Business Finance

Set it and forget it: Millennial-friendly app to build that future nest egg

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(FINANCE) A new app is designed to help you plan for your financial future (without losing your mind trying to become a finance expert).

Dear Future You

There have been many instances in life where I’ve thought, “We’ll let Future Taylor deal with this.” As time has gone on, Future Taylor has had a lot of resentment for Past Taylor.

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One item I’ve been putting on the back burner for Future Taylor is learning about how to handle my money long-term. I know little to nothing about personal investments and how to save for retirement.

Tough topic

I wouldn’t say that I’ve been blatantly ignorant about learning, it’s just a subject that always comes with trepidation as money is such a sensitive issue. There’s always been a fear that, if I went to some sort of advisor for help, all of my money would wind up in some off-shore account on an island that doesn’t actually exist.

So, how do you learn a topic like this on your own? Well, use an app, of course! Wealthsimple prides themselves in helping you invest on autopilot while providing you with smart technology that makes professional investing simple and affordable.

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How it works

Wealthsimple will create a personalized and low-cost portfolio that will put your money to work to begin investing. However, the app will not pick stocks for you, but does track the market as a whole.

The app also works to diversify your investments. The diversification operates to maximize your returns and minimize your losses.

Savings plan

When you set up your profile, you select the amount that you eventually want to end up with. Wealthsimple then tells you what to deposit each month then puts your money on autopilot; meaning that the fully-automated investing does all of the work.

In addition, the app performs automatic rebalancing, dividend reinvesting, auto-depositing, and expert advice.

This all helps you stick to your financial plan while allowing users to speak directly with human operators.

Keeping your money safe

And, again, since money is such a sensitive thing, Wealthsimple is SPIC insured and has bank-level encryption. It is also backed by the Power Financial Corporation.

While this may not give you all of the information you need to understand your financial future, it’s a good way to start implementing a savings plan.

#wealthsimple

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