The kids in that wonderful Netflix show spend season one uncovering mysteries. [Don’t worry, this is a spoiler alert free zone.] We are going to do the same. But rather than deal with paranormal tomfoolery, our mysteries are rooted in the real world and concern how you can unlock your financial future using online advisors. Stranger Things Have Happened – than you retiring early, traveling the world, <insert your own long-term goal here>!
Ours is a generation of doing things efficiently. Want to compress an entire season of top TV into a single – don’t leave the house – multiple pizzas on order – weekend of televisual debauchery? Netflix makes this easy! This efficiency gives us the time to get involved in many things. Multi-tasking work, play, experiences, and travel are now standard life skills. We are awesome at making the most out of life just now! But how do I make sure my finances are in the right place for me long term?
Just like Netflix, multi-tasking and getting everything we can out of life, technology is stepping up to help. Most of us know what our long-term goals are in life. Retire early, travel the world, start your own business? You set your goals and tech can help you find out what you need to do to financially enable these goals. Worried this will mean canceling that crazy expensive 1 Gig internet connection?
Think again, life-changing effects can be enabled as easy as five bucks a week! That’s right, less than half a Neflix 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 Comcast cancellation button and read on.
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 Netflixs of the future? 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 as a quick as downloading the Netflix app!
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 invest as little as five dollars a week into a financially transformed future! Fair point and we are now at the part where we do ‘the big reveal’ and this one, like the best TV, has multiple episodes:
Part 1 – The Power of Money over Time
We discussed time efficiency earlier on. Team Millennial not only does things more efficiently, 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 five 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 $5 per week invested long-term (40 years) would net $31K. You can upgrade many many times to UHD for that kind of dough!
Part 2 – Robo Advisors
There is a new breed of financial products called robo advisors. They invest your money automatically. They use tech even more powerful than your smartphone to 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 IMDB of financial online advice has to complete this offering and move on to the next binge-worthy episode. 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 $5 per week 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|