Combining contemporary resources with the world of finance has helped millions of people live more efficiently. Just consider, for instance, the number of online tools that are now available to those seeking financial freedom. Thus, although achieving prosperity is still not a given, it is definitely much easier to do than it was a few decades ago.
According to the Pew Research Center, as many as 77 percent of all Americans now utilize a smartphone. This translates to more than 250 million users who have access to many state-of-the-art applications. Naturally, there is a booming market for almost any industry and finance is no different. In fact, the number of apps that people can download to improve their wealth management is growing daily. So, what are some of the most powerful apps in this sector?
Founded over a decade ago, Mint has been around through some of the most difficult financial times in the United States. For those unfamiliar, Mint is a budgeting app that integrates into people’s banking accounts to track spending. Then, it establishes patterns based on the information provided by the bank. Thus, when there are unexpected expenditures, it sends alerts and helps keep the person on track. Mint offers an unparalleled level of security by relying on the financial software Intuit. So, those who may have concerns about sharing their banking account data with an online provider can be worry-free.
According to a company that specializes in personal finance planning, Knightsbridge PCS, people should also use at least one investing app. This allows them to make on-the-go decisions related to their portfolio. Furthermore, it undermines the need for any middlemen such as brokers or intermediaries. Well, one of the most successful apps in this sector is Robinhood. It is headquartered in California and currently holds a valuation of over $1.3 billion. The reason why investors enjoy using it is due to its simplicity that permits them to purchase stocks of publicly traded companies as well as a plethora of exchange-traded funds.
Proper wealth management requires one to have some form of asset protection. Courtesy of Credit Karma, keeping an eye on suspicious activity is extremely easy. Moreover, it can be done completely free of charge. In order to begin using this app, however, one must be familiar with credit reporting. That means that they should have at least a basic understanding of the concepts that surround credit scores, how they are measured, and what takes them up or down. That way, they can track any changes to their credit scores through Credit Karma and ensure that they are not being targeted by malicious hackers.
Although micro-investing is still slowly building its reputation, it has been growing over the past few years. The main difference between this approach and the mainstream solutions is the amount of money in question. With apps like Acorns, investors can obtain parts of stocks of publicly traded companies. Meaning, they can decide to purchase just one percent of a share in order to save their funds. Also, Acorns provides an extremely innovative solution to investing that rounds up people’s purchases and uses the rounded portion for their portfolio. Not to mention that it can be used as an app for retirement as well.
You Need a Budget (YNAB)
According to Knightsbridge PCS, it is impossible to stress the importance of budgeting enough. After all, the easiest way to avoid financial downfalls and adversity is to prepare beforehand. This means tracking all expenses and anticipating payments long before they are due. Well, You Need a Budget (YNAB) is another app that offers a modern solution. Similar to Mint, it integrates into people’s banks and tracks their activity. It also sends reminders about upcoming payments, spending categories, saving goals, and more.
Budgeting, Saving, and Investing
Although there are other noteworthy apps, the aforementioned few are a great start for anyone looking to make better financial decisions. In fact, it is crucial that people rely on no less that one budgeting, saving, and investing app. That means that they should have a separate app for all three activities such as Mint, Acorns, and Robinhood. Of course, as they become more experienced, they can switch to more complex systems. In the end, the most important step in the process is starting to think in terms of profitability through planning.