Building wealth comes from taking small steps to make sure you’re on the right track for your long-term financial plans. It can be hard to see the big picture without data to back up your plans, so here’s a peek at five apps that can help you build and manage your wealth more effectively, with each of these apps available on both iOS and Android.
If you’re the type of person who has trouble hitting your savings goal every month, Acorns can help with that. The idea behind the app is to squirrel away any spare change from your everyday transactions by rounding them out and investing your spare change. You can choose whether to invest primarily in stocks or bonds and you have full control over your funds. Watch them grow with the market as you continuously add to them to get you on the path to being a wealth builder. The service costs $1 a month and must be connected to your primary bank account to function.
You Need A Budget
The first step on the road to building your own wealth is getting out of debt. That can be hard when you have no idea where all your money is going each month. You Need A Budget (YNAB) helps with this by helping you set up a budget in the envelopes system, where every single dollar you earn is given a job. The broad overview of your finances helps users pay down debt faster, and the app is well worth the $5 a month asking price for anyone seeking to get themselves out of debt and onto a better financial path.
Traditional investing fees still hover around $5 to $7 a trade, making investing something the average American can’t afford to do. Robinhood is turning the investing world on its head by offering fee-free trades. How does the service make money? Premium features like margin and day-trading are locked behind a subscription model for those who get serious about investing and day trading. Still, Robinhood is completely free and makes investing possible for the little guy. Robinhood also offers the ability to purchase cryptocurrencies like Bitcoin, too. Always do your own research to see when it makes sense to compare financial products, but no other brokerage offers free trades.
Freelancers and the self-employed can have a hard time tracking finances due to the sporadic nature of income. Tycoon is an app designed by freelancers for freelancers to help determine exactly how much money you’re making per hour after taxes and other fees have been deducted. It’s a godsend for staying on top of your money, and when combined with a budgeting app like YNAB, it helps freelancers build wealth by giving a detailed breakdown of how much you’ve earned from each job you’ve completed.
Betterment is another wealth building app similar to Acorns, but instead of investing spare change you choose the amount you want to invest and the risk you’re willing to take in your portfolio. The planning tools and financial advice given is pretty sound, considering investment advice is something most people pay to receive. There’s a fully managed portfolio option that lets you talk with a real person about your savings goals, but the basic option includes on-the-go adjustments to your savings portfolio.