How your smartphone is your best tool for making and managing money.
The power of the smartphone is amazing. We can stay connected with friends and family, play games, shop, watch, and also make and manage money.
There are so many apps available on our smartphones. Below are two types of apps that you should start using to set yourself up for huge financial success.
1. Money Managing App
The number one app you need on your phone is an app that can help you manage your money. My app of choice is Mint by Intuit. A lot of people opt for managing their money in excel spreadsheets which is great, but, to me, it’s a huge waste of time. Having to manually enter all of your income, transactions and expenses individually in to a spreadsheet takes a lot of time and there is plenty of room for error.
What is great about Mint is that you can connect all of your credit/debit cards, bank accounts, investment accounts, debt accounts, etc. all in one place. You can see each and every one of your financial accounts in one place which empowers you financially. With all of your accounts connected, Mint can track each income or expense for you without you having to enter it in a spreadsheet or even lift a single finger.
Some other great things about Mint are that it will automatically calculate your net worth based on your assets and liabilities. This is great because it can serve as a general benchmark for whether or not you are increasing your wealth month to month or year to year. Another great thing is the monthly feature that can track your money earned vs. spent in each month a.k.a. your cash flow. This can help you better understand your habits each month and if you are sticking to your budget.
Having knowledge of your financial situation will empower to take the reins of your finances and your future. Utilizing Mint or a similar money management app is the first step to taking the reins. You will take control of your money so that you control it and it doesn’t control you.
2. Money Making App
The second app you need for financial success is an app that can make you money. For this, I use Robinhood. Robinhood is an online investing brokerage where you can purchase company stock, exchange traded funds (ETF) and more. Robinhood is a great because anyone can start with as little as $1 and you can purchase fractional shares so that you can invest in the companies or funds you want without having to drop hundreds or thousands of dollars on a share.
Once you’ve mastered managing your money with an app like Mint, you can start putting your savings to work by investing in the stock market with Robinhood. This way you can start earning money on returns, dividends, etc. What a great way to make money using that phone you always keep in your pocket! Also, as previously mentioned, you can connect your Robinhood account to your Mint account so that you can track your investments in the same place that you manage all of your other financial accounts.
It’s amazing all of the power and potential we all have at the tips of our fingers with a smartphone. Never has it been easier for a person to manage their money and start investing all on a device that we carry in our pockets everywhere we go.
Agree? Disagree? Let me know in the comments and thank you for reading!
-Cam
