DAYTON — A new app designed in the Miami Valley hopes to prove that investing is more than men in suits on Wall Street, frantically running around the stock exchange.
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Founder and CEO of Investable Nick Schubert said he’s hoping to shift the dialogue around saving and investing with his new app.
“I don’t know about you, but in Dayton, Ohio, there aren’t a lot of people talking about saving and investing. We hope Investable can change that,” Schubert said.
The app is aimed at getting more Americans to invest in the stock market.
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“I’m proud to launch it in my hometown, but it also, I think, caters to the working-class Daytonian,” Schubert said.
Schubert said he was shocked to learn in business school that over 100 million Americans do not invest in the stock market. So, he wanted to create a solution to help more Americans, and especially Daytonians, get involved.
Investable connects to users’ payrolls and automatically takes as little as $25 a paycheck to invest in the stock market.
“It offers [users] peace of mind. It decreases the anxiety of ‘I’m not saving.’ Or ‘I’m not investing.’ Right? They can get that peace of mind with each paycheck,” Schubert said.
When signing up, Investable asks users what their financial goals are and what potential purchases they’d like to make like buying a house, a car, or splurging on a vacation.
“You choose your risk profile, how much you want to contribute per paycheck. And then we force people to set a goal, to think about what their long-term objective is,” Schubert said.
The stock market can fluctuate and go up and down dramatically. Schubert said that recent shifts may make investing feel exhausting or intimidating, which is why Investable focuses on the long-term goals of users.
“Consistent contributions are the best way to smooth out market volatility over the short and long term,” Schubert said.
The app uses different portfolios created by the Investable team to help users make diverse investments. Any money invested is accessible to users, as reported by News Center 7.
Investable launches to download Wednesday.
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