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Can you use technology to succeed at investing?

Having the technology to handle everything for you is exactly what you need to succeed in investing.

Many of the biggest beneficiaries of the technology boom of the last century or so have been financial edifices. Banks, insurance providers, and money exchange companies have greater reach than ever. They are more powerful than we ever could have imagined – even when they crash and burn it tends to be their own doing.

But the benefits haven’t gone only one way. With today’s technology, individuals have money-making opportunities unlike any the world has seen before. One of the most significant examples is with investing and trading. Investing used to be an endeavor reserved for people with the right education and experience. Now, anyone can do it.

If you haven’t considered investing your money, you may be interested to learn in some of the technology that has made it possible for anyone to make their money grow.

AI-Driven Robo-advisors

The reason you don’t need an economics background to invest successfully is that we now have the concept of robo-advisors. This refers to software-driven by AI which processes tons of data through complex algorithms to make accurate predictions. If you want a rundown of your options, you can see a comparison of robo advisors fees here.

Software can process exponentially more information than humans can. While humans are nonetheless responsible for writing the algorithms themselves, machine learning has helped them evolve into something beyond what their creators could achieve on their own.

Furthermore, humans are limited because we have an emotional attachment to information and the way we understand it. Robo-advisors are unbiased and can make decisions uninformed by anything that is not based on concrete evidence.

You can learn how to use a robo-advisor fairly easily, no matter what your background.

Above it all

But investing isn’t all about making the right investments. On the contrary, it needs to be part of a viable financial ecosystem. The more money you are saving, the more you get to invest. The smarter you are with the gains from your investments, the better your whole ecosystem gets.

In other words, everything affects everything else. So that when you’re making a decision to go on vacation, you’re indirectly making a number of decisions about your finances, including your investments.

You need to be able to see all of this to find the best choices, and software like Personal Capital will help you do this. It gives you a bird’s-eye view of your financial reality. You’ll see how your investments relate to your retirement fund, along with how you can optimize your budget to save more and waste less.

It is the budgeting technology which is particularly impressive. The amount of money we waste is insane, and we don’t even know it. Simply by having your incomes and expenditures graphed for you, you’re already halfway there. You’ll cringe at how much money you’re wasting, but that will give you the impetus to improve your spending habits. After just one month you’ll already have seen remarkable results.

The money you save from budgeting will ultimately grow with more investment. Having the technology to handle everything for you is exactly what you need to succeed in investing.

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