Staygg - new app lets you invest small amounts of money for free
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Re: Staygg - new app lets you invest small amounts of money for free
#2[deleted]
Re: Staygg - new app lets you invest small amounts of money for free
#3Finally it's here, the official Ponzi app.
But seriously - What exactly am I buying? Where are the details of the indexed fund? No charges, how does that work? Don't these people need to pay brokerage fees? I'm highly suspicious.
Re: Staygg - new app lets you invest small amounts of money for free
#4Finally it's here, the official Ponzi app. But seriously - What exactly am I buying? Where are the details of the indexed fund? No charges, how does that work? Don't these people need to pay brokerage fees? I'm highly suspicious.
My guess: they are eating the management fees on an indexed fund that they are just managing themselves. With enough volume they can offer other fee-ful funds like the other guys and cover the costs. It's just a loss leader.
I'm assuming it's not a Ponzi scheme, but obviously could be wrong.
If everything is up-and-up this is actually kind of cool. I've been disappointed at the lack of decent investment options for low-income savers.
Re: Staygg - new app lets you invest small amounts of money for free
#5Finally it's here, the official Ponzi app. But seriously - What exactly am I buying? Where are the details of the indexed fund? No charges, how does that work? Don't these people need to pay brokerage fees? I'm highly suspicious.
I'm thinking that they'll hide the brokerage fees by buying low-cost S&P index funds themselves in "large" chunks then breaking them off for users. The index funds still have brokerage fees tied into the cost of the fund, but the app itself won't charge users for entering or leaving the fund of funds.
If they're only buying additional index stock on a weekly/monthly basis they could potentially make that back in advertising revenue. Alternatively, by just paying out of pocket, if they get enough users they can now claim they've run a x $ amount mutual fund -- good resume padding.
Re: Staygg - new app lets you invest small amounts of money for free
#6What we need is an app to vacuum up whatever spare change is left of retail customers at the top of a stock market, and Staygg is that app.
Re: Staygg - new app lets you invest small amounts of money for free
#7Finally it's here, the official Ponzi app. But seriously - What exactly am I buying? Where are the details of the indexed fund? No charges, how does that work? Don't these people need to pay brokerage fees? I'm highly suspicious.
My guess: they are eating the management fees on an indexed fund that they are just managing themselves. With enough volume they can offer other fee-ful funds like the other guys and cover the costs. It's just a loss leader. I'm assuming it's not a Ponzi scheme, but obviously could be wrong. If everything is up-and-up this is actually kind of cool. I've been disappointed at the lack of decent investment options for l…
If it's not too private, what would be an ideal amount (min-max) for you to invest as a low-income saver?
Furthermore, maybe it would be better to handle immediate expenses instead of trying to save every penny which wouldn't have any tangible returns anyway?
Re: Staygg - new app lets you invest small amounts of money for free
#8I think this trend is a disaster for tech/finance interoperability. You should - for all intents and purposes - be your most liquid in your savings. Not your least.
Re: Staygg - new app lets you invest small amounts of money for free
#9Is this mutual fund registered with the SEC?
Re: Staygg - new app lets you invest small amounts of money for free
#10I honestly can't imagine any level-headed investor trusting any amount of money to a bunch of recently-graduated economics majors through an iPhone app.