8 Tools to Automate Your Finances
Apps for Automating your budget
Tiller — Helps your track all of your expenses, and purchase categories will be assigned automatically. Which allows you to see where your money flows on a monthly basis.
Simple — By establishing your savings goals and monthly obligations like car payments and rent/mortgage, you’re giving Simple the necessary information that it needs to do behind-the-scenes calculations to know how much money you have available that’s “Safe to Spend.” Aka, the Guilt-free spending category.
Apps for Automating your Savings
Digit — Allows you to construct your own goals and the app which uses Artificial Intelligence Algorithms to evaluate how much money you wouldn’t miss (based on your spending) if you had the self-discipline to save more on your own.
Apps for Automating your Investments
Stash — Allows the user to pick from numerous portfolios that are preconstructed, meaning that you don’t need to spend any time or money on worrying about your portfolio management. There also lies an option to invest in individual stocks.
Robinhood-If you’re looking for something more controllable in your hands to minimize your risk/reward potential. Robinhood has a recurring deposit option that will automatically subtract your set amount from your bank account and adds it into your portfolio as “Cash”. This allows you to be able to either save to the desired amount to invest in mutual funds or individual stocks or exchange all for your chosen securities.
The sure-fire way to becoming a millionaire?
Three words. Consistency and compound interest.
Let’s say you’re 24 years old, just entering the workforce, just graduated trade school, starting your business, etc. and you decide to invest $550/month in a diversified index fund, which provides an annual return of 10%.
If you do that until you’re 60, you would have nearly 2 million dollars! ($1,967,636,92 to be exact)
But who wants to be a millionaire when they’re near the average retirement age?
Remember, Jeff Bezos asked Warren Buffett, “Your investment thesis is so simple… you’re the second richest guy in the world, and it’s so simple. Why doesn’t everyone just copy you?”
Buffett’s Response? “Because nobody wants to get rich slow.”