Investing is a great way to build wealth, but it can be overwhelming to navigate as a beginner. Fortunately, there are many tools available to help simplify the process and make investing more accessible. Let’s explore 5 must-use tools when investing for the first time, and provide examples for various budget sizes.
- Online Brokerages: Online brokerages are an excellent tool for investing in stocks, bonds, mutual funds, and other securities. These platforms allow investors to buy and sell investments without having to go through a traditional broker. Some popular online brokerages include Robinhood, E*TRADE, and TD Ameritrade.
For those with a budget of $1,000.00 or more, these platforms offer a wide range of investment options with low fees. In fact, many online brokerages now offer commission-free trading for stocks, ETFs, and options. These platforms also provide educational resources to help beginners learn about investing.
According to a 2023 survey by Statista, 51% of Americans invest in stocks, and the use of online brokerages has been steadily increasing over the past few years. In the financial industry, online brokerages are expected to continue to grow in popularity, with a projected revenue of $26.5 billion in 2023.
- Robo-advisors: Robo-advisors are useful for investing, particularly for those who are new to investing or prefer a hands-off approach. These platforms use algorithms to build and manage a portfolio based on an investor’s goals, risk tolerance, and time horizon. Some popular robo-advisors include Betterment, Wealthfront, and Ellevest.
For those with a budget of $500.00 or more, robo-advisors offer a low-cost alternative to traditional financial advisors. These platforms typically charge a management fee of 0.25% to 0.50% of assets under management. They also offer automated rebalancing and tax-loss harvesting, which can help maximize returns.
According to a 2023 survey by Statista, 25% of Americans use a robo-advisor for investment management. In the financial industry, robo-advisors are projected to reach a global market size of $987.6 billion by 2023.
- Investment Apps: Investment apps are convenient for investing on-the-go. These platforms allow investors to buy and sell investments using their smartphone or tablet. Some popular investment apps include Acorns, Stash, and SoFi Invest.
For those with a budget of $20.00 or more, investment apps offer a low-cost way to start investing. These platforms typically charge a monthly subscription fee or a percentage of assets under management. They also offer features such as round-up investing and cash-back rewards, which can help investors save money and earn returns.
According to a 2023 survey by Statista, 16% of Americans use an investment app for investing. In the financial industry, investment apps are projected to reach a global market size of $12.7 billion by 2023.
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- Financial Planning Tools: Financial planning tools are useful for setting and achieving financial goals. These platforms allow investors to track their net worth, create a budget, and plan for retirement. Some popular financial planning tools include Mint, Personal Capital, and YNAB.
For those with a budget of $0.00 or more, financial planning tools offer a free way to get organized and plan for the future. These platforms typically generate revenue through advertising or by offering premium features for a fee. They also offer educational resources and calculators to help users make informed financial decisions.
According to a 2023 survey by Statista, 64% of Americans use a financial planning tool for financial management. In the financial industry, financial planning tools are projected to reach a global market size of $2.2 billion by 2023.
- Stock Screeners: Stock screeners are for researching and selecting individual stocks to invest in. These platforms allow investors to filter stocks based on criteria such as market capitalization, dividend yield, and price-to-earnings ratio. Some popular stock screeners include Finviz, Stock Rover, and TradingView.
For those with a budget of $100.00 or more, stock screeners offer a way to conduct thorough research and analysis before making investment decisions. These platforms typically charge a subscription fee for access to advanced features and data. They also offer educational resources and tutorials to help users learn about investing and stock selection.
According to a 2023 survey by Statista, 39% of Americans invest in individual stocks. In the financial industry, stock screeners are expected to grow in popularity, with a projected market size of $2.2 billion by 2023.
Online brokerages, automated investment services, investment apps, financial planning tools, and stock screeners are all valuable resources for investors with varying budgets and investment goals. As the financial industry continues to evolve and grow, these tools are expected to play an increasingly important role in helping individuals build wealth and achieve financial success.
An investment in knowledge pays the best interest.
Benjamin Franklin (Polymath)
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