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Online investments are a crucial activity for financially savvy individuals these days. There are countless opportunities to amass and preserve money, thanks to the practicality of the Internet. However, most individuals mistakenly believe they need to be the Wolf of Wall Street to achieve financial freedom successfully. All you need to do is develop the correct habits, which start with putting money away every month.
If you switch to making coffee at home instead of buying barista-made cappuccinos, you could already save $50 per month. You can start to invest once you have some money to play with. Since smartphones perform countless tasks instantly nowadays, automating your investments is merely another way to use them. Here’s how to start investing and then preserving your finances online.
How To Amass Money With Online Investments
Here is how to start saving money more quickly and effectively:
- Try a robo-advisor
- Explore the cookie jar approach
- Online casino gambling.
Try ARobo-Advisor
There’s hardly a more practical way to automate your online investing efforts. Robo-advisors have been around for almost a decade and make the process effortless. They ask clients several questions to figure out your overall goal and risk tolerance, even if you have no prior investing experience.
Once they have the required information, robo-advisors funnel your money into a low-cost, highly diversified portfolio of bonds and stocks. Once they set up your portfolio, they use advanced algorithms to optimize and rebalance it for taxes. If you’re looking for long-term investing, finding a better method than robo-advisors is challenging.
Based on the size of your account, most robo-advisors charge modest fees and only take $500 or less to start investing. Additionally, you’ll find automated investing plans in most of them aimed towards helping you grow your balance. On the other hand, the industry average in terms of cost is about 0.25%. While this percentage isn’t a lot of money at first, it will add up once you start amassing funds.
Explore The Cookie Jar Approach
Before you can proceed with online investments, you must first save money for this purpose. You can achieve this goal in small steps, and the whole process takes less time than most people think. You can start with $10 per week, which will amount to $500 per year despite appearing small at first.
In the olden days, people would put paper money and coins in small safes, shoeboxes, envelopes, and glass jars. Nowadays, an online savings account is the equivalent of cookie jars. These accounts are separate from your checking account and aren’t linked to your debit card. If you need cash in hand quickly, you can withdraw funds within two business days.
Online Casino Gambling
We already know what you’re going to say, but hear us out: there’s no reason to avoid a clever gambling strategy that can be sustainable in the long run. Online casinos are everywhere nowadays, and choosing a reputable and safe operator is challenging. Online reviews are an excellent first step to look for reliable casinos since past experiences are invaluable to new players.
When it comes to online investments, gambling responsibly can be a sustainable strategy. However, you’ll need a head start on other like-minded individuals. For example, onlinecasinocrawler.com is an excellent resource for casino reviews and industry information. You’ll find a comprehensive knowledge base here, complete with strategies, tips and tricks, and other methods for sustainable wins if this option sounds attractive.
How To Protect Your Investments Online
Now that you have examples of practical and safe methods for saving money, it’s time to think about how to keep it secure. Remember that developing a habit of saving money is only half of the equation. Understanding how to keep your funds safe is just as vital as adopting the right mindset. Below are some methods you can use in this regard:
- Avoid using public Wi-Fi networks and computers to access your accounts
- Create different passwords for different accounts
- Use two-step verification where possible
- Change your passwords regularly.
Avoid Using Public Wi-Fi Networks & Computers To Access Your Accounts
This advice is more common sense than anything and applies to both public Wi-Fi networks and public computers. If you must use these networks and devices, you should follow several steps.
For example, you should permanently delete history files, cookies, caches, and temporary internet files. Also, disable password saving and never walk away from a public computer while using it to look at information regarding online investments. If you use public devices to access such accounts, always change the passwords you used.
Additionally, ensure your mobile device has a firewall enabled if you’re using a public Wi-Fi network. It’s also wise to regularly update the device’s software and anti-virus.
Create Different Passwords For Different Accounts
Having the same password for different online services may seem practical and less of a hassle. However, this method increases the risk of hacking, which is especially true for financial accounts. Therefore, it is much safer to create different passwords for different online investments accounts.
Think of it this way: you’d never use the same key for your mailbox, house, and car. If you lose the key or someone steals it, all of your possessions are at risk. The trade-off is that having multiple passwords improves security but also increases the difficulty of password management.
Use Two-Step Verification Where Possible
If an investment firm takes care of your investments, they may require or offer two-step verification when accessing your account. This method is a practical way to add another layer of security besides your username and password sequence.
Thanks to this process, the firm will send a unique code to either your mobile device or e-mail each time you attempt to log into your account from an unrecognized device. You must enter this code and your password before you can log in.
Change Your Passwords Regularly
Depending on how many accounts you’re accessing, it’s also wise to periodically change all of your passwords. You don’t have to come up with new passwords daily, but once every couple of weeks should be sufficient.
Also, when crafting new passwords or passphrases, avoid using personal information and words available in a dictionary. When it comes to keeping your online investments safe, remember to never exchange the password over the phone or via electronic messaging.
