Technology is changing at an incredible rate, and it continues to make our lives easier in ways we couldn’t have predicted too. Technology has its pros and cons, but if you want things in your life to be quicker and more convenient, then there’s little denying that we live in a golden age.
Just one of the areas that tech has changed is investing. Gone are the days where it would take a long time to find investing tips in the newspaper or magazines, and you would need to call your stockbroker who could fill in a little slip to put the wheels in motion.
Tech makes it quicker
A lot of us have seen the movies of the trading floors on Wall Street and how investing used to be done, but in the modern age, technology has changed all of that. Instead of having to call a stock broker and fill in awkward forms, you can do it all online.
Apps mean that fewer people are involved and that transactions don’t have to be signed off on by a lot of people along the chain. It is easier to verify the transaction and quickly make a trade if you want to. This can also ensure you buy and sell at the exact price you’re hoping to.
It’s easier to find information
Technology makes it easier to find information at your fingertips regarding pretty much everything, including investment. There are a large number of sites out there that aggregate data and allow you to study the prices.
On top of that, there are apps, blogs, and websites totally dedicated to providing you with tips on investing, and where your money might perform best. Certain experts tend to know their own market well, so it is worth following some trusted figures in your specific industry.
All of this has helped to make investing much more accessible. Millennials are citing it as one of the best ways to try and grow their money in the long-term too. People who may not have considered investing 20 years ago are able to do so.
Investing continues to become more secure
Online security is big business, and while there are always scammers out there trying to get their hands on your money, there are also plenty of companies trying to make your online transactions more secure. You can use encryption and secure connections to make sure all of your dealings are private and secure, so you don’t risk having your data or money being stolen.
Of course, there are risks, so always make sure you are dealing with reputable companies and good investing apps.
You can use mobile devices
Thirty years ago, it was impossible to imagine the sort of things we can do on our phones now. It would have seemed like something from a science fiction film.
You can use your phone to invest and make trades while you are on the go. Smartphone apps make it easy to buy and sell or invest in specific funds that are managed by other companies.
Managing money has become easier in every way, and this includes making trades, but the fact that you can do all of this wherever you are adds a lot of convenience to your life. You can be on the train, travelling miles with nothing else to do, and you can use your phone to do the research required, make a decision and make a trade, all without having to talk to anyone if you don’t want to.
As with a lot of other industries, the internet has changed how things operate, and given consumers a great deal more choice. This has led to even more competition in the industry, which has led to lower fees as investing platforms try to make their own platform the most accessible.
You’ll still usually pay to invest, but there are different models now. Some platforms charge a monthly fee while others charge smaller commissions on transactions.
Generally, tech has driven the price down for investors and made it much more straightforward. Some of the platforms are also very affordable, meaning that the fees don’t have to get in the way of you trading, even if you aren’t placing huge amounts into your account.
You can invest on a much smaller scale this way, and it can be worthwhile to do so. You don’t need huge sums in savings to get started.
As time goes on, tech will surely continue to play a part in changing investment habits around the world.