Continuing our series that is published every Monday called “Smart Money Monday,” the goal of this quick hit list is to drop some knowledge about a particular topic to kickstart your week and get you thinking about how to get closer to financial freedom. The topic of this week is automated investing.
Money Quote of the Week
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett
Hip Hop Money Quote of the Week
“Floss a little; invest up in a mutual fund.” – Busta Rhymes
Experiment of the week
This week, I’m looking for any place that I spend money that I can cut an expense, then putting that money directly into an investment account via Wealthfront. I will track every dollar that I spend the old fashioned way and move the sum total of savings at the end of the week into Wealthfront for it to be automatically invested on my behalf. I’ll reveal the results at the end of next week’s Smart Money Monday post.
Article of the Week
Smart Money App of the Week
Any time we are talking about automated investing, my mind immediately jumps to the simplest possible platform, Acorns. I’ve been using Acorns to help me automatically save and invest money for a little more than a year now and I’ve saved nearly $900 without ever touching my account or thinking twice about the money coming out of my savings. Acorns will “round up” each of the purchases from your credit or debit card and make a deposit in that amount into a brokerage account that diversifies based on your risk tolerance. For more information, check out my full summary and review of Acorns.
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