What are the best apps to help you get rich? I have three in mind that will get you to financial security, and then financial freedom.
Financial security is when your income can safely cover your expenses and short-term future. That’s a nice position.
But it’s bigger and better brother is financial freedom—where you have enough assets that you don’t have to actively work to cover your expenses for the rest of your life.
Sounds unreal, doesn’t it?
But it’s not easy to complete the hero’s journey of getting to financial security and freedom on your own.
That’s why you should help yourself by using the three following apps to build your bank account month by month, year after year. Think of these as your trusty sidekicks.
And you can take these tools with you everywhere you go. It’s just as reliable at home as it is on the road or on vacation.
In this list, you’ll get an app for your savings, debt, and investing.
Ever since the day I heard about Mint, I’ve put it to use and gotten richer because of it.
Why am I such a big fan of Mint? Here’s why.
No longer can I be unaware of reckless spending. Now I have a monthly budget that I must follow if I want to be happy with myself.
And I have all of my finances in one place, where I can track my net worth and make better financial decisions because I’m 100% informed.
It really does pay, no pun intended, to track your income and expenses, so get smart by downloading the Mint app. I also use the web version through my laptop.
Mint is also perfect if you want to track your debt and focus on repaying it because this tool will track it along the way.
Mint app features:
- Manage all of your money in one place
- Easily create budgets to minimize unnecessary expenses
- Set financial goals to increase performance
- See bills and schedule payments right away
- Get free credit score reports
And I’ve previously written about Mint.com in this article.
So the reason you save extra money and pay off debt is so you have money to invest.
My philosophy is you need to invest your money so it’s actively working for you to build wealth, and not passively sitting in an account.
Assuming you’re a young adult or older, investing should be on the same priority level as brushing your teeth and showering. You have to do it if you care about your future and have any desire for financial freedom.
The problem is there’s many myths about investing, the biggest one being you need a lot of money to get started. That’s not true at all.
And Acorns breaks you through this myth by allowing you to invest your spare change from small purchases.
This app is unique because it makes it extremely simple to invest.
How it works is when you make a purchase for a $4.41 coffee, for example, Acorns will round up the purchase to $5 and invest the difference—59 cents.
These spare change investments add up over the course of a year.
Acorns app features:
- Automatically invests your spare change
- Diversified investment portfolio
- Invest and withdrawal at any moment, no hassle
- Refer your friends and make money
- Easy sign up
I do want to say there’s a tiny fee that comes with using Acorns (small dollars over 12 months), but that’s normal with any diversified investment so don’t be discouraged from this app because of it.
Where Acorns is for beginner investors to get their feet wet in the stock market, Robinhood is for more experienced investors.
This app is more like your traditional bank brokerage, but better. They don’t take fees to manage their storefront locations and manual account management, because they don’t have storees and do that.
That means you’re left with more money to buy stocks. Those commission fees won’t eat up your profits like they do with some brokerages and mutual funds.
But this also means your portfolio is entirely in your hands to make real-time trades. And if you’re a rookie in the market, be careful.
I’d recommend you start investing with Acorns. And then once you read my book Freedom Mindset or another investing book, then you can experiment with buying your own stocks.
Just be careful and make sure you know what you’re doing or you can lose the shirt off your back in the stock market.
Robinhood app features:
- Free stock trading, no commission fees
- Easy sign-up that takes less than 4 minutes
- Real-time market data to buy or sell stocks
- Smart notifications about your portfolio’s dividends and stock splits
Financial Freedom Takes Discipline
Don’t be confused. Downloading these apps isn’t some magic spell that’s going to lead you to bathing in a bathtub full of money.
These tools will certainly help you be more aware of your money and inspire you to take positive financial actions.
Though they can’t replace the discipline and patience it takes to reach financial freedom. That’s all up to you.
Because it’s easy to:
- Eat out every meal for breakfast, lunch, and dinner
- Buy a new car every six months
- Purchase the trendiest clothes and shoes
- Go on expensive vacations that you can’t afford
- Upgrade to a more expensive home to keep up with the Joneses
And it’s hard to:
- Save money by eating at home
- Keep the car that’s old and not sexy
- Avoid spending on fancy clothes that you really want
- Live below your means when it comes to vacations
- Downgrade your home to save more money and invest
That’s why most people are nowhere near financial freedom. They make bad decisions every day.
And they mortgage their future with thousands of short-term, instant gratification choices. This is truly saddening to me.
Besides requiring discipline, the road to financial freedom also requires time. It’s a process, so be patient and treat it as such.
Though you can speed up the process with smart money management. That’s the good news.
So focus on achieving financial freedom for the people you love. Do it for your future family. And do it for yourself.
Because on the other side of smart money management is less stress, more joy, and ultimate freedom.
In Index Funds I Trust