20 Smart Tech Investments for Savvy Savers

Navigating the many gadgets and apps might feel like a chore, but some of these tech treasures can seriously beef up your savings over time. It’s all about picking the right tools that align with your lifestyle and financial goals. Let’s dive into smart tech investments that are totally worth your attention.

1. Smart Thermostats

Imagine your home always being at the perfect temperature and saving money at the same time. Smart thermostats like Nest learn your habits and adjust automatically, which can slash your energy bill by up to 23%. They’re super easy to control from your phone, even when you’re not home. They’re eco-friendly, helping you do your bit for the planet. Honestly, it’s a win-win situation.

2. LED Smart Bulbs

Switching to LED smart bulbs is a bright idea. They use way less energy than old-school bulbs, saving you money on your electric bill. You can control them with your smartphone or voice, creating the perfect ambiance without lifting a finger. They last ages, too, so you’re not constantly buying replacements. Plus, setting them to turn off when you’re not around? Major savings.

3. Water Leak Detectors

Have you ever come home to a surprise flood? Not fun, and definitely not cheap. Water leak detectors can save the day by alerting you to leaks before they become disasters. Installing them could mean the difference between a quick fix and thousands in water damage. Some insurance companies even offer discounts if you have them, making them a smart move for your wallet.

4. Budgeting Apps

Keeping track of your spending can be a hassle, but budgeting apps like Mint make it a breeze. They connect to your accounts and categorize your expenses, showing you where your money’s going. Seeing your spending habits can be eye-opening and help you cut back. They’re great for setting and sticking to savings goals, too.

5. Investment and Robo-Advisor Apps

Investing sounds complicated, but robo-advisor apps like Betterment simplify it. They automatically manage your portfolio for a tiny fee, making investing accessible to everyone. You just set your goals and risk tolerance; they do the rest. It’s a hands-off way to grow your savings without being a stock market guru. Over time, those investments can add up.

6. Bill Negotiation Services

Do you hate overpaying for cable or internet? Bill negotiation services like Billshark fight to lower your bills for you. They take a cut of the savings, but if they don’t save you money, you don’t pay anything. It’s like having a personal finance warrior in your corner. And the savings can be pretty sweet, freeing up cash for other things.

7. Online Courses and Subscriptions

Investing in yourself by learning new skills can lead to better job opportunities and higher income. Online platforms offer courses on everything, often at a fraction of the cost of traditional education. They’re flexible, too, so you can learn at your own pace. Mastering new skills can be really satisfying. It’s an investment in your future that pays off in more ways than one.

8. E-Books and Audiobooks

For the book lovers out there, e-books and audiobooks are a game-changer. Subscriptions give you access to many titles for much less than buying physical books. They’re super convenient, letting you carry a whole library in your pocket. And with public libraries offering digital loans, you can even read for free. It’s a budget-friendly way to feed your reading habit.

9. Fitness Trackers

Staying active is key to a healthy life, and fitness trackers help keep you on track. They monitor your activity, motivate you to move, and can even track your sleep. Some health insurance plans offer discounts if you share your activity data. Seeing your progress can be super motivating. It’s a small investment in your health that could lead to big savings on medical bills down the line.

10. Telehealth Subscriptions

Doctor visits can be pricey and time-consuming, but telehealth subscriptions make healthcare more accessible. You can consult with doctors or therapists from anywhere, often cheaper than in-person visits. It’s great for non-emergency issues or mental health support. It saves you the hassle of traveling to appointments. In today’s world, it’s a practical addition to your healthcare plan.

11. Smart Security Cameras

Boosting your home security with smart cameras can give you peace of mind and save you money. They deter burglars and can even lower your home insurance premiums. You can check in on your home from anywhere, which is pretty cool. Installing them yourself is usually pretty straightforward. And knowing your home is safe? Priceless.

12. Password Managers

In the digital age, keeping your online accounts secure is crucial. Password managers store all your passwords securely, so you only need to remember one master password. They can also generate strong passwords for you, beefing up your online security. This can protect you from costly identity theft and fraud. They’re convenient and save you from the frustration of forgotten passwords.

13. Solar Chargers and Power Banks

Solar chargers and power banks are perfect for eco-conscious savers. They use solar power to charge your devices, cutting down on your electricity use. They’re great for on-the-go charging, especially if you’re outdoorsy. Reducing your carbon footprint feels good. Over time, they can chip away at your energy bills, making them a bright idea for both your wallet and the planet.

14. Smart Irrigation Systems

If you have a garden, smart irrigation systems can be a game-changer. They water your plants efficiently, using weather data to avoid overwatering. This can significantly reduce your water bill. Your garden looks better when it’s cared for properly. It’s a smart way to save water and money, all while keeping your green space green.

15. Streaming Services

Ditching cable for streaming services can save you a bundle. You can pick what you want to watch without paying for many channels you never use. Many services offer free trials, so you can try before you buy. And with no contracts, you can cancel anytime. It’s a flexible, budget-friendly way to enjoy your favorite shows and movies.

16. E-Readers

E-readers are a must for avid readers. They’re lightweight, can store thousands of books, and many models are easy on the eyes for long reading sessions. E-books are often cheaper than physical copies, especially if you catch sales. Borrowing digital books from the library is a snap. It’s a convenient, cost-effective way to devour books.

17. Cloud Storage Solutions

Backing up your important files in the cloud is a smart move. Cloud storage is secure, accessible from anywhere, and much cheaper than external hard drives. It protects your precious photos and documents from computer crashes or theft. Sharing large files is easy, no more bulky email attachments. It’s a small price to pay for peace of mind.

18. Productivity Apps

Are you feeling scattered? Productivity apps can help you organize and manage your time and complete your to-do list. Whether it’s for work or personal projects, these tools can boost your efficiency. Many are free or have a low cost, making them a smart investment in your sanity. Accomplishing more in less time means more free time for you.

19. Cryptocurrency Wallets

Cryptocurrency is a hot topic; having a wallet lets you join the action. It’s a bit of a risk, but the growth potential is tempting. Start small and do your research to minimize risks. Remember, it’s more of a long game than a quick win. But who knows? Your small investment could grow significantly.

20. 3D Printers

3D printers might seem like a splurge, but they can actually save you money. Printing what you need, from toys to household items, cuts costs over time. It’s also a fun hobby that can turn into a side hustle. Plus, customizing items to your exact needs? Super cool. The initial cost may be high, but the savings and fun factor are real.

10 Pros and Cons of Investing in Collectibles

What are the Pros and Cons of Investing in Art?

The collectibles market has grown in popularity in recent years. Although many people already have them in their portfolios, alternative investments tend to rise when the stock market isn’t performing well. Unfortunately, some investors make the mistake of thinking they can dive in without a plan and turn a profit right away. However, the key to collectibles is recognizing what makes them valuable. So if you are thinking about buying alternative assets, you should consider these 10 pros and cons of investing in collectibles before making any large purchases.

What’s Considered a Collectible?

The term collectible includes a wide variety of items whose value is more than the original purchase price. However, when it comes to investing, the most common types include wine, art, cars, antiques, jewelry, watches, coins, books, stamps, baseball cards, toys, and comic books, to name a few.

These items appreciate for many reasons. For example, an item may become more valuable due to its age, condition, rarity, or appeal. You have probably read about some collectibles selling for millions of dollars. Although not all hold this much value, unique items can fetch a high price at auction.

Many investors choose alternative investments like collectibles because it offers high returns and greater balance within their portfolios. But be warned, it could take years to see any profit. Therefore, investing in collectibles isn’t the most practical strategy for every investor.

10 Pros and Cons of Investing in Collectibles

Before investing a large amount of money in collectibles, you should consider these pros and cons and weigh them against your current investment strategy.

The Profitable Side of Investing in Collectibles

1. Collectibles can become valuable assets.

Without a doubt, the right collectible will bring significant gains. Although there is high variability depending on which type of collectibles you focus on, there are certain types that tend to perform better than the stock market.

For example, when you look at the period from 1995-2021, contemporary art performed extremely well. The S&P 500 had an average return of 7.89%, which came to 10.48% with dividends. Meanwhile, contemporary art had a return of 13.8% over the same span of time. With results like this, it’s no wonder why collectibles have become an attractive investment.

On the other hand, there are no guarantees. But, getting expert advice and professional assistance can help you find quality pieces that will match or outperform the markets.

2. There is potential for huge returns.

We have all read the stories of people who discovered heirlooms that have been long forgotten or came across valuable items in local thrift shops and yard sales. Although it rarely happens, there is the potential of discovering something valuable that others have overlooked. And, there is always the slight chance of identifying collectibles that will become huge returns in the years to come.

While it is a one-in-a-million chance, these things can happen. And those who are extremely lucky may end up with something truly priceless.

3. It adds more diversification to your portfolio.

Any financial advisor will tell you that diversification is an important method to mitigate risks and protect your assets against stock market fluctuations. Index funds already have this built-in. But, it’s wise to have assets that aren’t correlated to the stock market. Collectibles are one way to create greater diversity and a more balanced investment strategy. And, they ensure you don’t put all your proverbial eggs in the same basket.

4. Collectibles can be passed on as generational wealth.

Unfortunately, many collectors don’t collect on the financial gains from their investment. Instead, they use it to create generational wealth that they can pass on. If their family chooses to keep the asset, it allows for further appreciation and even greater gains. Adding collectibles to your portfolio can give you and your family more resources and options.

5. It can fulfill a passion.

If you decided to start investing in collectibles, then you should choose something that you already have an interest in. Serious collectors spend years researching, networking, and learning about anything related to their collectibles. The most successful people usually choose a specific niche or passion they are already familiar with. Not only can it bring great personal satisfaction, but also financial returns.

…and the Risks

1. It’s a volatile market with several factors affecting value.

On the other side, investing in collectibles comes with significant risks. First off, it can be a very unpredictable, even volatile market. Demands can quickly change and items that once held valuable can depreciate overnight.

Furthermore, it’s a highly subjective market. Since there is no standardized valuation or index like there are with stocks and bonds, their value is difficult to gauge. Although we have access to more resources to compare items and prices, some pieces are one of a kind. Expert appraisals can give you an estimated value. But ultimately, collectibles are worth what people are willing to pay.

2. Quality items cost money.

Although we read about it often enough, people rarely find old junk and then turn around and sell it for millions. This isn’t how collectibles work. Most people know the value of what they have.

To earn a profit, you have to know the market and invest in quality items. Then, there are the additional costs for handling, storage, and insurance. But when it comes to the quality of collectibles, you get what you pay for.

3. There is always the potential for counterfeits.

Counterfeits and forgeries are inherent risks with collectibles. No matter what you are dealing with, you will always have opportunists who try to take advantage of the naive.

Even to a trained eye, the work of some of the most skillful con artists is difficult to distinguish from the original pieces. If you decide to delve into collectibles, always ask for authentication and go through reputable dealers so you don’t waste your time and money.

4. Collectibles come with a heavy tax burden.

Another thing that investors often forget is the tax burden that comes with collecting. When you add them to your portfolio, spend some time familiarizing yourself with the tax laws for collectibles. Depending on how long you own them, you may have to pay up to 28% in capital gains tax when you sell them.

5. They may never bring a return on your investment.

With most collectibles, getting a good return on your investment takes time. It may be decades before a collectible appreciates in value. In the meantime, if the items are damaged or destroyed, you may never see the profit. Additionally, some items will never be worth much more than you paid for them. So be warned, it may be a gamble that never pays off.

The Takeaways of Investing in Collectibles

Many investors have successfully built valuable collections. However, the fact that collectibles aren’t tied to the stock market is a double-edged sword. When you look at the numbers, collectibles tend to perform better than the stock market over time, but you have to wait for the return.

While there are both pros and cons of investing in collectibles, it isn’t for everyone. It’s better suited to long-term investment strategies. Like any investment opportunity, it will always carry risks. But without the risk, there is no reward.

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