1. Mint – I think Mint.com is perfect for folks looking to get an idea of their net worth. I check on my net worth every now and then with Mint to see how I am doing for the year. Mint offers a useful budgeting tool that you can use. Mint is a useful tool to have, but it won’t do everything for you. It manages your accounts all in one place. I mainly use Mint during tax season because it allows me to sync up my transactions and accounts seamlessly with turbotax.com.
2. Acorn – This app is one of my favorite apps on the market. I love that it automatically deducts money from my checking account and purchases stock for me. It spits out dividends for me too! I find this app useful because I’m always looking to grow my financial portfolios. Acorn does an excellent job at showing you what you have invested, and what you have earned with the app. I highly recommend this app; especially if you are new to investing in securities or even the stock market!
3. Betterment – This app is similar to Acorn, but it takes a much different approach to long term investing. I believe Betterment is a must have app because it can focus on tax savings as well as building wealth. I’m still learning about this app, but I believe it is worth the download. It doesn’t hurt to have multiple investing apps. The more you diversify, the better you are off when another financial crisis comes knocking on your door. Experiment with this app and see if you like it. I also recommend you set up automatic withdrawals from your bank account to this app because it will take the pain away from having to remember every month to transfer funds.
4. Schwab – Another app that I absolutely love, and use on a daily basis is Schwab. You need to set up a bank account with Schwab to place trades for stocks, bonds, etc. Schwab bank has been good to me over the years. The reason why I love Schwab is because I can easily choose the option to “re-invest dividends” or “keep my dividends in my money market account.” It’s important to understand that cash flow from investments is what pays the bills every month. You should always have a few brokerage accounts. A Schwab brokerage account that does not re-invests dividends for you, and another account elsewhere that does the exact opposite is a good idea. It’s okay to have many brokerage accounts doing something strategically different from the rest. It’s all about tactics, and strategy.
Thank you for reading: Here Are 4 Apps To Build Wealth