- Review: LikeFolio
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Use LikeFolio to invest in your favorite companies with the help of social media, based on your likes and dislikes.
People rarely invest for the sole reason of it being fun and interesting. They invest to build wealth, and set up systems that allow them to set it and forget it when it comes to their portfolios. But what if there was a company that combined investing with the average millennial’s favorite thing — social media?
Likefolio has done just that! It takes the investable companies social media users are talking about, and shows these mentions on a stock chart — making the connection from Twitter to Wall Street.
So what’s the point? Well, by connecting investing to something relatable, LikeFolio hopes to help new investors invest in companies they already like.
How Does LikeFolio Work?
The question is; where is this social media information coming from? From you and your followers! It scours your posts for mentions of companies and the products made by these companies. For instance, if you say something about your Android phone, LikeFolio knows Android is owned by Google.
Approximately 48-72 hours after signing up, LikeFolio will provide you with results from your social media activity. From there, it will keep your information updated on a regular basis.
Obviously, you do not have to invest in these companies. LikeFolio just makes suggestions based on the companies you are passionate about.
However, the program is by no means perfect. While it scours your social media activity for mention of products and companies, it doesn’t register the sentiment of the message. “I love Apple!” and “Apple sucks!” will both read “Apple”. So this may not be your favorite program if you post a lot of negative comments about various companies and their products.
What You Should Expect To See
When you go to the LikeFolio home page, you will see the top 50 companies mentioned by LikeFolio users in the past year. Expect to see the usual suspects — Google, Facebook, Twitter — but also non-social media companies — Hasbro, McDonald’s, Pfizer, etc. You can also adjust the settings to see your top 50 companies or the top 50 companies of you and your friends.
I signed up and was not shocked by the companies mentioned by my followers and me. After all, every personal finance blogger chats about Netflix being the best thing since sliced bread and enjoying their weekly Starbucks run. I also saw a lot of banks and credit cards mentioned, as well as well-hated companies (price wise) like Verizon and Comcast.
If you choose to invest, you don’t have to pick any of these 50 companies, but it is nice to see how each of the companies’ stock is performing.
Start Investing with LikeFolio
LikeFolio has teamed up with TD Ameritrade to help you actually start investing! In fact, if you open up an account with TD through LikeFolio, you will receive 5 commission-free trades and a gift card up to $150, depending on the amount you invest.
It only takes a few minutes to apply for your own TD Ameritrade account and then you are on your way to investing in all your favorite companies!
LikeFolio is a unique service for those who are interested in their favorite companies’ stock. It’s unlike anything I’ve ever seen and I think it’s a very cool way to get started with investing. After all, if we all purchased stock in our favorite companies as often as we bought products from them, we could end up making a nice chunk of money!
The only downside in my mind is the inability for the software to read context. Other than that, it offers something fun and unique for newbie or bored investors.
Sign up with LikeFolio via Facebook or Twitter for FREE and enjoy getting social with your favorite companies and products!