Mobile Investing: Vetting And Funding Your Deals On The Gobr>
It’s no surprise that mobile applications continue to touch every point of our daily lives, from how we drive, to what we eat, and now – how and when we invest our money online.
Social dynamics like the Millennial mindset, social media influences, and the gig economy lifestyle are driving more innovations in how we interact with money. But digital advancements continue to drive major disruptions in the world of finance, making it easier for both seasoned as well as new investors to find and fund “the next big thing” while on the go.
In fact, financial management and investment apps are quickly becoming mainstream, as more users are drawn to the convenience and immediacy of the apps. Moreover, the range of financial services being offered on various apps is staggering, with new finance and investing app solutions continuing to emerge at a tremendous rate. Yes, it’s true that the app invasion into investing is well underway.
However, just like with any new product, “downloaders” still need to beware.
When it comes to vetting and funding investment deals, it’s important for users to know upfront that all apps are not created equally. Just like with any solution in the marketplace, there are numerous variables and endless levels of expertise that will ultimately impact the end product. So when it comes to an investing app, users need to identify tools that are reliable and credible, while also looking to enjoy the ease-of-use it will add to their life.
With this in mind, leverage the following key insights when selecting the mobile investing tool that’s right for you.
Do: Select a reputable app
These apps run the gamut from being created by financial heavyweights like TD Ameritrade to highly-regarded newcomers such as RobinHood. Do a little homework upfront to find out the expertise level and reputation of the company to ensure that you are trusting the right people with your money. Also remember, online reviews are a great place to start with getting some initial feedback on any app.
Don’t: Overlook security features
Many mobile devices have fingerprint ID or numeric passcodes for accessing them. It’s generally good practice to have them enabled, but this becomes even more important when using financial apps.
Do: Research the offerings of each app
Different apps specialize in different things. It’s important to know what you want from your mobile investment app and then spend the time finding the one that will be most compatible with your needs.
Don’t: Forget to set goals
With the nature of financial apps to be able to make immediate transactions, it may be tempting to jump in and out of investments. To avoid this, set goals upfront and remember those prior to making any immediate transactions.
Do: Take the Opportunity to Use all the App’s Resources
Apps have built-in features that serve to educate their investors both from a broad perspective to improve their overall financial literacy, as well as on an individual level by including detailed information about each individual investment option. Take full advantage of this information!
Don’t: Overcomplicate your Finances
Try to look for the simplest solution that meets your needs and stick with one or a couple apps. When you have investments spread across multiple apps, it may become easier lost track of or mismanage some of your funds.
Do: Dive In
If you have been on the fence about testing out mobile apps, but are waiting for the market to mature more or feel as though traditional investing methods are a little more stable, then it’s time to just dive in. The technology is mature enough to provide peace of mind that investments will be carried out securely and with a greater level of convenience than ever before. Once you begin using them, they’re sure to become a key tool in your long-term investment strategy.