Southbourne Group Singapore, Tokyo Japan Nine DIY Financial Management Tips For Individual - Page 2

even when stocks fall. The guaranteed return means that even inexperienced investors can participate without big risk. - Danielle Kunkle, Boomer Benefits 5. Take advantage of money management apps. I personally manage my own money and regularly use apps like Mint and Robinhood. Mint keeps my personal finances in check, and I invest through Robinhood. Both have extremely low fees and are easy to use. Money management and investing aren't just for the pros anymore; the fintech trend has resulted in new resources and apps at your fingertips. - Rachel Carpenter, Intrinio 6. Invest in a lifecycle fund. Lifecycle funds require very little work on your part. Unless you really know exactly what you’re doing, it’s the best way to go. As long as you keep stashing money away, it should keep working for you. - Ismael Wrixen, FE International 7. Look into low-cost index funds. Paying investment professionals to manage your portfolio can often cost you a lot of money unnecessarily. When you add in the cost of actively managed investment options, the average managed portfolio will underperform the market. The best investment most people can make, whether they're wealthy or just have a few hundred dollars to invest is a low- cost index fund. - Paul Paradis, Sezzle Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify? 8. Be resourceful with technology. In the technological era, everyone can be successful with their finances without professional interference. Take advantage of the resources at your disposal. Thousands of apps and websites can aid in the investment process. Record keeping is a must-do, and it’s the only true way to monitor and adjust for proper spending. - Ibrahim AlHusseini, The Husseini Group 9. Budget, budget, budget. Know how much you spend monthly and what you spend it on. If you're able save $500 to $1,000 each month and place it into an investment account, you will witness the phenomenon of compounding interest first hand. Making this systematic is the key to it actually happening. Don't look at saving money as an idea but as a way of life. You will thank yourself later. - Lance Scott, Bay Harbor Wealth Management