Do you remember life before smartphones? Probably not.
Smartphones are used for almost everything these days, from ordering groceries to tracking workouts and pretty much answering all our questions.
Unsurprisingly, mobile devices now help manage money. A large number of tech-savvy market-watchers have turned to low-cost digital investing products for help plant the seeds of their financial future. Today, many financial institutions and brokers offer a mobile app to make the process smooth, educational and sometimes fun.
Having an investing tool in your pocket gives you access to quick, immediate, on-the-go access to information about your investments, as well as the flexibility and convenience of making changes to your portfolio on your own.
However, understanding how to get started with mobile investing — from defining your goals to placing your first trade — will increase your chances of success. Ready to jump in?
Before diving in, check up on your finances
Ahead of downloading an app and placing trades, you should get into the habit of making informed money decisions. Start by giving yourself a head-to-toe financial exam. Consider your monthly income, regular expenses and potential financial goals for the near future. Does your income cover your expenses? Are you on track to reach your goals? Your answers to these questions will help shape your budget and, in turn, answer the question of how much money you have that can be put toward an investment portfolio.
You can’t plan for everything, though; holding some money as cash in an emergency fund can help cover any unexpected expenses without having to affect your investments.