You can start investing with as little as $1 with many modern investment platforms. Apps like SoFi Invest, Robinhood, and Acorns allow you to begin with very small amounts. Some platforms offer fractional shares, meaning you can buy a portion of a stock if you can't afford a full share. The key is to start with whatever you can afford and build the habit of investing regularly.

A robo-advisor uses algorithms to automatically invest and manage your portfolio based on your goals, risk tolerance, and time horizon. They typically offer lower fees, lower minimum investments, and handle all the investment decisions for you. Traditional brokerages give you more control to choose your own investments, but you'll need to research and manage your portfolio yourself. Robo-advisors (like Betterment) are ideal for beginners and passive investors, while traditional brokerages (like Vanguard) offer more flexibility for experienced investors.

Choose an investment tool based on your investment style, goals, and experience level. Consider factors like:

• Minimum investment requirements
• Fees (management fees, trading commissions, account fees)
• Available investment options (stocks, ETFs, bonds, crypto)
• Level of guidance or automation you want
• Account types (taxable, retirement, etc.)
• Additional features like educational resources or financial planning tools

Reputable investment apps are generally safe to use. Look for platforms that offer:

• SIPC insurance (protecting up to $500,000 in securities)
• Strong security measures like two-factor authentication and encryption
• Regulation by financial authorities like the SEC and FINRA

SoFi offers various bonuses and promotions that can add up to significant value, but specific promotional terms vary. The $1,000 figure typically refers to the maximum potential value across multiple SoFi products and services, rather than a single sign-up bonus. Current promotions might include a sign-up bonus for opening an investment account, referral bonuses, bonuses for direct deposit setup, and rate discounts on loans. Check the current offer details by visiting SoFi's website through our affiliate link for the most up-to-date promotion information.