sprouted up with easy to use low cost fees using your smartphone. One called STASH has you pick from 30 different exchange traded funds (ETF’s) they renamed “Social Media Mania” to make it sound less like a stock market investment and more of a fun social media chat-room. Even the most experienced professionals would have a hard time picking from this massive list of thousands of companies. But to suck you in further, it’s only $5 to start plus $1 a month. Two others, ACORNS and DIGIT are more than happy to set up accounts tied to your checking, credit, or debit card. They are also kind enough to take your money and put it in any ETF’s they feel like. DIGIT even sends you fun animated images, from the moment of your first deposit to certain milestones thereafter.

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The Stock Market

Taking a page from telemarketers and sinking to deaths never seen before, investment companies are now offering complete robo-run investing. After answering some questions about yourself and your financial goals, the computer takes your money and invest it anyway it pleases. As usual they are complicated with supposedly low fees, some even offer free accounts. But they re-balance your portfolio by automatically buying and selling shares whenever it feels like it as market conditions change. Ka-Ching! How many times do you suppose they “churn” your investments (perhaps as often as weekly) to charge you commission on all those buy and sell orders?

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