#9: Accrue
invest like a beginner, earn like a pro.
It took time for me to get into investing, and that was for two reasons: lack of financial literacy and FOMO [fear of missing out].
The principle of buying stocks when they’re low and selling high was just so scary. How do I know that the stock is at its lowest price so I can buy it? And how do I know it’s at its highest price so I can sell it? It was so overwhelming, it still is. I didn’t know there was a way to reduce this FOMO feeling till I had made costly mistakes 😭
While it doesn’t solve all the problems, Dollar Cost Averaging is an investment strategy where you buy a certain amount of stock periodically regardless of the price. The logic is that the price averages out over time. You can read more about it here.
For me, Dollar Cost Averaging has reduced the FOMO and investment risk; It’s a game-changer. This is why I’m excited to introduce our product feature of the week. Our product feature of the week is an investment platform designed for beginners to build wealth sustainably. Among their core offerings is the ability to do Dollar Cost Averaging, which is amazing.
Without further ado, let’s introduce our product feature of the week. Let’s get to it
Accrue was a recommended product feature by one of our readers! If you’d like to suggest your favourite product to be featured, you can do so here.
I’m super excited about this product feature. Let’s get to it.
Product Profile
Name: Accrue
Website: https://useaccrue.com/
Countries Served: All African Countries
Product Type: Financial Technology [Investments]
Price: Free
Founders: Clinton Mbah, Adesuya Omoruyi, Zino A.
Year Founded: 2021
In their own words:
Accrue's mission is to eliminate barriers to investing & increase accessibility to wealth accumulation.
In emerging markets, there's a rapidly growing population of people seeking investment opportunities that help them hedge against double-digit inflation and currency devaluation. Still, the market caters to short-term buying and selling for the few in-the-know users.
Accrue is here for beginners to investing who want guidance, ease, convenience, minimal risk, and decent returns. Accrue is a long-term wealth-building app built for beginners to invest.
Accrue allows you to:
Save: Saving in weak local currencies erodes your wealth day-in-day-out. Save in dollars and earn above-average interest that your bank account would be jealous of! You can save in dollars (stablecoins) and earn up to 6% annual interest.
Invest: Auto-invest in the top-performing stocks and cryptocurrencies with minimal risk and likelier profit. Start with as little as $1.
Spend: Spend and move money around with ease. Spend with Accrue’s virtual cards. Send cash to anyone on Accrue instantly for free. You can also withdraw your money to your bank account within minutes.
In Summary:
Accrue is an exciting product because they also have a telegram community where you can ask questions and get the answers you need.
Outside the telegram group, there is a community aspect of the product where people can share their portfolios with others and even curate portfolios for people new to investing in a set of assets, e.g: crypto. I think that’s pretty cool.
Investing can be very daunting, especially for people who are new to it and want to minimize mistakes. Accrue is taking a great approach to helping people solve this problem. This is especially important because most African communities have not prioritized financial literacy.
The rising inflation rate and increasing devaluation rate have left the African working class bearing the brunt of the cost and fighting an uphill battle.
This is why a product like Accrue is so important. Empowering users to save in dollars will hedge them against devaluation and inflation, which impacts their lives.
If you like what you’ve seen so far, you can check Accrue out for yourself here.
What do you think about accrue?
On an unrelated note:
Here are some of my favourite things I read and watched in the past week:
Grit: the power of passion and perseverance by Angela Lee Duckworth
How to Become the Best in the World at Something by Tomas Pueyo
Bowing out:
That’s it for this week, folks! I hope you found it enlightening.
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I hope the rest of your week goes great! See ya next week!
Yours in Product Discovery,
Dumss