Is it a good idea to invest your tax refunds into a Robo Advisor this year? Here are the best Robo Advisors that offer low minimum deposits and low fees that are perfect for any investment budget, so you can get your tax refund working for you right away.
If you are fortunate enough to get a tax refund this year, it helps to have a spending plan for the money. It feels good to splurge for a bit, but you need to treat your tax refund no differently than your weekly or monthly paycheck. Remember this: a tax refund is NOT free money from the government. It was yours all along!
Looking for the best and smartest way to invest your tax refund? If you’ve already paid off your high-interest debts and are ready to invest, Robo Advisors might be answer that you’re looking for.
Here are some of the top reasons why investing your tax refund with a Robo Advisor is a better idea than keeping money in the bank.
1. LOW MINIMUM DEPOSITS
Gone are the days when you need big money to start investing. Yes, you can still invest with a human advisor, but it is hard to ignore the value offered by automated investment platforms. When it comes to low minimum deposits, Robo Advisors are slowly becoming the platform of choice for both small and big investors alike.
One such example is the Wealthsimple Robo Advisor. Wealthsimple offers two types of investment services: Basic and Black. Wealthsimple Basic comes with $0 account minimum and offers free dividend reinvestment, automated deposits, and automatic rebalancing. Wealthsimple is fully-automated and is perfect for newbie investors.
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