The Best Tools For Wealth Building and Management

Originally published on W Darrow Fiedler’s Wordpress!

As technology has progressed in the financial space, more transactions and activity are taking place online. A number of mobile apps are available for paying off debt, automating savings, banking, and investing. These tools make it easier to manage finances and build wealth. Here are some of the most popular apps along with a few tips on using them.

Mint

Mint is a free tool that people can use to create a budget. A person’s money and bills can conveniently be accessed and analyzed in one place. The app also has an alerts function, which should help make sure that upcoming bills are paid. Credit cards, utilities, rent and even the $30 to the babysitter can be tracked and managed.

Robinhood

This app is for investors who want to purchase stocks, options, cryptocurrencies, and ETFs. Trades are commission free and can be executed by using a desktop or mobile device. It also offers a way to keep tabs on the market by allowing a user to customize their stocks and investment news.

Stash Investments

Stash gives a user the ability to invest in many different companies with big names like Amazon, 3M, and Monster by purchasing fractional shares. An investment can be as little as five dollars. The company has a list of stocks and ETFs from different sectors. This provides an opportunity for investors who have smaller amounts of money to own shares in sectors that range from financials and healthcare to real estate and utilities.

EveryDollar

Many individuals get into trouble by spending more than they make. The issue is often compounded when they are then forced to pay credit card companies extra funds from higher interest rates. Dave Ramsey, an advocate for debt relief, created the EveryDollar app, which helps people design a personal spending plan so that they know exactly where every dollar is going. The app also includes Ramsey’s list of baby steps for building wealth and getting out of debt.

Choosing A Tool

The financial marketplace is packed with a number of websites and apps that a person can use to track both investments and spending. The key to using these tools is to develop a strategy for building wealth. This should include a detailed map of specific goals and time horizons and a reason why a person wants to get there. Once that’s figured out, an appropriate tool can be chosen to monitor results.