They got you didn’t they! Was it the compelling adverts explaining the ‘science’ behind that extreme 60 min workout? Or the feeling of guilt as your summer-of-sun added pounds quicker than your bank balance decreased! Regardless, for the first few extreme workout sessions, most of us will feel like the guy below as we learn new skills! I hope in reality, with slightly less revealing clothes!:)
Irrespective, ours is a generation of experiences. Of learning new things. Extreme gym’ing is one such learning experience. What if I were to tell you that financially, most of us are also like Mr Stretch above. Giving it 110% while trying to keep it all kept together (and tucked in!) but also, without the skills or the guidance to gracefully exercise those dollars and cents.
Like many things in life, experience and learning are intertwined. And thankfully for our financial futures, technology is stepping up to help millennials experience that feeling of excitement and possibility when you successfully put your money to work, for you. Worried this will mean canceling your OrangeTheory sub?
Think again, life-changing effects can be enabled as easy as ten bucks a week! That’s right, less than your monthly torture errr I mean gym membership sub! And there are millennial-friendly places that will help you skip old-school financial advisors. Goodnight Wall Street, invest in your future directly from your smartphone. So step away from that over-priced, sweaty dumbbell and read on to learn how to work-out your finances.
Sites such as Wealth-Hack and NerdWallet exist to help millennials understand how to make savvy financial decisions and to highlight which providers are delivering the best service, be it transparent cost, ease of use or alignment with millennial values. Want to invest in the next fitness sensation before it becomes big? Sites like Wealth-Hack will show you where to go, and do it in an ethical way. Unlike financial advisors, all advice delivered is publicly viewable and can be commented on. If I push you in the wrong direction, the rest of the world will know, quickly. Conflict of interest gone quicker than my heart rate following a workout!
OK. So I know where to get online advice on financial matters that I can trust. But you still haven’t told me how I can start building my financial muscles by investing as little as ten dollars a week. Fair point and we are now at the part where we do ‘the big reveal’ and this one, like the best workouts, has multiple, heart-rate increasing zones:
Learning Zone 1 – The Power of Money over Time
The main selling point of workouts like OrangeTheory is the efficiency. Give your all. 60 mins. Once a week. And you too could look like a model/adonis – honest! This is attractive to Team Millennial, we like to do everything efficiently. And time is important for our budding financial muscles as we have something the older generations will never be able to claw back – time.
Every time you invest in something that grows with interest, you don’t see much improvement. How can 5% on ten bucks a week make a difference? And if you only save for 12 months, you are right. But if you allow your savings to mature, interest piles on top of interest. If you give it time, 5% of anything becomes interesting.
This financial concept is called Compound Interest and to show you its power, a single $10 per week invested long-term (40 years) would net $66K. You can avoid workouts and get your fat blasted out by an overly-tanned doctor in your middle age for that kind of dough!
Learning Zone 2 – Robo Advisors
There is a new breed of financial products called robo advisors. They invest your money automatically and, using tech even more powerful than your smartphone, take advantage of opportunities to buy and sell without you needing to worry. And best of all, they are cheap. Real Cheap!
Take WiseBanyan as an example. For people looking to experiment, low cost, low risk, they are perfect. WiseBanyan is essentially a free service which automatically manages your investment and even helps you plan for future goals (find out how much you could earn).
No such thing as a free dinner? In this instance, there is. WiseBanyan is looking to build a long-term service. As you get older and have more money to invest, they have chargeable products to help you. Their bet is to have you as a happy customer earlier in life will pay future dividends, for them and for you.
And so, your financial fitness instructor will need to close this pulse-racing, dollar enhancing mental-workout to a close. I hope you found the above informative and are intrigued enough to compare robo-advisors with keeping money in the bank.
But most of all, that you know now that you can redivert as little as $10 into a life-changing opportunity! It’s as simple as regularly visiting your friends at Wealth-Hack (sign up for our newsletter below or follow us on Twitter or Facebook) and by experimenting with robo advisors such as WiseBanyan.
We have also created a practical guide that shows you what is involved investing with WiseBanyan and how much you could earn. Alternatively, you could compare robo advisors with saving your money in the bank. Please comment below to get engaged on this game-changing topic.
|James Burns. Founder @ Wealth-Hack|
|w: wealth-hack.com||e: firstname.lastname@example.org|