This week I wanted to share some of the different financial technologies that help make my life and many of my clients’ lives easier. I know this list doesn’t include every quality option out there, but this list includes technologies I personally have experience with. I am always looking to find new ones, so if you have any that you highly recommend, please share them with me!
I choose to have my checking and savings accounts split up. I keep my checking account at Chase and use the Chase Freedom Unlimited Card for all the purchases I can. I have no fees on my account since I have direct deposit there, but this is all I use my checking account for (as a landing spot to then get disbursed).
I personally use Ally bank for all my savings accounts. I like the idea of having my emergency fund separate from my checking account so I do not transfer money unless I really need it. I like Ally the best because of how easy it is to set up multiple accounts for different goals, plus I can schedule transfers from my Chase account to Ally automatically on whatever intervals I want. I have some clients who do it every friday. Some do it every paycheck. Find what works best for you, but having it automated is huge. It stops us from forgetting to save.
Other options: Marcus by Goldman Sachs, Capitol One
Most of my investments are at TD Ameritrade since that is what we use at RLS Wealth. It is a nice platform that allows me to automate my investments every month which I really like. I want to invest every month regardless of the market and TD Ameritrade allows me to do that.
The other platform I really like is Public. It is a place where you can buy and sell stocks, ETF’s. Fractional shares, etc. and has no fees and does not sell the order flow like other companies. Public also has a community component where you can follow your friends or other influencers and learn about investing together which I think is super cool. The education component not many platforms have.
For crypto, I have dabbled with a few different places so far. My favorite has to be Swanbitcoin. It has low fees and allows you to buy at regular intervals which is important to me. I personally buy bitcoin every week to dollar cost average in and swan allows me to do it easily and automatically.
Other Options: Coinbase, Cash App
Rally is a company that turns collectible goods into ‘a company’ that you can buy shares in. This allows you to invest and own part of cars, sports cards, sports memorabilia, etc. It is a really cool concept and another way to invest.
I personally do not follow a traditional budget. I automate out my savings and investing in the beginning of the month and then just spend the rest throughout the month. That is what works best for me, and allows me to not spend all my time budgeting. I think it is the best and most intuitive for budgeting.
Other options: Mint and EveryDollar App
Recently, our firm has started to use Helios Plans for clients estate planning needs. Helios allows people to get their estate planning done with real attorneys and it is completely virtual and affordable. Estate planning is something that does not get talked about enough and many people neglect to do it. If this is you, look into using Helios plans to get yours done.
I personally have an accountant do my taxes and believe that is the right route for many people. However, if you are someone that likes to do it yourself or just think it is pretty simple, I would recommend using Turbotax. It seems to be one of the best and simplest to use.
You can cancel old subscriptions that you did not know you still had, plus they will go negotiate bills you have to lower them for you (you give them part of the savings). It also can be used for budgeting and saving.
Financial Advisor