How to Find Investment Apps for Minors

As parents, it's natural to want to teach your children about investing. But with the rise of technology, it can be difficult to know where to start. Luckily, there are investment apps specifically designed for minors that can help get them started on the right track. Here's how to find investment apps for minors.

Research the App Store

The first step in finding investment apps for minors is to browse the app store. Both the Apple App Store and Google Play Store have a variety of investment apps designed for minors. Take some time to read reviews and compare features before making a decision. Look for apps that offer educational resources and easy-to-use interfaces.

Consider Robo-Advisors

Robo-advisors are a type of investment app that uses algorithms to manage your investments. They're a great option for minors because they offer low fees and require little to no investment knowledge. Some robo-advisors, like Acorns and Stash, have features specifically designed for minors. They offer educational content and allow parents to monitor their child's investments.

Look for Parental Controls

When you're choosing an investment app for your child, it's important to look for apps that offerparental controls. These controls allow you to monitor your child's investments and set limits on how much they can invest. Some apps, like Stockpile, even allow parents to purchase fractional shares of stock for their children.

Consider a Custodial Account

If you're looking for a more hands-on approach to investing for your child, consider a custodial account. These accounts allow parents to manage their child's investments until they reach a certain age. Custodial accounts can be set up through a financial advisor or brokerage firm.

Investment Tips for Minors

Once you've chosen an investment app for your child, it's important to teach them about investing. Here are some tips to get them started:

1. Start small: Encourage your child to start with a small amount of money and gradually increase their investment as they learn more.

2. Diversify: Teach your child about the importance of diversification. Encourage them to invest in a variety of stocks and bonds to minimize risk.

3. Be patient: Investing takes time. Encourage your child to be patient and avoid making impulsive decisions based on short-term gains.

4. Focus on the long-term: Teach your child to focus on their long-term goals and avoid getting caught up in day-to-day market fluctuations.

Investing can be a valuable tool for teaching children about money management and building wealth. With the right investment app and some guidance, your child can start investing and learning about the markets at an early age.