I can’t believe I did this

As you guys know I’m a long-term investor which means you don’t sell or switch unless the fundamentals have changed in some crazy way.

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1. The app is Acorns – why I joined
– Back in 2018 around December time I joined acorns, and there were a little over 5 apps in the market for investors but acorns stood out the most for me ( stash, q -capital, m1 finance, sofi investing, and more)
– It told me this is a portfolio based on who you are, and its for people that want to hold one for a long time
– So all the things I wanted to hear acorns told me

So I plan was this:
– I invested $500 into this portfolio for a little over 1.5 years, and then the pandemic hit, so in invested an additional 20k
– You know what they say, when the stock market is red, it means it’s on sale and you wanna get to buying
– And I was 100% happy and I recommend the app to well over 1000 people because I only recommend what I use

Also: eventually Acorns spent money on celebrity endorsement like The rock and so on, and made me happy to see the app improving and new people coming to join.

2. Why I left and how I left
– It sounded like the perfect place
– But internally here my prediction allegedly, it was the perfect time for the company to make a change because of the pandemic
– Most of the investments we had, were with the vanguard, so they switched them over Blackrock investments ( and Blackrock is also an investor in acorns – so that makes a lot of sense)

But here is what happened:
– They sold more than 50% of my portfolio for a profit
– So now Tommy Bryson the long term investor just did something only a short term investor would do because of the company
– Now I have a massive tax liability on the way

However:
– The good news is that the average acorns investor most likely had a loss, so when acorns sold ( they can deduct up to 3000 of that money form their taxes)
– But for the long term investors that I recommended include me, well that’s not going to be the cast
– And the minute that happened, I realized than one of my rules was triggered, the rule where the fundamentals of the company had changed and I didn’t want to be a part of it

3. What’s next
– I started investing with m1 finance with the exact portfolio I had prior, but this time no one has permission to sell my investments for whatever reason they have
– The only investments acorns didn’t sell, I transfer it over to sofi money
– And today in front of you guys I’m going to liquidate all of my investments that are left with acorns

However, I want to make somethings very clear:
– I still recommend acorns to the average person that just wants a company to manage their money and make whatever decisions they see fit
– But if you want a long term portfolio and want a guarantee that it will never change, then this might not be the best app for you
– And that’s the story

Tip: yes I’ll have to pay taxes, but I was already going to because of the change.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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