Today marks the end of Week 1. Unfortunately, I wasn’t able to make a justifiable review between Betterment and Wealthfront because Wealthfront takes a very long time to get money into the account.
Backstory to signing up with Betterment:
I already had a Betterment account but never deposited any money. I was always intrigued by its UX and wanted to just look around, this was probably 3 months ago. The sign up was definitely a lot smoother than Wealthfront, which I signed up this past weekend.
When investing with Betterment, they did it the next day, instantly. The kicker, they didn’t even withdraw money from my bank yet. They wanted to get you into investing quickly! Which was pretty awesome.
With Wealthfront, it’s taking me almost an entire week to get me to invest… After confirming my bank, and then they take a few days to actually pull money from my bank and then start investing…
Week 0 (last Friday, 1st day of investing): -$ 0.02
I didn’t write a blog post because there wasn’t really much to report on.
Week 1: Started off with $ 999.98, ended with $985.61: -$ 14.37, -1.4%
Tough week. Dow Jones had only -0.4%
As for Wealthfront, I’m still waiting on money to be deposited… Hopefully we’ll start seeing some actual fighting coming up
People tell you that investing at an early age is best for you. But have you seen actual figures that backs up this statement? I haven’t… I’ve seen theoretical calculations, but I haven’t really seen any documented returns, which is why I’ve built this site. I want to be transparent and show my gains or losses each week, and see the progress at the end of the year.
Investing can get pretty confusing and really complicated, so that’s why we’re currently seeing the rise of “robo-advisors,” an automated system that will invest in stocks or bonds for you based on your investment goals.
I built this site in hopes to shine some light in what these “robo-advisors” are really about and how they can perform with real numbers. There’s a list of different investment services out there, but I’m starting with two of the top robo-advisors on the market right now: Betterment and Wealthfront. Its a fight to the death! Or… Fight till I’m broke!
I’ve only invested in $1,000 with a recurring deposit of $250/month. This amount will give a good starting point into how effective investing in these services will be for people who just want to start getting into investing, but don’t want to put all their eggs in one basket.
The chart below will show the difference between Wealthfront and Betterment.
To be honest, I don’t really care about any of these things… At the end of the day, all I care about is the $$$, and I’m sure that goes with the majority of the people reading this.