The Digital Way
There has never been a better time to save and invest. Startups are moving at groundbreaking speeds digitizing and automating the way to invest our coin. You don’t need some fancy ivy league degree, or a 4.0 in Accounting to master the art of saving.
A few “Go To” applications that are pretty hot right now in the market are Acorns, Digit, and Robinhood among others. The cool thing about these apps are that they allow you to save and invest without even noticing.
Acorn takes advantage of your everyday purchases and invests it into a variety of different small Exchange Traded Funds ( ETF) across various industries.
To get started, simply connect your primary bank account debit card, and it will track your spending habits. After tracking your spending, you will have recurring investments that will automatically take pennies on the dollar, rounded to the nearest dollar, and “stash” it away for you.
Ease into the investment pool and get your feet wet starting with just $1 month. This is a great way to add another savings avenue without noticing any major drafts from your account.
Let’s say you want to start a bit smaller and you’re not ready just yet to start investing in stocks. That’s fine too. We all could use a little help from time to time coming up with different ways to save money.
Similar to Acorn, Digit saves your extra money in a repository with the option to withdraw it at a later date. No investing, straight savings.
Digit analyzes your spending habits from a connected checking account and automatically saves “loose change” rounded to the nearest dollar. Think of it as “The snowball effect,” what may seem minor can ultimately add up over time.
With Digit, you have the ability to withdraw amounts saved as needed. Ditch the banks monthly savings account fees and start saving with Digit. After all, you shouldn’t have to spend money to save money!
Robinhood is a stock brokerage, which allows individuals to invest in publicly traded companies and exchange-traded funds (ETF) listed on U.S. stock exchanges without paying a commission.
Typically, people go to major financial firms to get their investments handled by some “hot shot” Broker that typically comes with crazy commission fees. There is nothing wrong with that, it’s a part of the game.
Robin hood allows the option for the new age investor to have in-hand access to their portfolio. With this being a mobile application, it also allows you to manage your investments in real time and track their progress.
The app itself is modern with easy functionality. It makes stock trading cheap, engaging, and most of all, affordable.
You’ve heard the whispers and rumors about this new digital and global money system but what is it exactly? Bitcoin is the latest crave that allows people to send or receive money across the internet, even to someone they don’t know or don’t trust exactly. Essentially, Bitcoin uses a mathematical field of cryptography which makes its security next level and allows for an exchange without being linked to a real identity.
The complexity of Bitcoin offers much more than standard currencies.
Bitcoin is an evolved version of our standard currency or as someone once put it “If the dollar, gold and visa had a baby we’d call it Bitcoin.”
Bitcoin operates on an open transaction ledger called the ‘Blockchain’. Where all transaction data on the network is recorded. Each time a new block is mined the transaction data held inside that block is added and confirmed. The blockchain is then downloaded by every wallet making it irreversible. All information on the network is coded to keep user identity anonymous throughout the transaction.