Money is one of the few things that we all use. Both the wealthy and the poor alike have money concerns and financial decisions to make. We want to be able to make the best financial decisions, avoid debt and money pressure, and make the most of our savings and investments.
One of the positives of living in an era where we can access everything online is the choice and possibilities we have with our finances. Here is our list of the five best ways to manage our wealth online.
Access to Diverse Investments
We can easily access investment opportunities that would have remained elusive in the past. If you wanted to invest in a company from the other side of the world for twenty years, you would have had to find some intermediary to facilitate this. These days it is easy to buy shares directly from almost anywhere.
Compare Financial Products
If we are looking to take out any financial product, it has never been easier to compare different providers and what they have to offer. Many sites offer comparison services for everything from mortgages, travel insurance, savings, and even motor insurance.
It is important to check the prices on more than one site, as you may find the same product at different rates in varying places.
Using Cryptocurrency as an Investment and Payment Option
One of the advantages of being able to manage and work with our finances online is the variety and choice it offers. We often realize this as an obvious fact when it comes to looking at savings and traditional investments.
But rarely do we think we could switch the currency we use, and even fewer of us consider cryptocurrencies as an option, but why not? Traditional currencies are issued by and regulated by central banks which are controlled by governments.
Cryptocurrencies are independent and are secured by complicated digital technology known as a blockchain, which offers a high level of security. One criticism of cryptocurrencies is that they have a reputation of being volatile in value, this may be true of some traditional cryptos, such as Bitcoin, new types are emerging known as Stablecoins.
What are Stablecoins? They are types of cryptocurrencies that are tied to a real-world asset, such as a physical commodity, or a national currency.
We can keep track of all of our finances at the touch of a button. We can manage investments, check balances on loans and credit cards, and monitor the balances in our bank accounts.
This allows us to monitor and assess our spending habits. Many banks offer functions on their websites and apps to analyze your spending habits, or this can be done on an external app.
It can often leave you surprised how much you spend in a certain place, or on a particular product. You may find you spend much more than you thought on take-away coffee, and can choose if you wish to alter that behavior or not.