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Money Help Apps to Keep you on Track

app that texts you about your spending

It can be difficult to keep track of your credit card bills. Luckily for you there are a few apps on the market that can make your life a bit easier. To help you stay on the right track, most credit card companies offer a complimentary service. Some offer paid add-ons that can make your life even simpler. Many apps are available in your local app store.

The mobile app is your bank's old standby. This site also houses a few fintech companies. Surprised to learn that many of these apps are completely free? This is also true for mobile payment providers who may offer more lucrative options than your bank. It is worth noting that mobile wallets often come with an app built in to track your spending. The aforementioned app is also a good place to find out what's on your credit card. Be sure to look out for deals, special promotions, and offers. You may also find that your bank is one of the few to offer mobile check cashing services. This is especially useful for travelers who need to quickly change funds before departing the airport. These apps are portable and can be used anywhere to track your spending. It is a great way to monitor your spending and keep your credit card balance in control.

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How do I invest wisely?

An investment plan is essential. It is vital to understand your goals and the amount of money you must return on your investments.

You should also take into consideration the risks and the timeframe you need to achieve your goals.

This will allow you to decide if an investment is right for your needs.

Once you've decided on an investment strategy you need to stick with it.

It is better not to invest anything you cannot afford.

Which investment vehicle is best?

There are two main options available when it comes to investing: stocks and bonds.

Stocks represent ownership interests in companies. They offer higher returns than bonds, which pay out interest monthly rather than annually.

Stocks are a great way to quickly build wealth.

Bonds are safer investments, but yield lower returns.

There are many other types and types of investments.

These include real estate, precious metals and art, as well as collectibles and private businesses.

What types of investments do you have?

There are many options for investments today.

These are some of the most well-known:

  • Stocks - A company's shares that are traded publicly on a stock market.
  • Bonds – A loan between parties that is secured against future earnings.
  • Real estate is property owned by another person than the owner.
  • Options - A contract gives the buyer the option but not the obligation, to buy shares at a fixed price for a specific period of time.
  • Commodities – Raw materials like oil, gold and silver.
  • Precious metals – Gold, silver, palladium, and platinum.
  • Foreign currencies – Currencies not included in the U.S. dollar
  • Cash - Money that's deposited into banks.
  • Treasury bills - The government issues short-term debt.
  • A business issue of commercial paper or debt.
  • Mortgages – Loans provided by financial institutions to individuals.
  • Mutual Funds – Investment vehicles that pool money from investors to distribute it among different securities.
  • ETFs (Exchange-traded Funds) - ETFs can be described as mutual funds but do not require sales commissions.
  • Index funds: An investment fund that tracks a market sector's performance or group of them.
  • Leverage - The use of borrowed money to amplify returns.
  • ETFs (Exchange Traded Funds) - An exchange-traded mutual fund is a type that trades on the same exchange as any other security.

These funds offer diversification benefits which is the best part.

Diversification can be defined as investing in multiple types instead of one asset.

This helps protect you from the loss of one investment.

Can I invest my 401k?

401Ks are a great way to invest. Unfortunately, not all people have access to 401Ks.

Employers offer employees two options: put the money in a traditional IRA, or leave it in company plan.

This means that you can only invest what your employer matches.

And if you take out early, you'll owe taxes and penalties.

How long does it take to become financially independent?

It depends on many variables. Some people can become financially independent within a few months. Others need to work for years before they reach that point. No matter how long it takes, you can always say "I am financially free" at some point.

The key is to keep working towards that goal every day until you achieve it.

Should I diversify?

Many believe diversification is key to success in investing.

Financial advisors often advise that you spread your risk over different asset types so that no one type of security is too vulnerable.

However, this approach doesn't always work. Spreading your bets can help you lose more.

Imagine that you have $10,000 invested in three asset classes. One is stocks and one is commodities. The last is bonds.

Imagine the market falling sharply and each asset losing 50%.

You have $3,500 total remaining. However, if you kept everything together, you'd only have $1750.

In reality, your chances of losing twice as much as if all your eggs were into one basket are slim.

This is why it is very important to keep things simple. Don't take more risks than your body can handle.

What type of investment has the highest return?

It doesn't matter what you think. It depends on what level of risk you are willing take. If you put $1000 down today and anticipate a 10% annual return, you'd have $1100 in one year. Instead, you could invest $100,000 today and expect a 20% annual return, which is extremely risky. You would then have $200,000 in five years.

The return on investment is generally higher than the risk.

So, it is safer to invest in low risk investments such as bank accounts or CDs.

However, it will probably result in lower returns.

However, high-risk investments may lead to significant gains.

For example, investing all your savings into stocks can potentially result in a 100% gain. But, losing all your savings could result in the stock market plummeting.

Which one is better?

It all depends upon your goals.

You can save money for retirement by putting aside money now if your goal is to retire in 30.

High-risk investments can be a better option if your goal is to build wealth over the long-term. They will allow you to reach your long-term goals more quickly.

Remember: Riskier investments usually mean greater potential rewards.

However, there is no guarantee you will be able achieve these rewards.


  • They charge a small fee for portfolio management, generally around 0.25% of your account balance. (nerdwallet.com)
  • Most banks offer CDs at a return of less than 2% per year, which is not even enough to keep up with inflation. (ruleoneinvesting.com)
  • 0.25% management fee $0 $500 Free career counseling plus loan discounts with a qualifying deposit Up to 1 year of free management with a qualifying deposit Get a $50 customer bonus when you fund your first taxable Investment Account (nerdwallet.com)
  • As a general rule of thumb, you want to aim to invest a total of 10% to 15% of your income each year for retirement — your employer match counts toward that goal. (nerdwallet.com)

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How To

How to invest into commodities

Investing in commodities involves buying physical assets like oil fields, mines, plantations, etc., and then selling them later at higher prices. This process is called commodity trade.

The theory behind commodity investing is that the price of an asset rises when there is more demand. When demand for a product decreases, the price usually falls.

When you expect the price to rise, you will want to buy it. You don't want to sell anything if the market falls.

There are three major categories of commodities investor: speculators; hedgers; and arbitrageurs.

A speculator buys a commodity because he thinks the price will go up. He doesn't care whether the price falls. Someone who has gold bullion would be an example. Or someone who invests in oil futures contracts.

An investor who buys commodities because he believes they will fall in price is a "hedger." Hedging can help you protect against unanticipated changes in your investment's price. If you own shares that are part of a widget company, and the price of widgets falls, you might consider shorting (selling some) those shares to hedge your position. By borrowing shares from other people, you can replace them by yours and hope the price falls enough to make up the difference. When the stock is already falling, shorting shares works well.

The third type of investor is an "arbitrager." Arbitragers trade one thing to get another thing they prefer. If you're looking to buy coffee beans, you can either purchase direct from farmers or invest in coffee futures. Futures allow the possibility to sell coffee beans later for a fixed price. You have no obligation actually to use the coffee beans, but you do have the right to decide whether you want to keep them or sell them later.

You can buy something now without spending more than you would later. You should buy now if you have a future need for something.

There are risks with all types of investing. There is a risk that commodity prices will fall unexpectedly. Another possibility is that your investment's worth could fall over time. These risks can be minimized by diversifying your portfolio and including different types of investments.

Taxes should also be considered. Consider how much taxes you'll have to pay if your investments are sold.

Capital gains taxes should be considered if your investments are held for longer than one year. Capital gains tax applies only to any profits that you make after holding an investment for longer than 12 months.

If you don’t intend to hold your investments over the long-term, you might receive ordinary income rather than capital gains. Earnings you earn each year are subject to ordinary income taxes

Commodities can be risky investments. You may lose money the first few times you make an investment. But you can still make money as your portfolio grows.


Money Help Apps to Keep you on Track