Mobile online technology is no longer the future. In fact, we’ve built a relationship with technology over the past 20 years that continues evolving. Where it’s truly noticeable is in finances – we can use our smartphones for contact-less payments almost anywhere. Some places even accept crypto payments. Paul Saunders, Founder of James River Capital, believes technology is the key to unlocking financial independence in 2020.
Unlocking the Potential of Financial Tech
Before technology can help your financial process, you need a solid process in place. Change your mindset away from your paycheck-to-paycheck mentality and set both short-term and long-term financial goals. These goals give you a way to quantify your results and gamify your experience. With proper financial goals, you can design a lifestyle around it.
Eliminate any unnecessary expenses from your life. This means canceling recurring subscription payments and paying down the highest interest debt first. Once you have debt down, you can start to build your emergency fund by putting 10% of your income into a savings account each month. Of course, you’ll need technology tools to do that, and James River Capital has some recommendations.
PayPal is an easy way to start doing business safely online. Originally designed as an eBay payment processor, it’s now its own entity. It’s great for personal and business online.
Mint is a financial tool that tracks and monitors your real financial situation. Use it for bills, saving, retirement calculation, and more, across your smartphone, desktop, or more.
Acorns is a useful savings app that automatically rounds purchases up to the nearest dollar and invests that money based on your preferences.
With these apps supplementing your healthy financial lifestyle changes, you’ll be prepared for anything that comes your way. The 2020s are a time of technology. Use it to your financial advantage to achieve your goals.