My Acorns Update: MADE IT TO $1,000!

Monroe Mann

Published On: Dec 24, 2024

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Name: Monroe Mann Break Diving Level: Level 1 Number of Certified Dives: 15 From: United States In: United States

Monroe Mann is the founder of MonroeMannFinancialPlan.com

[Originally posted April 2018]

As promised, here is another of my Acorn Investment App updates. What started at $0 in August 2017, and then went to $75, then surpassed $500 in winter of 2017 is now at $1103.36!  We’ve hit the quadruple digits!

In the last post I shared about this, my goal was to get to $1,000 before the end of March, and $1,500 by August (the one-year mark).  I met the first goal!  Yeah!  And with a balance of $1,100 now, it’s a definite that I’ll reach $1,500 by August.

So… shall we up the stakes and try to get to $1,750 by August?  Yes, I think we shall!

And since we have reached 4 digits, I’d like to make a plan for hitting 5 digits:  If it took about 8 months to hit $1,000, then at that rate, it would take 72 months (6 years) to reach $10,000.  But two things: a) 72 months is assuming that there’s no appreciation, but of course, it will start growing faster the more money that’s in there, and b) I am expecting to be making more money in the next few years than I am now (shouldn’t we all?), which means I’ll be able to add more to the recurring additions (right now, it’s 10.00/week).

So… here’s my goal: get it to $10,000 by April 1, 2020.  That’s two years from now.  Bold, ambitious, and… I am going to work my butt off to make it happen.  How about you?

In other investment news, I just opened a brokerage account with David Lerner & Associates to create a quasi-endowment for Break Diving (that’s the 501(c)(3) parent company to this blog you are reading!)  The idea is to get started small, with just $1,000 (raised through donations), invest it into an income fund, and over the next five years (or sooner), get it up to $25,000 so that it kicks off enough monthly dividends to help pay the company’s operational expenses.  Cool idea, right?  Right!  [2024 Update: Ended up creating a brokerage account for the company with eTrade]

-Monroe

P.S. – As I mention in each of these posts, it’s important to know that I don’t only keep my money in Acorns.  My entire ‘portfolio’ consists of: index funds (via Acorns), individual stocks (via RobinHood & Stockpile), treasury bonds, bills, notes, and savings bonds (via TreasuryDirect.gov), Whole & Term Life insurance (via NY Life), and regular cash savings accounts (CapitalOne360.com, formerly INGdirect).  In order, from safest to more risky: Cash savings, NY Life accumulated cash value, US Treasury stuff, index funds, then individual stocks.  I also now also experimenting with the so-far-pretty-awesome app called You Need a Budget, which makes a lot of sense and has already resulted in me using my money more wisely.  I intend to write a full article on this soon!

P.P.S. – You can read all of my Acorns posts from the beginning by on this blog.

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