An Easy Way to Stick with Your New Year’s Resolutions
It’s that time of year again. Time to start thinking about New Year’s Resolutions. Time to determine all the things we will commit to or deprive ourselves of on a daily basis for the next 365! All in the noble pursuit of self-improvement!
Ditch daily habits for one-and-done resolutions
It’s that time of year again. Time to start thinking about New Year’s Resolutions. Time to determine all the things we will commit to or deprive ourselves of on a daily basis for the next 365! All in the noble pursuit of self-improvement!
And boy, can that be daunting. If lucky, our journaling, cold showers, and mediation practices will last until February. But what about the resolutions that don’t require such heroic levels of dedication? What about the successful habits that can be done once and still adhered to throughout the year? Automated investing is one of them. Imagine signing up for a gym membership and completing your workouts as effortlessly as your monthly fee is deducted from your bank account. That’s automated investing in 2023. So, if your goal for the New Year is to start investing and working toward your long-term financial goals, opening an automated investing account might be the resolution for you.
What’s Automated Investing?
Automated investing, also referred to as using a Robo-advisor or Robo-app, is an easy way to manage your investments. Once you set up your account and determine how you want your funds allocated, the system automatically buys and sells securities based on pre-determined parameters. This means you don’t have to worry about making adjustments yourself all the time – the automated system does this for you! Based on the client’s approved portfolio, the Robo-advisor’s algorithm determines where to invest funds, how much to invest in each asset class, and when to rebalance portfolios based on client input regarding investment goals and risk tolerance.
What are the Advantages?
Automating your investing strategy can save you time and money in the long run through generally lower fees associated with automated services versus those charged by traditional financial advisors. Robo-advisors can provide access to lower-cost investments such as ETFs (Exchange Traded Funds), which often have a much lower expense ratio than mutual funds or other traditional investments. Additionally, automation eliminates emotion from decision-making – which can be beneficial if you tend to overreact when markets are volatile and can also keep your account tailored to your needs and investment goals. Automated investing offers advantages beyond cost savings or convenience. It can help individuals diversify their portfolios more efficiently, thanks to something called fractional share trading (when investors can buy fractions of securities when the price of a whole security is too high for the amount to be invested).
How To Get Started?
If you want to get started with automated investing, the first step is choosing a platform that meets your needs. There are plenty of options out there, so make sure to do some research before committing to one. After selecting a platform, decide how much money you would like to invest and how frequently (e.g., monthly or bi-weekly). Once these steps are complete, sit back and let automation take care of the rest!
Cross this Resolution Off Your List in the Next 10 Minutes
Automating your investment strategy offers many benefits, including saving time and money while simultaneously providing a personalized approach tailored toward individual objectives. It’s simply an easy way to take care of your investments without doing a lot of extra work throughout the year and without requiring previous investment experience. By using a Robo app such as Beanstox, you can take advantage of all the features discussed! With automated investing becoming more popular every day, it’s no surprise why so many investors are turning towards this type of service for their personal investment needs. If the typical New Year’s resolutions seem too daunting this year, consider setting up an automated investment account instead. It could be just what you need for a successful 2023!
Get Started With Beanstox
Set yourself up for a better future, with the freedom and security that come from having a growing portfolio. Download Beanstox and set up your automated recurring deposits today!
