How to Buy Fractional Shares
Using a Direct Stock Purchase Plan
Choose companies you like.One of the benefits of investing through a direct stock purchase plan (DSPP) is that you can invest directly in a company you personally like or believe in. While not all companies have DSPPs, many do.
Read the disclosure information carefully.On the company's website, you'll find disclosure information that explains how the plan works. This will break down the fees charged and minimum investment requirements to enroll in the plan.
Using an Investment App
Compare the available apps.There are a number of mobile apps, such as Acorns, Robinhood, and Stash, that allow you to invest small amounts of money in fractional shares of stock. These apps vary in terms of the amount of money you're required to invest and how much control you have over what stocks you invest in.
- Some apps require a minimum initial investment, while others do not. Those that require a larger initial investment tend to have lower fees, although there are some exceptions.
- If you plan to simply invest money and not trade a lot, the fees for trading may not affect your choice, so you can go with an app that has higher trading fees.
- The apps also differ in the amount of control you have over your investments. Some allow you to specify the companies in which you invest, while others only give you the ability to choose a general strategy (conservative, moderate, or aggressive).
Download the app you like.Once you've chosen the app you want, you can download it to your phone and start investing right away. Most apps are free, but some may charge you a nominal fee to download the app itself.
Set up your investment account.You'll have to provide investor information, including your name, address, and Social Security or U.S. taxpayer identification number to set up your account. You typically also must enter your bank account information to transfer funds to your new investment account.
- Once you set up your account, you can access it online as well as on any device where you have the app downloaded. If you get a new device, you typically can download the app for free and log into your existing account.
Arrange for automatic investments.Mobile apps make investing easy because you can set up automatic transfers from your bank account to the app. Many apps allow you to invest as little as a month.
Giving the Gift of Stock
Purchase a gift card in any amount.Stockpile gift cards are available at most big box stores, as well as some grocery stores and drug stores. You can also order digital gift cards online from the Stockpile website.
- Stockpile charges a fee of .99 plus 3 percent of the card's face value. In stores, you can buy cards for , , or 0. If you purchase online, you can set the amount yourself for any even dollar amount between and ,000.
Redeem the card on the Stockpile website.If you have a Stockpile gift card, you can set up an account on the company's website. Each card has a number that you can use to claim your stock. Stock is then allowed based on the price at which it's trading on the day you claim it.
- If you have a physical card, you'll have to scratch off the box on the back of the card to reveal the code. For digital cards, you'll simply enter the code you received in your email.
Video: Stockpile CEO: Fractional Investing | Mad Money | CNBC
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Date: 10.12.2018, 23:50 / Views: 82531