Financial Technology for the Golden Generation
VENMO While it used to take weeks to transfer money by Western Union’s horse-drawn carriages, it now takes seconds with Venmo. This app gives you the ability to send money to friends and family via your phone. With a user-friendly interface, it’s quick and easy to set up an account and link bank accounts or credit cards. Once you’re up and running, sending money is as simple as pressing a button. If you’re intimidated by learning how to use mobile apps, connect with a family member or friend. All of these apps are designed to be intuitive and easy to learn, so with a little time and practice, you can be savvy technologically and financially!
Like most stereotypes, describing baby boomers as “tech illiterate” doesn’t tell the full story. Bill Gates is a baby boomer, after all. While not everyone in the “golden generation” is on Facebook, that doesn’t mean they can’t use technology. These three mobile apps are perfect for tech-savvy boomers looking to achieve their financial goals. ACORNS Acorns is the best way to make your spare change work for you. Every time you use your debit or credit card, Acorns will round up the spare change of that purchase to the next dollar and then invest it. Take that $2.30 cup of coffee from this morning, for example. This app rounds that transaction to $3.00, places the $0.70 extra into a fund, and invests it. This strategy, called “microinvesting,” may not seem like much, but remember that a mighty oak tree starts as an acorn! intimidating or just downright costly. And no matter how well your portfolio does, you always lose a chunk of earnings to fees and commissions. Robinhood is an app that removes all fees associated with stock trading and gives you free rein to buy and sell as you please. With seamless money transfers, Robinhood is a great way to build a large portfolio. It can even function as a small invested savings account. ROBINHOOD For many Americans, investing is either too
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