Boss Capital App – How does it work

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Stash App Review: Is This Investment App Safe or A Scam?

Anyone that is wealthy will tell you, that the best way to make money is not a work at home job. It’s to have your money work for you. But let’s face it, most of us are terrified of the stock market, which would help you achieve this. Apparently that has changed because of investment apps like the Stash app. But is it really any good? You may have already read other Stash reviews to get the details on what the app has to offer, but need some more information to help you decide if it is right for you. Let’s get into all the details on this investment app, including all the complaints.

What is the Stash App?

Stash is an investment smartphone app from stashinvest.com that features a brokerage account and a selection of approximately 30 various exchange traded funds. (ETFs). Stash was founded in 2020. The company’s headquarters is located in New York, New York. Did you know you can get paid for downloading apps like this on InboxDollars.com , Swagbucks.com and FusionCash.com?

How Does The Stash App Work?

The Stash investing app allows you to choose from 30 different exchange traded funds based on the risk assessment questionnaire you fill out when you sign up. The app will label you as either a Conservative, Moderate, or Aggressive Investor. You place an initial investment deposit and can add more by fractional share ownership. All Stash investments are covered by the Securities Investor Protection Corporation.

Stash simplifies investing by offering value-based categories of investments. You can select a customized portfolio based on your financial, political, or environmental interests and more. Stash also employs a different approach in presenting their investment portfolios by giving them interesting names such as “Roll With Buffet” and “Park My Cash” rather than the intimidating stock ticker symbols used by other apps. The investments are designed on a buy and hold basis.

How Much Does Stash Cost?

New investors can start an account with a $5 investment. New investors get the first month free of any fees and then are charged a $1 per month for accounts under $5,000 and 0.25 percent per year for balances over $5,000. There are no commission fees for stock trades and no bank transfer fees on deposits and withdrawals.

How Do I Start With The Stash App?

You can download the smartphone app for Apple devices on iTunes and Android devices in the Google Play Store at no cost. You will need to provide your personal information and complete a short-risk questionnaire that will help you select an appropriate investment when you sign up . Fund your chosen investment with any bank account. You will need to verify your bank account with either 2 small test deposits or linking your login credentials. Linking your bank account can take up to 6 business days.

You must be 18 years old to open an account. Stash tries to make investing less scary for new investors. If you want an alternative option to create more income, then check out work at home jobs here or my Best Work At Home Recommendation.

Stash Complaints

So on the surface, this sounds all good. It would seem like the stash app would make investing simple for anyone that wants to give this a shot. But like any app, it does have some flaws that you should be aware of to make the right decision for you.

Account Choice Limitations: Unlike other investment apps like Betterment and Wealthfront, Stash only provides taxable brokerage accounts. Investors won’t be able to take advantage of investing and maximizing contributions to individual retirement or 401k accounts.

Not BBB Accredited: At the time of this review, Stash has a A rating. However they do not have an accreditation with the Better Business Bureau. The average rating of the customer reviews left on the BBB is 2 stars out of 5 at the moment. According to some of the complaints, the company failed to respond to a billing complaint. InboxDollars.com , SurveyJunkie.com, Swagbacks.com & FusionCash.com are companies that make you money with positive BBB ratings.

Expensive Account Subscription Fees: Stash charges fees which are taken from your bank account rather than your investment portfolio. The company charges $1 per month for accounts under $5,000 and 0.25% per year for accounts over $5,000 after the first month.

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Not For Experienced Investors: Those who are knowledgeable about investments may not find the app suitable for them. The company does not offer advice from brokers and does not allow investing in individual stocks. Dividends are not automatically reinvested. These things tend to be turnoffs from many investors with larger accounts.

No Website Availability: Some users complain that the only way that they can access their investments is through the app. Certain investors would like to track their portfolios online on their desktop computer or laptop.

No Financial Education Resources: The company does not provide information for new investors on the different types of investments and how to invest properly for their financial goals.

Stash App Alternatives

Stash App is a good tool for beginning investors but it does have its flaws. There are several financial investment apps online available for you to consider. Two popular choices out there you might want to consider are Acorns and Digit. Both of these smartphone apps have more investment features than Stash and can help you with your spending and savings goals.

So Is Stash Legit or a Scam?

The stash app is a legitimate investment app for those who are new to the world of investing. New investors with under $5,000 can start a new account with only a $5 deposit. The first month is free with a $1 per month subscription fee thereafter. The app makes investing easier to understand, but experienced investors will find many features lacking for their individual financial needs.

How to Set Up Direct Deposit

Image by Emily Newman © The Balance 2020

When sending or receiving payments, you have several options. Among those options, you can use cash, checks, or electronic payments. Most organizations prefer that last choice—otherwise known as a direct deposit. In fact, you’re sometimes required to use direct deposit. Fortunately, it’s a safe and inexpensive payment option for all involved parties.

What Is Direct Deposit?

Direct deposit is an electronic payment from one bank account to another. For example, money may move from an employer’s bank account to an employee’s bank account, although there are several other ways to use direct deposit. To complete transfers, banks use the Automated Clearing House (ACH) network, which coordinates these payments among financial institutions. 

Fully Automatic Transactions

When you receive funds via a direct deposit, your account balance will automatically increase when the payment arrives. You don’t need to accept the payment or deposit funds to your account, which would be required if you received cash or a check. Likewise, when you pay with direct deposit, your checking account balance will automatically decrease when the payment leaves your bank.

Common Payment Method

Direct deposit has become increasingly popular because it does away with unnecessary paperwork. Billions of ACH payments take place every year.   For example, branches of government like the Social Security Administration, no longer print checks. Instead, they require that you receive funds electronically—either through a direct deposit to your checking account or through a reloadable debit card.   Employers of all sizes enjoy the ease of making payments to both employees and vendors through direct deposits.

Reasons to Make the Switch

There are several reasons for both businesses and consumers to use direct deposit.

Automated Deposits Are Convenient

When receiving funds by direct deposit, the funds are added to your account without any action required on your part. Whether you’re out of town or too busy to make it to the bank, your account will be credited. 

Going Digital Saves Money and Resources

With electronic payments, you don’t need to print checks or pay to mail them. This saves the business money while preserving resources associated with printing checks and transporting them. It’s generally free to receive payments, and sending funds by ACH is often less expensive than other options.

Electronic Records Won’t Fill File Cabinets

With a direct deposit transaction, everyone has a record of the payment. It’s easy to see what happened in your checking account’s transaction history. That transaction will be there whenever you need to reference it. You don’t need to manually write down details about payments, save pay stubs in a file cabinet, or otherwise keep track of paperwork.

Digital Payments Are More Secure

Nobody can steal a check, alter it, or attempt to cash it when the payment is delivered digitally. The funds seamlessly move from one checking account to another. When it comes to getting the money from one bank account into another, direct deposits are among the most secure ways to complete the transaction.

Direct Deposits Quickly Complete Transactions

Those getting paid via direct deposit often receive their payment before those getting paid via paper check.   The direct deposit may arrive in one payee’s account before another payee receives a paper check in the mail. Even if they do arrive at the same time, the paper check payee will have to take the extra step of depositing the check and waiting for those funds to clear.

Setting Up Direct Deposit to Receive Payments

To receive payments electronically, you need to provide bank account information to the organization that is paying you. They may require that you use a particular form (such as a direct deposit form) or they may ask you to provide a voided check. In some cases, you’ll need to provide your account information online.

To receive payments, you’ll need to provide the details below to the organization that will be paying you.

  1. Bank account number
  2. Routing number
  3. Type of account (typically a checking account)
  4. Bank name and address—you can use any branch of the bank or credit union you use
  5. Name(s) of account holders listed on the account

You can find most of that information on any personal check.   The routing number usually appears on the front of the check at the bottom left side. The account number will be just to its right.   Alternatively, you can call your bank and ask for direct deposit information. Details are often available online as well, but it’s best to log in to your account for accurate information.

Your bank routing and account numbers are sensitive information, so don’t provide those numbers to anybody unless you truly trust them.

Setting up direct deposit can take anywhere between a few days and a few weeks. Ask your employer what to expect so that you don’t look for your payments in the wrong place.

Once everything is set up, your payments will arrive in your bank account automatically. Be sure to check the available balance in your checking account before you try to spend any of that money. Government payments like tax refunds and Social Security benefits are typically available immediately, as are payments from employers, though it depends on your bank.   Other payments might be held for a few days.

Sending Payments With Direct Deposit

To send payments electronically, you need a relationship with a financial institution that provides ACH payments. Business bank accounts, popular bookkeeping services, and payroll providers may offer that service—so ask the vendors you’re already working with before you search for new resources.

Once you have a way to send ACH payments, you simply need to gather information about your employees. Include any disclosures required by local and federal laws in your communication with payees. If you’re unsure about the regulations for your area, check with your accountant.

Other Uses for Direct Deposit

There are many uses for direct deposit, aside from receiving paychecks or paying employees.

Independent Contractors

Your business can pay independent contractors with direct deposit. Your bookkeeping software or current payroll provider should be able to accommodate those payments fairly easily, although the cost may be higher than the cost to pay W-2 employees.

Social Security Benefits

Starting in 2020, the Social Security Administration required that beneficiaries receive payments electronically. To sign up for electronic payments, visit the U.S. Treasury’s Go Direct website. You can also change existing direct deposit instructions at www.SSA.gov. 

Child Support and Maintenance

To receive or send child support and maintenance payments electronically, contact your state’s department responsible for handling those payments.   

Tax Refunds

You’ll get your money faster if you use direct deposit for tax refunds. Tell your tax preparer that you prefer direct deposit, or provide your bank account information to the government when you file your returns. You can even split your refund so that the money goes into several accounts, making it easier to save some of your refund money. To provide direct deposit instructions, use the Refund section (Line 21b-d) on Form 1040.     You can also split up your direct deposit among multiple accounts by using Form 8888. 

It’s a good idea to set up alerts so you can receive an email or text message whenever there’s a deposit or withdrawal in any of your accounts.

Pay Bills

As a consumer, you can use the same technology to avoid using checks, paying for postage, and getting bills into the mail on time.   To do that you can either set up online bill payment with your bank or set up ACH payments with whoever you need to pay.

Check on Your Direct Deposits Periodically

Even after you’ve successfully received or sent direct deposits, it’s worthwhile to periodically check your bank accounts. That way, you’ll catch any errors or signs of identity theft. If you’re switching from a paper-based check register, you’ll have to adjust to the change of seeing everything online, but there’s no reason you can’t continue to balance your accounts as you’ve done in the past.

Money app showdown: Mint vs. Personal Capital

written by J.D. Roth — published 10 January 2020 (updated 23 February 2020 ) 15 Comments

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As I prepare to track my spending in 2020, I have to decide which tool to use.

In the olden days, there weren’t many options. Lately, however, there’s been a boom in personal-finance tools. Rather than try every available app, I elected to take a look at four that seemed like good fits for me: Quicken, You Need a Budget, Personal Capital, and Mint.

Yesterday I reviewed my experience with You Need a Budget. Today I’m going to cover both Mint and Personal Capital. Tomorrow I’ll talk about Quicken.

I had planned to review Mint and Personal Capital in separate posts, but as I began to pull things together I realized it made more sense to cover them at the same time. I think people are likely to use one or the other but not both. Let’s start with Mint.

Mint has been around for a long time. I remember getting calls from the company back in the early days of Get Rich Slowly. They wanted me to write about their service. And over time, many GRS readers became devoted Mint users. I was never one of them because I preferred to track my transactions by hand.

Nowadays Mint is owned by Intuit, the same company that owns Quicken. It’s been a while since I evaluated the tool, so earlier this month I decided to give it another shakedown. I discovered there’s plenty to like about Mint — but it’s not really meant for me.

To start, connecting with outside financial institutions is quick and easy. Of all the apps I’ve tried, Mint is quickest and most thorough about accessing my accounts. YNAB made me import accounts one at a time, for instance, and couldn’t read the names I’d assigned accounts at various banks. Mint, on the other hand, pulled all of my accounts from each business at the same time and included my existing labels. And whereas Personal Capital won’t connect with my credit union, Mint has no trouble.

Perhaps because it’s older, Mint has a robust feature set than the other tools I looked at. It not only tracks transactions, but also helps you set goals, build budgets, and stay on top of your bills. Here, for instance, is a notice that my Visa bill is due:

And here I’m setting saving goal for my upcoming Europe trip:

Plus, Mint offers a free credit score — something its competitors do not.

This credit score even breaks down ways for you to boost your credit. In my case, for instance, I just don’t have a lot of credit accounts. That prevents me from reaching the upper echelon of credit scores:

So, Mint offers some handy features. But it’s not all a bed of roses.

Ads Ads Everywhere Ads

In that last screenshot, you can see Mint’s major downfall: pervasive advertising. (“If you’re low on credit card accounts, check out these credit card offers.”) It’s everywhere, and has been since the company launched. In fact, that’s why Mint is “free”. YNAB charges a flat $50/year fee. That’s the company’s revenue model. Mint makes its money by pitching bank accounts and credit cards and brokerage firms. And sometimes the ads are absolutely obnoxious.

Here’s the popup I got when looking over my investments:

And here’s the top of the main page, with a bank ad in the account section and two ads at the top of my “alerts”:

Just below the “alerts” section is an “advice” section. That’s an ad. At the bottom of the main page, in an area labeled “ways to save”, is a whole hairy host of ads. Click any of these and you’re taken to a page dedicated to selling you a service:

There are ads everywhere. Sometimes the ads have ads. (I’m not joking.)

Less Than Perfect

Obviously, the ads annoy me. Perhaps they’re not big deal to you. If that’s the case, then Mint truly is a free option. But even then it’s not without drawbacks. Its investment reporting tools seem broken, for example. Here’s how Mint analyzed my asset allocation:

Not sure? Wow. And here’s how it analyzed my investment performance:

Really? Really? Why even offer these tools if they don’t work?

There is a budgeting tool — and it works — but it’s pretty clunky unless you accept Mint’s default categories. I’m not a default category kind of guy, though. As you saw in my review of You Need a Budget, I like to customize labels to fit the way I spend my money. That’s possible here, but it takes time. If I were to continue using Mint, I’d probably use the budgeting tool to monitor a handful of categories. (I don’t really need to budget for HOA fees and health insurance, for instance, because those are the same every single month.)

Because Mint automatically connects with your accounts, you don’t have to manually enter transactions. For most people, this is probably a good thing. I like to enter things by hand (because it raises my awareness) so this feature is less important to me. I got to do a little bit of work though: As Mint auto-imports your transactions, it does its best to categorize them. Naturally, this process isn’t perfect. If you want useful reporting and budgeting, you have to review each transaction to make sure it’s properly categorized. (Again, this isn’t a criticism.)

Mint offers a variety of reporting tools (which it calls “trends”, for some reason). You can break down your income and spending by category, by merchant, or over time. You can see how your debt and income are changing. And you can calculate your net worth.

For example, here’s my spending report for the month of January:

I like that you can zoom in to see the specific transactions that processed on any given day. But I’m a bit confused about how Mint categorizes some of the spending. See that big spike on January 3rd? That’s because my credit card payment processed on that day. Mint counts that as an expense to “business services”. But that makes no sense to me because all of those credit card transactions have already been included as individual expenses for whatever they were. By counting the credit card payment as an expense, Mint is counting each transaction twice. WTF?

The Mint mobile app is nearly useless to me. The interface is spare with minimal functionality. You can look at your spending habits, but that’s about it. Everything else is clunky or unavailable. Except the ads. There are still ads in the mobile app.

Final Thoughts

Mint isn’t awful but I don’t think I’ll continue using it. There’s no question it offers a lot of features, including some unavailable from other apps. If you want a tool with no out-of-pocket cost and you don’t expect to do a lot of fussing around with your budget and categories, Mint is perfectly fine. And if you’ve been using mint for a while, there’s zero reason to switch. (Don’t make work for yourself just because there’s a better option for folks who are just getting started!)

Next up, let’s look at Personal Capital.

Personal Capital

I’ve been using Personal Capital casually for several years. (I think I installed it on my iPad in 2020.) When I say “casually”, I mean that I don’t really do much active with the app. I used to track every penny I earned and spent with Quicken, but when I stopped keeping detailed records I installed Personal Capital so that I could keep an eye on my accounts all in one place. I check in from time to time to be sure everything looks okay, but otherwise the only tool I use often is the retirement calculator (which is excellent).

Like Mint, Personal Capital is an ostensibly free service. But just as Mint has a definite source of revenue — referral fees through ubiquitous advertising — Personal Capital has a revenue model too. The app is a hook to recruit clients to a wealth management company. If you’re one of the many Money Boss readers who has an extensive investment portfolio, the Personal Capital folks will call and email to pitch their servies. And when you sign into Personal Capital from the web, you get pop-up pitches to talk to one of their advisors:

For me, this is less annoying than Mint’s ad-based model. However, you might hate it.

Because I’ve been using the mobile version of Personal Capital for three or four years, I’m going to review the iOS app instead of the web app. From what I can tell, they have substantially similar features but they’re organized differently. The web version of Personal Capital is a little clunky, but the mobile version is slick.

A Focus on Investments

Whereas Mint and YNAB focus on banking, Personal Capital is more concerned with your investments. (Again, this is because the company wants to sell you investment services.) Instead of a home screen that shows your current transactions or a general overview of your financial health, Personal Capital displays things like your portfolio balance, market indexes, and “investable cash”:

Note that the Personal Capital home screen features two important pieces of info for money bosses: a net worth report and a cash flow report. (My portfolio balance and net worth show a huge drops at the end of November because that’s when I started updating my accounts in anticipation of this project.)

Like Mint, Personal Capital automatically imports transactions and allows users to do some minor editing. You can’t change the transaction date (which you can do in Mint), but you can change the description and the category. Plus you can classify whether a transaction is business-related, tax-related, or medical.

Personal Capital’s strength is its investment and retirement tools. The app offers quick access to standard reports like this performance graph:

It allows you to look at each investment individually, guides you through an appropriate asset allocation based on your goals and risk tolerance, and lets you explore the stock market at large. (Honestly, I prefer Personal Capital’s reporting to the official Fidelity app, so I uninstalled the latter from my iPad.)

One useful feature in the Personal Capital app is the cost analyzer. The software looks at your investment portfolio and alerts you if you’re paying more than 0.30% in fees on any particular fund. Because fees are the second-largest barrier to good returns (behind investor behavior), this is useful information. Personal Capital’s hope is that you’ll pay them to help lower your fees, but you’re free to move things around on your own too.

The Best Retirement Calculator in the World?

Personal Capital’s best feature is its retirement calculator. I’m a huge fan. In some ways, it offers all of the strengths of my favorite online retirement calculators while allowing greater customization. Why do I like it so much?

  • It bases your retirement needs on spending rather than income. As you’re well aware, I hate hate hate calculators that use income to project retirement needs. (SO STUPID!) Personal Capital’s planner automatically calculates your projected retirement spending (based on your recent spending patterns) but also allows you to make adjustments.
  • Personal Capital also allows you to enter a variety of possible spending goals, such as vacations, weddings, education, and home purchases. It lets you do the same with income. The net result is a highly-customizable projection of your income and expenses on the road to retirement — and after.
  • Instead of merely using a fixed calculation to determine the chances of retirement success, Personal Capital runs 5000 simulations and lets you know the odds of your plan allowing you to achieve your retirement goals.

The Personal Capital retirement planner allows you to alter base assumptions, such as life expectancy and inflation rate. It also generates a cash flow table so that you can see exactly how much money you’ll have when.

Final Thoughts

I like Personal Capital but I don’t love it.

While it’s my mobile app of choice, it’s not without its frustrations. It’s never been able to connect with my credit union, for instance, which means I can’t track transactions and have to manually update the balance now and then. (Mint and YNAB can connect to my credit union. Why can’t Personal Capital?)

There was also a period of time during which Personal Capital couldn’t connect to my Fidelity accounts for some reason. When that link was broken, the app was essentially useless to me. (To be fair, the same thing used to happen with Mint, which is another reason I never used that service.)

I also think the web interface for Personal Capital is weak, lagging behind the functionality of the mobile app. (Contrast this with Mint, where the web version is far, far superior to the mobile version.)

If you’re focused on investing and retirement planning, Personal Capital is the clear choice. It’s still a good option even if you’re in earlier stages of money management, but it’s less useful if you’re not well along the path to financial freedom.

The Bottom Line

Which should you choose, Mint or Personal Capital? I think it probably comes down to personal preference. I’m not a fan of Mint’s over-the-top advertising, so Personal Capital is a better option for me in that regard. Plus, I prefer the tools in Personal Capital to the tools in Mint. But I can see why others might prefer Mint.

If you’re looking for a money-tracking app, I think you should try both Mint and Personal Capital to see which is best for you. But for serious money management, neither is great.

While Mint and Personal Capital are fine tools for monitoring your accounts, they’re not actual money-management software. If as a money boss you’ve decided to track your spending, these are useful supplemental tools but they’re not good choices for ongoing expense tracking and budgeting. For that kind of work, you need something like Quicken or You Need a Budget.

Tomorrow, we’ll take a look at Quicken to see if it’s the tool I need to track my spending in 2020…

What about you? What’s your experience with Mint and/or Personal Capital? Do you prefer one ot the other? Why? And am I totally missing the boat by not opening my search to other apps? Which ones would you recommend?

Author: J.D. Roth

In 2006, J.D. founded Get Rich Slowly to document his quest to get out of debt. Over time, he learned how to save and how to invest. Today, he’s managed to reach early retirement! He wants to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you reach your goals.

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