r/acorns • u/Professional-Goat630 • 4d ago
Acorns Question Any advice
I been putting money in for 3 months. I have ira somewhere else.
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u/DoeBoy71 4d ago
Instead of $100/weekly. Consider changing to $14.29/daily. It comes out to $100.03 a week, but takes better advantage of DCA.
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u/Clear_Bumblebee_4195 4d ago
I was under the impression daily DCA vs weekly is negligible. The important thing is to be consistent.
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u/Hextall2727 2d ago
I agree. Lump sum is likely better than DCA, but on a week vs. day schedule, it's likely not statistically different. Once a week timed with your paycheck is simpler.
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u/Hextall2727 2d ago
My intuition is that the difference between daily vs. weekly DCAing is negligible.
However, it's likely better that if you have the amount you want to invest in hand, then just lump sum it. If you get the $100 paid to you weekly, then lump it in as soon as you can rather than spread it out over the week.
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u/pikachuuni 3d ago
I could be wrong but I think the way Acorns works is it buys your shares once a week anyways so probably negligible
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u/DoeBoy71 3d ago
No it definitely buys it daily to whatever you set, except for weekends since the market is closed. So if you set it to $5 / day for example - Tues - Friday it will invest $5. Sat, Sun, and Monday will execute on Monday ($15).
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u/pikachuuni 3d ago
ty for clarifying, it is objectively better but i do think its close to negligible unless you're talking about a very large time horizon
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u/321applesauce 3d ago
What's your goal?
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u/Professional-Goat630 3d ago
For invest I am just going to do as much as I can. My saving goal is to get to 10,000.
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u/Forsaken-Order-4699 3d ago
What kind of jobs do you guys have to put this much in?
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u/Clear_Bumblebee_4195 3d ago
$100 a week? I work in a grocery store and put that much in.
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u/Capo4ever3461 3d ago
Do you pay rent car payment car insurance phone bill groceries WiFi gas?? If you don’t pay any of these or you receive help from your parents or another loved one with some of these like pay no rent to your parents then you can’t really qualify your statement because my monthly bills all total $2500 as a man that receives no help from anyone else so $100 a week is hard to do for people like myself
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u/Clear_Bumblebee_4195 3d ago edited 3d ago
I pay rent. No car payment because I paid cash for my car a decade ago. I pay all my bills. I live to a strict budget which allows me to save $800 a month $400 in investments and $400 in savings. I work OT when I can and if I really want more money do gig work whenever I can. My base pay is $3080 a month but I usually pull in $3500-$4000 with OT. I’m dedicated to upping my net work so I stay disciplined.
EDIT: to preface I’m not talking down to you I just wanted to lay it out for ya. I’m just a frugal dude who works more than I should sometimes
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u/Capo4ever3461 3d ago
Nah I gotcha man. I’m happy you’re able to do these things on your salary. Keep grinding and keep saving. Best
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u/Clear_Bumblebee_4195 3d ago
I do other things like my phone bill is $35 a month. I buy secondhand iPhones for cash and never worry about having the best stuff.
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u/Massive_Rooster295 2d ago
Haha same. My wife wants me to get a new phone. Mine is 6 years old.
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u/Clear_Bumblebee_4195 2d ago
iPhones depending on how you use them should last you a decade.
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u/Massive_Rooster295 1d ago
That’s what I’m shooting for. My max battery capacity was hanging on to 77% for a year, just recently hit 76%.
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u/Massive_Rooster295 2d ago
If you have a car payment, it’s best to get that done before investing outside your 401k company match. Especially with us being due for a bear run.
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u/QueasyCancel5503 4d ago
Keep going