About 50% of Black people don’t invest – whether stocks, bonds, or other forms! This means we’re not taking advantage of some of the best ways to build wealth. We could be making A LOT more money every year.
Investing is scary, and it comes with a lot of risk. But there are some not-so scary ways to throw your hat in the investment ring.
Financial advisors are pricey, especially the good ones. If you want to save some money and minimize human interaction, you might want to try a “robo advisor.” But what is it?
“Robo advisors” are like digital investment bankers. They’re programs that help people learn how to invest and what to invest in. They’re affordable and can be accessed from the comfort of your own home. But the savings isn't even the best part!
Robo advisors give clients online surveys to figure out the best financial plan for them. From the information the survey gathers, the robo advisors invest in exactly what you’ll benefit from and what you’re most interested in. It's all catered to you!
Wealthfront, SoFi, and Ally all offer top-rated robo advisors, according to Nerdwallet.
If we understand the risks and want to diversify our finances, a robo advisor could be a great idea. They can help us not only learn something new, but also give us the potential to build substantial wealth!