How to Save Money Quickly: 7 Tips to Follow

Purse strings around the country are reaching their absolute limit.

The majority of Americans live paycheck to paycheck. Yet monthly income often doesn’t stretch far enough, meaning increasing numbers of people are taking on more debt than they can afford.

Indeed, total consumer debt in the US is now up at a staggering $14 trillion. Yes, trillion- with a ‘t’!

Clearly, people are in financial dire straits.

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Facts You Need To Know About Water Resistant Watches

In this ever-evolving world, nothing is stationary. Everything keeps transforming at a lightning-fast speed and watches are no different. Transfigured from a mere time device way back in time, watches now come packed with features you cannot simply think. From alarm, compass, calendar to smartphone connectivity, watches have upgraded to a whole new extent. Water-resistance is one such popular feature of watches that makes them even more popular among the crowd. There are plenty of watches that gives excellent water resistance making them a preferred product. For instance Omega Seamaster is a diver’s watch that comes with a whopping 300 m water-resistant.

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Pros and Cons of Investing Apps

investing apps

There are many different investing apps available now. It’s possible to easily start investing through your phone with minimal money and minimal hassle. However, there are drawbacks to these apps as compared to other investment options. It’s important to understand the pros and cons of investment apps so that you can make the best use of them.

What Are Investing Apps?

Any app that you use specifically to invest your money is an investing app. For example, if you use Acorns to “round up” your payments and invest your small change then you’re already using one of these tools. Some of the most popular investment apps today include Robinhood, WealthFront, Stash, and Betterment. Investing apps may or may not include robo-advisors. They each have different features and limitations.

Benefits of Investing Apps

Each app is different, so you have to look at your options carefully to figure out the benefits and drawbacks. Generally speaking, though, the biggest benefit of investing apps is that they make investing easy. You download an app, follow the online advice, and before you know it, you’re investing your money. If you are brand new to investing, then this is a great way to get a toe in the water. It starts you on the path.

Another huge benefit of investing apps, as compared to other investment options, is that you don’t pay a lot to use them. If you get into more serious investing, then you’re going to have to understand fees for financial advice, making trades, etc. Many of the investing apps do have fees, however they are low.

Moreover, you can start investing with just a small amount of money with many of the apps. In contrast, other types of investments might require you to have a high minimum just to begin. So, if you don’t have a lot of money and/or you don’t want to spend a lot of money, then investing apps can help you out.

Drawbacks of Investing Apps

Investing apps are easy to use, but that doesn’t mean it’s easy to make money with them. If you don’t know what you’re doing, then you can make a lot of bad decisions. You might not even realize the consequences at first, because you’re just swiping on your phone. It doesn’t feel as serious as “real investing,” therefore you might not take it as seriously. You can end up losing money. Even if you make a bit of money or stay even, you don’t gain the experience of truly understanding your investments. Therefore, you don’t learn how to make bigger money and play the investment game to its true benefit.

The thing that you pay for when you work with a financial advisor is the advice and knowledge of a person with experience in the field. When you use an app, you don’t get that. Some apps are better than others at automating good options and offering personalized advice. However, none are as good as working with someone one-on-one. Therefore, if you really want to get serious about investing, then you have to go beyond the apps.

What do you think are the biggest pros and cons of investment apps?

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